Published on : Jan 23, 2017
Albany, New York, January 23, 2017: A new report by Mintel, analyzing the market trends and factor along with competitiveness for the industry participants in the luxury cars industry has been recently added to the report offerings of Market Research Hub (MRH). This study primarily focuses on Canada’s automotive manufacturing industry and is titled as “Luxury Cars- Canada - December 2016”. The objective of this study primarily analyzes and documents current trends in global production and trade in the auto industry along with a proper examination of Canada’s position in the global auto markets. Moreover, the report also identifies emerging trends and issues in the industry that require the attention of the policymakers.
As per Mintel’s research, at present, luxury automobile manufacturers & brands operating in Canada face a very competitive market. This is due to the overabundance of models and options available for consumers to choose and buy the best. The research studies that 3,600 intermediate luxury passenger cars were sold in December 2016, down from 3,700 calculated in the previous year. In Canada, men aged 18 to 44 are luxury vehicle enthusiasts and also the population of millennial will provide opportunities for the manufacturers to attract these target customers. By looking at these factors, luxury automobile manufacturers utilize several pricing strategies to extract the maximum surplus from consumers.
Some of the market factors and issues observed by the study include:
- Historically low-interest rates make it easier to jump into a new vehicle
- Gasoline prices can influence demand for luxury vehicles
- Premium brands will benefit from a growing population i.e. ethnically diverse
- Economic distresses and increasing household debt will affect consumer spend
Currently, the automotive sector in Canada is the largest manufacturing sector, accounted for 12% of its manufacturing GDP and 25% of its manufacturing trade. Also, with the constant new automotive innovations, the market is trying to achieve new goals. These innovations are mainly introduced by manufacturers via luxury vehicles, that’s why luxury auto brands are expanding their range of vehicle offerings. In terms of offerings, SUVs and crossovers are in high demand. Moving further, the report states that, strong interest among consumers in considering a luxury vehicle for their next purchase displays positive signs for this segment.
Furthermore, the report also discusses the most important attributes for a luxury vehicle. It has been observed that affordability is the biggest concern along with safety and performance. Most of the people also prefer those cars that fall under their budget. Also, the preferences change with age which is another attribute.
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At last, the report provides detailed information on luxury vehicle brand associations. The association of Mercedes-Benz with luxurious features is driving its sales rapidly. Also, the leading operator Volvo is seen as the leader in terms of safety.
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