Toronto, Ontario — Annual light vehicle sales volumes for 2022 are on track to break the 1.5 million purchase volume maintained for more than a decade, according to an estimate from market research company, DesRosiers Automotive Consultants (DAC).
Specifically, they predict that 2022 will wrap up with sales below 1.5 million units due to November’s year-to-date sales clocking at approximately 1.38 million.
“If this is indeed the case, it will be the first year the market has fallen below this threshold since 2009,” said DAC managing partner, Andrew King.
This follows skyrocketing interest rates set by the Bank of Canada and Scotiabank, with ScotiaBank Economics’s Global Auto Report warning, “exposure to rising interest rates, broader cost of living pressures along with still elevated vehicle pricing in a tight supply environment are likely weighing on sentiment at least to major purchases.”
According AutoForecast Solutions, an American automotive forecaster, sales losses are “expected to continue through the rest of the year and into 2023.”
“A sales recovery in 2023 should bring total vehicles sold above 2022 levels, but not quite to 2021’s 1.68 million units.”
