In the forecast period from 2024 to 2028, the Canada Electric Vehicle Market is poised for substantial growth, with an anticipated market size soaring from 2022’s 115.90 thousand units to new heights. With a remarkable compound annual growth rate (CAGR) of 16.97% projected between 2023 and 2028, the sector is displaying robust expansion. Among the various segments, the passenger car category emerges as the fastest-growing segment, showcasing promising prospects. As technological advancements and consumer preferences evolve, the automotive landscape is primed for innovation and transformation, offering lucrative opportunities for manufacturers and investors alike in the coming years.
The most important role in the growth of electric vehicles in any country is of the government initiatives and their policies. The Canadian government has taken various measures regarding this. The government has proposed the incentive for zero emission vehicle (iZEV) for consumers in which the government will provide the rebate of 5000 USD to anyone who is buying or leasing a battery electric vehicle, plug-in hybrid, and fuel cell based electric vehicle to make these vehicles more affordable to people.
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ZEVIP is also introduced by the government to help stimulate the charging infrastructure’s development in the country. Another important action taken by the government is implementing the carbon tax in the country. The carbon pricing system was introduced in 2019 in Canada. Since then, it has been increasing and it is expected to increase further in the forecast years. This is helping in reducing the greenhouse gas emissions in the provinces that don’t have separate policies regarding carbon emissions.
Canada electric vehicle is first segmented by vehicle types which includes two-wheelers, passenger cars, light commercial vehicles, and medium & heavy commercial vehicles. Sales of commercial vehicles are higher in Canada as compared to other types of vehicles and especially light-duty commercial vehicles, such as pickup trucks because of the country’s cultural differences, weather conditions, their off-roading capabilities, and more cabin space with higher stance. But most of the electrification is taking place in two-wheelers and passenger cars around the world. However, the weather and geographical landscape limit the market of two-wheelers in the country. Therefore, most of the electric vehicle’s sales are occurring in passenger car segments.
In the propulsion type segment, battery electric vehicle has the highest market share because the initial developments were started for vehicles purely based on electric batteries and therefore, most of the technological developments have taken place for battery electric vehicles. Moreover, government policies and incentives are devised particularly for these vehicles only. Further, electric vehicles are plug-in hybrid electric vehicles and fuel-cell electric vehicles. Most of the sales in Canada are currently captured by battery electric vehicles as compared to other types of vehicles. This is followed by the plug-in electric vehicles. However, fuel-cell electric vehicles lag in sales as this technology is relatively new and does not have any significant technological advancements. Moreover, the upfront cost of these types of vehicles is also higher. Apart from this, the lack of hydrogen refueling infrastructure makes consumers more hesitant to purchase these vehicles.
Moreover, electric vehicle sales are not uniform throughout the country, instead, it is concentrated in some provinces which make up most of the electric vehicle sales in the country. These differences are generated because of different incentives, policies, and population density which obviously further depends upon the purchasing power of people in that area. As of now, most of the electric vehicle sales occurred in British Columbia and Quebec, followed by Ontario. Moreover, several provinces provide additional incentives to boost electric vehicle sales in their area, for instance, Quebec provides an aggregate rebate of approximately USD 13000 while purchasing electric vehicles, whereas this drops to USD 5000 in Prairie province. This figure goes up to USD 8000 in British Columbia.
Battery manufacturing opportunities in Canada are growing consistently over the past few years. And this is augmented by the fact that Canada has abundant sources of battery raw materials. Thus, from all the above-mentioned statements, it can be stated that the electric vehicle market will grow in the upcoming years.
Key market players in the Canada electric vehicle market include:
- Tesla Inc.
- Toyota Canada Inc.
- General Motors of Canada Company
- Ford Motor Company of Canada Limited
- Nissan Canada Inc.
- Hyundai Auto Canada Corp.
- Honda Canada Inc.
- FCA Canada Inc.
- Lion Electric
- NFI Group Inc
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“The supportive government policies and incentives, improving charging station infrastructure, increasing awareness regarding environment, more choices of electric vehicles, and technological development in the electric space are leading to the growth in Canada’s electric vehicle market. Moreover, the country has abundant sources of raw materials required for the manufacturing of EV batteries, due to this, the country is witnessing huge investments in battery development. Therefore, all these are factors are favoring the electric vehicle space in Canada and it can be stated easily that the electric vehicle market is going to increase in the forecast year” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Canada Electric Vehicle Market By Vehicle Type (Two Wheelers, Passenger Cars, Light Commercial Vehicles, and Medium & Heavy Commercial Vehicle), By Propulsion Type (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle), By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, and Above 400 Miles), By Battery Capacity (Less Than 50KWh, 51KWh to 100KWh, 101KWh-200KWh, 201KWh-300KWh, and Above 300KWh), By Region, Competition, Forecast and Opportunities, 2028” has assessed the Canada electric vehicle market’s future development potential and provides data and information on market size, structure, and projected market growth. The report’s goal is to give current market knowledge and assist decision makers in making informed investment decisions. Furthermore, the study identifies and analyses emerging trends, as well as key drivers, constraints, and opportunities in the Canada electric vehicle market.
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Table of Content-Canada Electric Vehicle Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Canada Electric Vehicle Market
- Voice of Customer Analysis
5.1. Brand Awareness
5.2. Factors Influencing Purchase Decision
5.3. Challenges & Unmet Needs
5.4. Brand Satisfaction
- Canada Electric Vehicle Market Outlook
6.1. Market Size & Forecast
6.1.1. By Volume
6.1.2. By Value
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis (Two-Wheelers, Passenger Cars, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle)
6.2.2. By Propulsion Market Share Analysis (BEV, PHEV, FCEV)
6.2.3. By Range Market Share Analysis (0-50 miles, 51-150 miles, 151-200 miles, 201-400 Miles and above 400 miles)
6.2.4. By Battery Capacity (Less than 50 kwh, 51-100 kwh, 101-200 kwh, 201-300 kwh, and above 300 kwh)
6.2.5. By Regional Market Share Analysis
6.2.5.1. Quebec Region Market Share Analysis
6.2.5.2. Ontario Region Market Share Analysis
6.2.5.3. Alberta Region Market Share Analysis
6.2.5.4. British Columbia Region Market Share Analysis
6.2.5.5. Saskatchewan & Manitoba Region Market Share Analysis
6.2.5.6. Rest of Canada Region Market Share Analysis
6.2.6. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2022)
6.3. Canada Electric Vehicle Market Mapping & Opportunity Assessment
6.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
6.3.2. By Propulsion Market Mapping & Opportunity Assessment
6.3.3. By Range Market Mapping & Opportunity Assessment
6.3.4. By Battery Capacity Market Mapping & Opportunity Assessment
6.3.5. By Regional Market Mapping & Opportunity Assessment
