Canada Electric Vehicle Market to be Led by Passenger Cars through 2028F

Advancements in technology and the increasing demand for electric two-wheeler is driving the China two-wheeler market.

According to TechSci Research report, “Canada Electric Vehicle Market – By Region, Competition, Forecast and Opportunities, 2028,” the Canada electric vehicle market is experiencing fast-paced adoption of electric vehicles from the past few years. This is attributed to various factors, such as government incentives, stringent regulations for emissions, growing awareness of harmful effects from fossil fuels, increasing number of electric vehicle choices for consumers, and improvement in battery technology.

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. 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. And 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 who don’t have separate policies regarding carbon emissions.

Canada electric vehicle is first segmented by the 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 the 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 limits 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 is currently captured by the battery electric vehicles as compared to other types of vehicles. This is followed by the plug-in electric vehicles. However, the fuel cell electric vehicles lag in the 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, the electric vehicles sales are not uniform throughout the country, instead it is concentrated to 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 up the 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 the Canada are growing consistently from the past few years. And this is augmented by the fact that Canada has abundant source 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.

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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 electric vehicle market. Moreover, the country has abundant source of raw material required for the manufacturing of EV batteries, due to this, the country is witnessing huge investments in the 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 Vehicle, 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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