Automotive industry in Canada: current state, challenges and perspectives

Abstract

This article contains analysis of the main problems and prospects of Canadian automotive industry development. Due to the disruption of global supply chains caused by the 2020 coronavirus crisis, as well as other macroeconomic and geo-economic shocks of the recent years, the Canadian automotive industry, competing with automakers from other countries in the global market, is experiencing serious difficulties, which led to significant decline in its economic results in recent years. This, in turn, negatively affects specific indicators, including the demand for labor resources in the sector, the volume of tax revenues of the government, the share of national products in the domestic automobile market of the country and so on. Nevertheless, the country has a significant potential for the development of the industry by using both of its own and macro-regional economic resources. In the following years Canada has all options needed to transform its own automotive industry to meet the modern and future needs of the international market.