Since the 1980s, the Honda Accord and Toyota Camry have battled each other and strived to differentiate themselves. By taking a closer look at their market, strategy and results, it will be clear that they are facing fierce competition.
The Market - Accord and Camry
Both the Honda Accord and the Toyota Camry are in the same market segment of midsize sedans. More specifically, they both include sporty, luxurious, and practical adaptations of a family sedan. The Accord carries a price range of $21,000 CDN to $38,000 CDN whereas the Camry's price ranges from $25,000 CDN to $34,000 CDN. This is also comparable to the price range of its major competitors such as the Mazda 6, the Nissan Maxima, and the Ford Taurus. Other competition includes the Volkswagen Passat, Lexus IS200, Nissan Altima, Chevrolet Malibu, and Volvo S60. As leaders in the midsize-sedan market, the Accord and the Camry have both remained profitable products because of their continuous innovations and evolution that follows prevailing market trends.
Beginning with the Accord, in the 1980s, Honda captured a large share of the growing midsize-sedan market. In the 1990s, Honda also began offering a two-door coupe version of the Accord. The Japanese automaker has since marketed the Accord to a wide range of buyers, mainly between the ages of 25 and 60, consisting of everything from single adults, to families, and to business people, all of which want a safe, reliable, innovative, and high-performance vehicle. In 2001, with 412,074 sales, the Accord became the best selling car in the United States
On the other hand, the Camry has a strong reputation in the market niche for family vehicles, and is described by many as the perfect option for a young family with a couple of kids. Similar to the Accord, the Camry quickly...