Canadian Auto Sales in October 2024 grew 12.2% and reached 155,732 new sales, showing signs of recovery after contracting in November. YTD figures at 1,69 million went up 8.5% compared to the prior year. Volkswagen climbed two spots and entered the Top 10 into 8th, while RAM dropped out.
Market Trend and Outlook
After three years of economic upheaval, the Canadian economy is beginning to settle down, as early estimates show strong growth in H1 2024. With inflation on a steady downward trend, the Bank of Canada has now begun to ease its policy stance, paving the way for stronger economic growth ahead.
Despite global challenges, including elevated interest rates and geopolitical tensions, Canada’s strong fundamentals—such as solid labour markets and robust household and business balance sheets—are helping to sustain growth, which in 2024 is expected to grow modestly at 1.1% and then rebound during 2025 and 2026, reaching 1.7% and 2.1% respectively.
The Canadian light vehicle market in November 2024 registered 155,732 new sales (+12.2%), mantaining the positive trend that was established in the previous month aftre briefly contracting in September. YTD figures at 1,69 million rose by 8.5% compared to the prior year.
Looking at cumulative data up to November 2024 brand-wise, Ford secured leadership position, growing 6.6% and posting 217,875 new registrations.
In 2nd place ranked Toyota with 191,696 sales (+5.3%), followed in 3rd by Chevrolet with 139,117 units sold (+14%).
Hyundai kept 4th spot with 121,605 sales and a 13.9% growth in year-on-year performance.
Honda ranked 5th with 114,505 sales (+9.4%), followed by Nissan -up 2 spots- at 105,343 (+33.8%), GMC -down 1 spot- at 92,246 (+6.5%), Volkswagen -up 2 spots- with 81,926 units sold (+45.5%), Kia -down 2 spots- with 81,503 new registrations (+1.8%) and Mazda -up 1 spot- in 10th place with 67,716 sales (+25%).
Looking at specific models, reported in the dedicated article, the Ford F-series was still the best seller (+0.3%), followed by the Toyota RAV4 (-0.4%), which grew 1 spot.
Medium-Term Market Trend
Following an impressive series of 8 consecutive growths, 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.
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 relies heavily 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.
Only in 2023 was the country’s vehicle market able to recover, growing in all 12 months and 1.69 million new vehicle registrations, an 11.4% increase from 2022.
Tables with sales figures
In the tables below we report sales for all Brands and top 10 Groups.
