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Train, Subway & Transit Car Manufacturing in Canada Industry Data and Analysis
Over the past five years, the Canadian train, subway and transit car manufacturing industry has faced a turbulent operating environment shaped by shifting government priorities, supply chain disruptions and accelerating technological change. Massive infrastructure funding commitments from federal and provincial governments have supported manufacturers through a steady pipeline of transit procurement contracts. The emergence of Buy Canadian policies has further boosted domestic production by mandating local content requirements. Projects like the Toronto Transit Commission’s $2.3 billion subway contract with Alstom are anchoring the industry. However, lingering effects from pandemic-era supply chain instability, rising raw material costs and limited competition have weighed on output. As a result, industry revenue has been sinking at a CAGR of 3.0% over the past five years and is expected to reach $2.5 billion in 2025, when revenue will fall by an estimated 3.3%.
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What's included in this industry analysis
IBISWorld's research coverage on the Train, Subway & Transit Car Manufacturing industry in Canada includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released December 2025.
About this industry
What's this industry report about?
The Train, Subway & Transit Car Manufacturing industry in Canada operates under the NAICS industry code 33651CA. This industry primarily manufactures and rebuilds locomotives and railroad cars of any type or gauge, including frames and parts. This industry includes manufacturing rapid transit cars and special-purpose self-propelled railroad equipment, such as rail layers, ballast distributors, rail tamping equipment and other railway track maintenance equipment. Related terms covered in the Train, Subway & Transit Car Manufacturing industry in Canada include rolling stock, backlog, positive train control (ptc) and normal trade relations (ntr).
What's included in this industry?
Products and services covered in Train, Subway & Transit Car Manufacturing industry in Canada include New locomotives and parts, New passenger trains and cars and Rebuilt trains and repairs.
What companies are included in this industry?
Companies covered in the Train, Subway & Transit Car Manufacturing industry in Canada include Alstom SA and National Steel Car Limited.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Train, Subway & Transit Car Manufacturing industry in Canada.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Train, Subway & Transit Car Manufacturing industry in Canada.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Train, Subway & Transit Car Manufacturing industry in Canada.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Train, Subway & Transit Car Manufacturing industry in Canada. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Train, Subway & Transit Car Manufacturing industry in Canada. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Train, Subway & Transit Car Manufacturing industry in Canada. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Train, Subway & Transit Car Manufacturing industry in Canada. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Train, Subway & Transit Car Manufacturing industry in Canada.
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Frequently Asked Questions
What is the market size of the Train, Subway & Transit Car Manufacturing industry in Canada in 2026?
The market size of the Train, Subway & Transit Car Manufacturing industry in Canada is $2.5bn in 2026.
How many businesses are there in the Train, Subway & Transit Car Manufacturing industry in Canada in 2025?
There are 41 businesses in the Train, Subway & Transit Car Manufacturing industry in Canada, which has declined at a CAGR of 2.7 % between 2020 and 2025.
How may import tariffs affect the Train, Subway & Transit Car Manufacturing industry in Canada?
The Train, Subway & Transit Car Manufacturing industry in Canada is likely to be significantly impacted by import tariffs with imports accounting for a high share of industry revenue.
How may export tariffs affect the Train, Subway & Transit Car Manufacturing industry in Canada?
The Train, Subway & Transit Car Manufacturing industry in Canada is likely to be impacted by export tariffs with exports accounting for a moderate share of industry revenue.
Has the Train, Subway & Transit Car Manufacturing industry in Canada grown or declined over the past 5 years?
The market size of the Train, Subway & Transit Car Manufacturing industry in Canada has been declining at a CAGR of 3.0 % between 2020 and 2025.
What is the forecast growth of the Train, Subway & Transit Car Manufacturing industry in Canada over the next 5 years?
Over the next five years, the Train, Subway & Transit Car Manufacturing industry in Canada is expected to grow.
What are the biggest companies in the Train, Subway & Transit Car Manufacturing industry in Canada?
The biggest companies operating in the Train, Subway & Transit Car Manufacturing industry in Canada are Alstom SA and National Steel Car Limited
What does the Train, Subway & Transit Car Manufacturing industry in Canada include?
Rebuilding of locomotives and Manufacturing railroad cars and equipment are part of the Train, Subway & Transit Car Manufacturing industry in Canada.
Which companies have the highest market share in the Train, Subway & Transit Car Manufacturing industry in Canada?
The company holding the most market share in the Train, Subway & Transit Car Manufacturing industry in Canada is Alstom SA.
How competitive is the Train, Subway & Transit Car Manufacturing industry in Canada?
The level of competition is moderate and increasing in the Train, Subway & Transit Car Manufacturing industry in Canada.
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