Though much of the growth has been in the luxury SUV market, luxury vehicle brands have grown dramatically in North America for years now. As recently as 2009, more than half of the new vehicles sold in Canada were cars: Civics and Corollas, Accents and Altimas, Malibus and Mazda3s.
In April 2019, cars accounted for only 26 percent of new vehicle sales, according to Desrosiers Automotive Consultants. But there’s more to the market’s transformation than the switch from cars to crossovers, or the uptick in demand for pickup trucks or the decreased volume produced by minivans.
The luxury segment in Canada has seen a massive amount of growth over the last decade. The Canadian auto industry is not merely evolving. The new vehicle market has been entirely transformed due to declining interest in traditional passenger cars and surging demand for SUVs and crossovers.
Here’s how much luxury brands have grown in Canada over the last decade
Looking back at the last 10 years reveals some massive growth for Audi, Land Rover and Mercedes-Benz, among many others The Canadian auto industry is not merely evolving. The new vehicle market has been entirely transformed due to declining interest in traditional passenger cars and surging demand for SUVs and crossovers.
4 Mega-Trends Ahead For The Luxury Market In 2019: Expect Turmoil And Slowing Sales
Luxury market in 2019 will be marked by market turbulence and competitors struggling for shrinking consumer spending, while the ranks of the wealthy rise. Luxury brands will focus on the human dimension of the digital revolution and the need to attract younger consumers with new ideas of luxury.