Canada 2024. Vehicle Market Thriving Up 17 Months Consecutively

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Canadian auto sales continues to thrive. In April the light vehicle market scored the 17th growth in a row, with 164,000 sales (+13.8%), while YTD sales reached 569,072 (+14.0%).

 

Market Trend and Outlook

In March the Canadian light vehicle market scored the 17th growth in a row, with 164,000 sales (+13.8%), while YTD sales reached 569,072 (+14.0%).

Looking at cumulative data from 2024 brand-wise, the new leader Toyota increased 35.3% in sales with 72,870 total registrations.

In 2nd place ranks Ford -down 1 spot- with 58,111 sales (-4.3%), followed in 3rd by Chevrolet with 43,751 units sold (+12.4%).

In 4th spot ranks Nissan -up 5 spots- with 42,024 sales and a 57.6% growth in year-on-year performance.

Hyundai loses 1 spot ranking in 5th with 40,373 sales (+13.3%), followed by GMC -down 1 spot- at 38,712 (+17.2%), Honda -up 1 spot- at 36,936 (+34.3%), Kia -down 1 spot- with 28,946 units sold (+3.9%), Subaru -up 4 spots- with 23,930 new registrations (+72.7%) and Volkswagen -up 2 spots- in 10th place with 21,554 sales (+44.4%).

Looking at specific models the Ford F-series is still the best seller whilst a 0.1% decrease in year-on-year volume, followed by the Toyota RAV4  up 19.5% and 1 spot.

As one of the world’s top producers of light vehicles – 1.4 million vehicles are assembled at the Canadian plants of Stellantis, Ford, GM, Honda, and Toyota each year, supplied by nearly 700 parts suppliers – Canada’s automotive sector is heavily reliant on global supply chains.

Following significant losses borne by the global automotive industry in the wake of border closures, factory lockdowns and semiconductor chip shortages during the COVID-19 pandemic, Canada’s sector has been especially vulnerable to supply chain constraints.

Automakers have been driven to pursue leaner and more creative risk mitigation and cost-efficient strategies to bypass further disruption, including strengthening relationships or dual sourcing with suppliers to increase supply chain flexibility, diversifying markets, and building inventory.

However, these actions have not been able to fix the issues in place and the domestic market keeps decline.

 

Medium-Term Market Trend

Following an impressive series of 8 consecutive growth, the Canadian domestic light vehicles market in 2017 broke the 2 million units milestone, hitting the current all-time record and entering the club of the top 10 largest global vehicle industries.

However, such an outstanding level was not maintained for long. In 2019 (-3.7%) the market entered in a negative phase that has not yet come to an end. In 2022  the market maintained this downfall, losing 7.6%, reaching 1.51 million sales and reporting losses in 11 out of 12 months.

In 2023 the economic struggle hasn’t reflected yet in the country’s vehicle market, which registered 1.69 million units sold (+11.4%).

 

Tables with sales figures

In the tables below we report sales for all Brands and top 10 Groups.

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