Fast Market Research recommends "Canada Autos Report Q3 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 08/30/2013 -- BMI still believes that Canada's vehicle sales growth will be more modest in 2013 than 2012. Results for the year-to-date support this view, with sales up 2.4% year-on-year (y-o-y) for 5M13. Passenger car sales for the five months were down 1.5% y-o-y, while truck sales achieved growth of 5.7% y-o-y. On the back of this divergent performance, which is becoming more pronounced as the year moves on, we are revising our forecasts slightly to a 0.5% increase in passenger car sales, compared with the previous 2% increase, and raising our light truck forecast to 3%.
With the year getting off to a poor start for the medium and heavy truck segments, we have also revised down our sales growth forecast for 2013 to a decline of 5%. Sales of Class 4-8 trucks fell 11.2% y-o-y for the first four months of 2013, mostly on the back of declines posted by the segment's major manufacturers. With volumes in each segment being relatively small with just a few key players, the performances of each brand have a bigger impact on each segment and the overall big truck market.
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We believe there is potential for sales to pick up toward the end of the year and heading into 2014, however, with help from the regulatory environment. Canada's federal government has unveiled regulations to reduce greenhouse gas emissions from new medium- and heavy-duty vehicles and engines for the 2014 model year to 2018. The vehicles under consideration include large trucks, buses and short/long-haul tractors, as well as garbage and cement trucks.
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