Industry Statistics and Trends
Market size and recent performance (2016-2031)
Industry revenue has declined at a CAGR of 3.0 % over the past five years, to reach an estimated $2.5bn in 2026.
Trends and Insights
Government infrastructure investment drives manufacturing demand
- Canadian governments have significantly increased funding for public transit infrastructure over the current period. The Federal Budget 2025 allocated $115 billion over five years for infrastructure in healthcare, transit and wastewater systems, alongside a $5 billion Trade Diversification Corridors Fund supporting railways, ports and other transportation infrastructure. This sustained commitment to public transit expansion has created a pipeline of procurement opportunities for domestic manufacturers, helping offset some of the volatility experienced during earlier pandemic-affected years.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2026-2031)
Market size is projected to grow over the next five years.
Trends and Insights
High-speed rail development creates transformational opportunities
- Canada's Alto high-speed rail project represents the most significant new market opportunity for domestic manufacturers in decades. The federal government announced high-speed rail service between Toronto and Quebec City with speeds reaching 300 to 350 km/h, awarding the Cadence consortium $3.9 billion for the design phase in February 2025. Total project costs range between $60 billion and $90 billion for high-speed rail, with construction expected to begin after the four-year design phase concludes. This massive infrastructure investment will require hundreds of specialized high-speed train cars that far exceed the technical specifications of existing Canadian urban transit systems.
Biggest companies in the Train, Subway & Transit Car Manufacturing in Canada
| Company | Market Share (%)
2025 | Revenue ($m)
2025 | Profit ($m)
2025 | Profit Margin (%)
2025 |
|---|---|---|---|---|
Alstom SA | 753.7 | 18.9 | 2.5 | |
National Steel Car Limited | 654.6 | -60.2 | -9.2 |
To view the market share and analysis for all 2 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including New locomotives and parts, New passenger trains and cars and Rebuilt trains and repairs. New locomotives and parts is the largest segment of the Train, Subway & Transit Car Manufacturing in Canada.
Trends and Insights
Rebuilt trains and repairs are affordable
- Rebuilt trains and repairs represent industry products and services focused on overhauling and refurbishing existing rolling stock to extend operational lifespans and enhance performance. These services cater to transit agencies and rail manufacturers seeking cost-effective alternatives to purchasing new equipment while maintaining safety standards and operational efficiency. The segment includes mechanical repairs, structural refurbishment, component replacement and system upgrades for locomotives, subway cars and transit vehicles across public and private rail networks.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Products and services covered in the Train, Subway & Transit Car Manufacturing industry in Canada include Rebuilding of locomotives, Manufacturing railroad cars and equipment, Manufacturing of transit cars and equipment, Manufacturing of railway track maintenance equipment and Manufacturing railway and transit equipment.Companies
Companies covered in the Train, Subway & Transit Car Manufacturing industry in Canada include Alstom SA and National Steel Car Limited.Purchase this report to view all 2 major companies in this industry.
Related Terms
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).Industry Code
NAICS 336510 - Train, Subway & Transit Car Manufacturing in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Federal and provincial governments allocated $115 billion over five years for infrastructure, including transit systems. The Buy Canadian policy has steered procurement decis...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2016-2025) and forecast (2026-2031)
- Employees, including historical (2016-2025) and forecast (2026-2031)
- Businesses, including historical (2016-2025) and forecast (2026-2031)
- Profit, including historical (2016-2026)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Rebuilt trains and repairs capture the largest share of revenue because aging rail infrastructure requires continuous maintenance. Transit agencies prioritize rebuilds as the...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2026
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2026
- Major market segmentation in 2026
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Ontario hosts major transit systems that generate sustained demand and maintains established manufacturing facilities with proven rail vehicle production capabilities. Govern...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2026
Tables
- Number and share of establishments in each province in 2026
- Number and share of revenue each province accounts for in 2026
- Number and share of wages each province accounts for in 2026
- Number and share of employees in each province in 2026
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Establishing rail vehicle manufacturing requires enormous capital investments in specialized production facilities, advanced tooling and testing infrastructure. New manufactu...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2021-2026
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Alstom has bought a strong foothold in the industry. The France-based company recently bought out Montreal-based Bombardier, giving them a solid position in Canadian markets....
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2022 through 2026
- Major companies in the industry, including market share, revenue, profit and profit margin in 2026
- Overview of Alstom SA's performance by revenue, market share and profit margin from 2020 through 2026
- Overview of National Steel Car Limited's performance by revenue, market share and profit margin from 2020 through 2026
Detailed analysis
- Description and key data for Alstom SA, and factors influencing its performance in the industry
- Description and key data for National Steel Car Limited, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The Canadian Transportation Agency and Transport Canada's Railway Safety Act oversee regulations covering maximum speeds for locomotives and railcars. Safety standards at the...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2016-2031)
- Assistance historical data and forecast (2016-2031)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
The adoption of automated manufacturing processes and digital supply chain management has enabled manufacturers to reduce purchase costs as a percentage of revenue. Advanced ...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2026
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2026
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2019-2024)
- Coverage Ratios (2019-2024)
- Leverage Ratios (2019-2024)
- Operating Ratios (2019-2024)
- Assets (2019-2024)
- Liabilities (2019-2024)
- Cash Flow & Debt Service Ratios (2016-2031)
- Revenue per Employee (2016-2031)
- Revenue per Enterprise (2016-2031)
- Employees per Establishment (2016-2031)
- Employees per Enterprise (2016-2031)
- Average Wage (2016-2031)
- Wages/Revenue (2016-2031)
- Establishments per Enterprise (2016-2031)
- IVA/Revenue (2016-2031)
- Imports/Demand (2016-2031)
- Exports/Revenue (2016-2031)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2016-2031)
- IVA (2016-2031)
- Establishments (2016-2031)
- Enterprises (2016-2031)
- Employment (2016-2031)
- Exports (2016-2031)
- Imports (2016-2031)
- Wages (2016-2031)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
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 2026?
There are 41 businesses in the Train, Subway & Transit Car Manufacturing industry in Canada, which has declined at a CAGR of 2.7 % between 2021 and 2026.
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 2021 and 2026.
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.
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
