Electric cars are expected to remain a strong trend in premium and luxury cars over the forecast period bolstered by government investments in electric vehicle infrastructure, such as public electric vehicle charging stations, which make electric vehicles more convenient to maintain. For example, the Ontario Provincial government has announced a CAD91 million programme to install electric vehicle chargers at public locations such as highway rest stops and hockey arenas.
Canada’s Federal government is planning to legislate a 10% luxury goods tax which is slated to come into effect in late 2022. The tax will apply to new cars, aircraft and boats.
Supply chain issues such as semi-conductor shortages which impacted the market in 2021/2022 by reducing new car inventory and increasing prices, is expected to ease in late 2022 or early 2023. This should lead to a “return to normal” over the forecast period, with the easing of COVID-19 control measures also likely to support production and logistics.
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Understand the latest market trends and future growth opportunities for the Luxury Cars industry in Canada with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Passenger car vehicles providing exceptional comfort, aimed at the premium market and at drivers wanting a higher level of performance and handling or a vehicle that gives the impression of being capable of high-speed motoring. These cars are generally designed to appeal to high earning, status led consumers and generally retail at US$75,000 plus Example models include: Aston Martin, Ferrari, Jaguar, Bentley, Porsche, McLaren, Maserati, Rolls-Royce and TeslaSee All of Our Definitions
This report originates from Passport, our Luxury Cars research and analysis database.
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