How Canadian new vehicle sales fared in 2024

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January 10, 2025

How Canadian new vehicle sales fared in 2024​

Adam Malik
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The Canadian light vehicle market saw a significant rebound in 2024, with overall sales reaching an estimated 1.86 million units.
That’s an 8.2 per cent increase from the 1.72 million units sold in 2023, according to DesRosiers Automotive Consultants.
However, Andrew King, managing partner at DesRosiers, called for caution despite the optimistic numbers.
“While we would never take a gain of 8.2 per cent for granted, the market remains approximately 180,000units below its 2017 high, despite a Canadian population that has increased from 36.7 [million] to 41.5 million people over that time.”
The year began with exceptionally strong sales in January and February, which DesRosiers credited to pent-up demand as consumers were finally able to purchase vehicles they had been waiting for. While the middle months of the year caused concern, the fourth quarter also saw robust sales. Quebec was highlighted as a leading province as consumers rushed to buy zero-emission vehicles (ZEVs) before provincial incentives were reduced.
Several key market dynamics stood out over the past year for the consultancy. The growth of SUVs led to a new record for light truck share, with passenger cars falling to only 13.4 per cent of total sales. Compact and subcompact SUVs dominated the market. The luxury segment underperformed in 2024 due to affordability issues.
Two major trends emerged in the ZEV market: A surge in Quebecers purchasing ZEVs in Q4 and a resurgence of plug-in hybrid electric vehicles (PHEVs).
From a corporate perspective, DesRosiers pointed out some noteworthy performances. General Motors led the market more than 294,000 units sold, partly due to the success of the Equinox EV. Ford achieved the largest share gain, rising 1.1 per cent with a 16.2 per cent sales increase over 2023. Volkswagen led in percentage sales gain among larger volume brands, with a 28.2 per cent increase. Subaru and Mazda both saw strong sales growth, at 23.8 per cent and 23.2 per cent respectively.
Closing out its report, DesRosiers noted that, looking ahead to 2025, there is hope that the market equilibrium will continue, though uncertainties remain with a new U.S. administration and a Canadian election on the horizon. The industry remains cautious but optimistic about maintaining stability in the coming year, it said.
 
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