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Market Snapshot: Share of truck sales are at a record high in Canada
Release date: 2018-09-19
In Canada, trucksFootnote 1 outsell cars as drivers show an increasing preference for larger vehicles.
Prior to 2010, cars and trucks had a more or less equal market share of about 50% each. Since then, a gap has emerged. In December 2017, a record 73% of new vehicle sales were trucks. Further, sales of trucks increased by 8% from 2016 to 2017, while sales of cars decreased by over 2%. Ontario and Quebec continued to drive new vehicle sales in Canada. Their combined 860 000 truck sales made up 60% of Canada’s total truck sales in 2017. Car sales mostly declined in 2017, with only Ontario and Nova Scotia experiencing increases.
Source and Description
Source: Statistics Canada
Description: The line graph shows the relative share of new car sales versus new truck sales. In the 2005-2009 period, sales between cars and trucks were almost even. From 2010 onwards, a preference for trucks has emerged and been steadily increasing, reaching its highest point in 2017, with truck sales accounting for 73% of new vehicle sales. The area chart represents total vehicle sales. A slight upward trend can be seen, with 167 000 vehicles sold in April 2005, and 200 000 sold in April 2017.
Despite consumers opting for larger vehicles and the increasing number of cars on the road, Canadian gasoline demand in the last few years has been relatively flat. The main reasons are increasing fuel efficiency of new vehicles and increasing popularity of public transit. The National Energy Board’s long-term energy projection shows gasoline demand declining over the next 20 years. This projected trend is due to improved fuel efficiencyFootnote 2 of gasoline-powered engines and the increasing penetration of electric vehicles.
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