Canada Automotive Sales Data & Analysis - The Market In-Depth

The Canadian automotive market over the past decade, roughly from 2010 to 2020, saw a series of evolving trends, both mirroring global automotive tendencies and manifesting uniquely local patterns. For several years within the decade, the Canadian auto market experienced record-breaking sales, particularly around the mid-2010s. The economy was relatively strong, consumer confidence was high, and low-interest rates made auto loans more attractive. Just like in the U.S., there was a notable shift in Canada towards SUVs, crossovers, and trucks. By the latter half of the decade, these vehicles accounted for a significant majority of new vehicle sales. The Ford F-Series, for instance, wasn't just a best-selling truck but often the best-selling vehicle overall. With the rising popularity of larger vehicles, sales of traditional sedans and hatchbacks declined. Many automakers reduced or even eliminated certain sedan models from their Canadian lineups in response. Though the Canadian market lagged behind some global counterparts, there was a growing interest in electric vehicles (EVs). Provinces like Quebec and British Columbia, which offered incentives for EV purchases, saw higher adoption rates. Brands like Tesla started gaining traction, especially towards the latter part of the decade. The renegotiation of NAFTA into the USMCA (or CUSMA as it's called in Canada) had implications for the automotive industry. The agreement had stipulations about auto manufacturing, which could impact both vehicle production in Canada and the prices of imported vehicles. 2020 was a significant outlier due to the global pandemic. Sales plummeted in the early part of the year due to lockdowns and economic uncertainties. However, there was a rebound in the latter half, with certain segments, particularly trucks and SUVs, showing resilience. In major urban centers like Toronto, Vancouver, and Montreal, there was a noticeable trend of people seeking alternatives to vehicle ownership, such as car-sharing, public transport, or even forgoing car ownership altogether.