Executive Cars - Canada

Canada

Highlights

Revenue in the Executive Cars market is projected to reach US$498m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.78%, resulting in a projected market volume of US$479m by 2029.
Executive Cars market unit sales are expected to reach 10.9k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$43k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Canada is experiencing steady growth and development.

Customer preferences: Customers in Canada have shown a strong preference for executive cars, which are known for their luxury, comfort, and advanced features. These vehicles are often chosen by individuals who value status and prestige, as well as those who prioritize safety and performance. Additionally, Canadian customers tend to prioritize fuel efficiency and environmental sustainability, which has led to an increased demand for hybrid and electric executive cars.

Trends in the market: One of the key trends in the Executive Cars market in Canada is the increasing popularity of SUVs and crossovers. These vehicles offer a combination of luxury and utility, making them appealing to a wide range of customers. The demand for SUVs and crossovers has been driven by factors such as their spacious interiors, high driving position, and advanced safety features. In response to this trend, automakers have been expanding their SUV and crossover offerings in the Canadian market. Another trend in the market is the growing adoption of advanced driver assistance systems (ADAS) in executive cars. ADAS technologies such as adaptive cruise control, lane keeping assist, and automatic emergency braking enhance safety and convenience for drivers. Canadian customers have shown a willingness to pay a premium for executive cars equipped with these advanced features, which has prompted automakers to incorporate ADAS technologies into their vehicles.

Local special circumstances: Canada's vast geography and diverse climate present unique challenges and opportunities for the Executive Cars market. In regions with harsh winters, customers prioritize features such as all-wheel drive, heated seats, and remote start capabilities. Additionally, the long distances between cities and towns in Canada make fuel efficiency an important consideration for customers.

Underlying macroeconomic factors: The growth of the Executive Cars market in Canada can be attributed to several underlying macroeconomic factors. Canada has a strong and stable economy, with a high standard of living and a relatively affluent population. This provides a favorable environment for the sale of luxury vehicles. Additionally, low interest rates and favorable financing options have made it easier for customers to purchase executive cars. In conclusion, the Executive Cars market in Canada is experiencing growth and development driven by customer preferences for luxury, comfort, and advanced features. The increasing popularity of SUVs and crossovers, as well as the adoption of advanced driver assistance systems, are key trends in the market. Canada's unique geography and climate, along with its strong economy and favorable financing options, contribute to the growth of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).