Canada: Passenger Car Market 2024

Passenger Car Market Size in Canada

The Canadian passenger car market skyrocketed to $X in 2021, rising by 47% against the previous year. In general, the total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Passenger Car Production in Canada

In value terms, passenger car production rose notably to $X in 2021 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 13%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Passenger Car Exports

Exports from Canada

For the fifth year in a row, Canada recorded decline in overseas shipments of passenger cars, which decreased by -13.3% to X units in 2021. Overall, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 3.9%. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car exports declined to $X in 2021. In general, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 8.8% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for passenger car exports from Canada, with a 83% share of total exports. Moreover, passenger car exports to the United States exceeded the volume sent to the second major destination, Nigeria (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to -7.7%.

In value terms, the United States ($X) remains the key foreign market for passenger cars exports from Canada, comprising 91% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 0.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States stood at -5.8%.

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, with an increase of 5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Nigeria amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+2.0%).

Passenger Car Imports

Imports into Canada

In 2021, purchases abroad of passenger cars was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, passenger car imports skyrocketed to $X in 2021. Over the period under review, imports saw a relatively flat trend pattern. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United States (X units) constituted the largest supplier of passenger car to Canada, with a 42% share of total imports. Moreover, passenger car imports from the United States exceeded the figures recorded by the second-largest supplier, Mexico (X units), threefold. The third position in this ranking was taken by Japan (X units), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+1.7% per year) and Japan (-1.6% per year).

In value terms, the United States ($X) constituted the largest supplier of passenger cars to Canada, comprising 49% of total imports. The second position in the ranking was held by Japan ($X), with a 12% share of total imports. It was followed by Mexico, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.2% per year) and Mexico (+3.1% per year).

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, with an increase of 15% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :