Fastest Growing Industries in Canada by Revenue Growth (%) in 2021

1. Scheduled Air Transportation in Canada

2019-2020 Revenue Growth: 161.2%

The Scheduled Air Transportation industry in Canada has performed well over much of the five years to 2020 as rising levels of disposable income during most of the period have enabled more consumers to purchase airline tickets, while a relatively weak Canadian dollar has encouraged inbound travel from foreign consumers visiting Canada. However, the outbreak of COVID-19 (coronavirus) has resulted in many airlines suspending international service and governments imposing social distancing guidelines to prevent the spread of coronavirus, severely constraining industry revenue. Overall, industry revenue is estimated to decrease at an annualized rate of 9.6% to $12.9 billion over the... Learn More

2. Travel Agencies in Canada

2019-2020 Revenue Growth: 93.2%

The Travel Agencies industry in Canada has struggled over the five years to 2020 as the traditional core services of the industry have been negated by the rise of internet travel booking. The industry has been tipped on its head as consumers have increasingly flocked to online travel websites to research and book travel. Online booking agents now play a larger role within the industry alongside traditional brick-and-mortar travel agencies. While revenue from travel websites is included in this industry, internet-based operators earn a significantly lower commission from their sales than brick-and-mortar travel agents. Traditional travel agents have struggled as... Learn More

3. Foreign Currency Exchange Services in Canada

2019-2020 Revenue Growth: 62.0%

Revenue for the Foreign Currency Exchange Services industry in Canada is expected to decrease over the five years to 2020, as the COVID-19 (coronavirus) pandemic significantly depresses international travel. In addition, pressure from external competition by banks offering foreign exchange services has aided in the industry's decline. However, more operators are offering services to financial institutions by participating in the supply chain of foreign exchange, supplying banks with banknotes in wholesale or providing the service directly as an outsourced agent. Alongside favourable economic trends during the majority of the five-year period and the proliferation of online services, operators have expanded... Learn More

4. Hotels & Motels in Canada

2019-2020 Revenue Growth: 32.3%

The Hotels and Motels industry in Canada has grown steadily over the five years to 2020 with the exception of 2020 due to the global spread of COVID-19 (coronavirus). For the majority of the period, the industry has been encouraged by an increase in international tourism and hikes in per capita disposable income. Consistent economic growth over the past five years and relatively stable consumer confidence have boosted the ability of Canadians to take overnight domestic trips. Furthermore, hotels and motels, which rely on international travellers, have benefited from growing inbound international visitor numbers. In addition, operators in the industry's... Learn More

5. Truck & Bus Manufacturing in Canada

2019-2020 Revenue Growth: 29.3%

Over the five years to 2020, revenue for the Truck and Bus Manufacturing industry in Canada is expected to decline, as the COVID-19 (coronavirus) pandemic has severely affected the industry. Between 2015 and 2019, exports have trended higher, as downstream freight operators increased their vehicle fleets, lifting demand at the manufacturing level. Plus, the depreciation of the Canadian dollar relative to other currencies has also catalyzed industry export activity, further supporting industry expansion. The value of the loonie relative to the US dollar fell more than 10.0% in 2015, and is still weak, instigating export growth by making domestic goods... Learn More

6. Mattress Manufacturing in Canada

2019-2020 Revenue Growth: 22.3%

The Mattress Manufacturing industry in Canada has experienced a range of difficulties over the five years to 2020. Namely, growth was restrained by rising global competition from foreign multinational manufacturers, and declines regarding per capita disposable income and the value of residential construction further exacerbated the industry's revenue decline. As a result, over the five years to 2020, industry revenue is expected to decrease an annualized 5.1% to $746.1 million, including a revenue decline of 14.7% in 2020 as the industry is negatively affected by the COVID-19 (coronavirus) pandemic in Canada.

After experiencing revenue declines between 2016 and 2018, the industry... Learn More

7. Oil Drilling & Gas Extraction in Canada

2019-2020 Revenue Growth: 22.1%

The Oil Drilling and Gas Extraction industry in Canada is highly dependent on global market prices of crude oil and natural gas. The industry experienced booming growth in the years leading up to the reporting period, with rising prices leading to significant growth in investment. In turn, industry production of natural gas and oil has risen consistently over the past decade. However, the prices of both commodities have fallen significantly during the period, resulting in significant contractions in industry revenue and capital investment. Industry revenue is expected to decline at an annualized rate of 5.8% to $66.9 billion over the... Learn More

8. Automobile Engine & Parts Manufacturing in Canada

2019-2020 Revenue Growth: 18.6%

Over the five years to 2020, revenue for the Automobile Engine and Parts Manufacturing industry in Canada is expected to decline significantly as domestic economic conditions have worsened. Between 2015 and 2019, lacklustre car sales and increasing global tensions have strained the industry. However, the main driver of industry performance was the temporary closures of engine manufacturers and their customers in early 2020 to reduce the spread of COVID-19 (coronavirus). For example, the industry's largest player, Honda Canada Inc., closed its factories between March 23, 2020 and May 11, 2020. With the effects of higher unemployment and economic uncertainty from... Learn More

9. Recreational Vehicle Dealers in Canada

2019-2020 Revenue Growth: 17.5%

The Recreational Vehicle Dealers industry in Canada has performed well over the majority of the five years to 2020, supported by growth in consumer confidence and disposable income during much of the period, as well as favourable access to credit. Plus, a greater number of baby boomers, one of the industry's principal market segments, has entered retirement. Nevertheless, the COVID-19 (coronavirus) pandemic has caused the reversal of many of these trends over the current year, decreasing the industry's annualized growth prospects overall. Over the five years to 2020, industry revenue is consequently expected by IBISWorld to decrease an annualized 1.7%... Learn More

10. Florists in Canada

2019-2020 Revenue Growth: 16.8%

Revenue for the Florists industry in Canada is expected to decline over the five years to 2020. Consumers are increasingly opting to purchase flowers from retailers that are not included in the industry, such as e-commerce operators and supermarkets, due to their added convenience and lower prices. In addition, the COVID-19 (coronavirus) outbreak is expected to inflate revenue declines in 2020, as operators have been forced to close stores. The Government of Canada imposed mandatory closures for all nonessential businesses and advised individuals to practice social distancing. As a result, IBISWorld expects industry revenue to decrease at an annualized rate... Learn More