Canada electric vehicle market is expected to grow at a significant CAGR of over 18.0% during the forecast period (2019-2025). The factors that drive the growth of the market include the supportive programs to encourage the purchasse of Zero-emission vehicles. As of May 2019, all Canadians who purchase EVs or plug-in hybrids are eligible for an incentive of $2,500 to $5,000 depending on the dealer’s terms and conditions. In addition, the government of Canada offers its citizens access to a variety of incentives. For instance, for the model of the BMW in 2020, the buyer will be provided with an incentive of $1,250, $2,550, and 3,750 for 12-month, 24-months, and 36-month lease periods respectively.
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Moreover, in Canada, incentives for vehicles started in Ontario, British Columbia, and Quebec, offering incentives to lower down the initial cost of EVs. Ontario’s rebate started at $8,500 in 2010, and after that, it went up to $14,000 before its cancellation in July 2018. Besides, in British Columbia and Quebec rebate now range from $1,500 to $8,000. In 2019, the Federal Government set a rebate of $5,000 for the customers to buy EVs. Thus, the government incentives, fuel prices, charging infrastructure are supporting the Canada Electric vehicle market to grow as well as increasing the interest of the people for buying EV.
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Market Coverage
- Market number available for – 2018-2025
- Base year- 2018
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Propulsion Technology, By Battery Type
- Region Covered- Canada
- Competitive Landscape- BMW AG, Audi AG, Hyundai, Ford Motors Co., Tesla, Inc, Volkswagen AG, and others.
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Canada Electric Vehicle Market Report Segment
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-wheelers
By Propulsion Technology
- Battery
- Plug-In Hybrid
By Battery Type
- NiMH
- LI-ion
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
