Canada electric car market is estimated to grow at a significant CAGR of 20.0% during the forecast period (2024-2031). The market growth is primarily driven by supportive government regulations and subsidies owing to the rising environmental concerns. Canada electric car market is segmented by vehicle type (hatchback, sedan, and SUV), propulsion technology (battery, hybrid, and fuel cell) by battery type (NiMH, li-ion, and others).
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The major players in the Canada electric car market include Tesla, Inc., Hyundai Motor Co., AB Volvo, Audi AG, BMW AG, General Motors Co., Toyota Motor Corp., Volkswagen AG, and others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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Market Dynamics and Recent Developments
- In September 2024, the Minister of Energy and Natural Resources, in the presence of a Member of Parliament, announced federal investments of $14.9 million for 20 projects to install more than 3,000 EV chargers across Canada. The projects include a federal investment of $1.5 million for Plug ’N Drive to raise awareness and adoption of ZEVs (Zero-Emissions Vehicles) and lower-carbon trucks.
- In August 2024, Canada’s Minister of Energy and Natural Resources announced a federal investment of $7.5 million in 35 projects through the Zero-Emissions Vehicles Awareness Initiative (ZEVAI), in the Canadian EV landscape. The funding breakdown by areas of focus, constitutes, MHDV – $4,236,774, LDV – $1,947,928, and Clean Fuels – $1,321,750.
- In April 2024, Honda announced a milestone investment of approximately $15 billion to create Canada’s first comprehensive electric vehicle supply chain. The facility would be based in Ontario. Honda will build an electric vehicle assembly plant and a new stand-alone battery manufacturing plant at Honda’s facilities. The supply chain will build a cathode active material and precursor (CAM/pCAM) processing plant through a joint venture partnership with POSCO Future M Co., Ltd. and a separator plant through a joint venture partnership with Asahi Kasei Corp. The facility will be fully operational in 2028, and produce up to 240,000 vehicles per year.
- In December 2023, the Minister of Environment and Climate Change, announced the new Electric Vehicle Availability Standard to increase the supply of clean, zero-emission vehicles available to Canadians across the country. The standard focuses on the development of a robust electric vehicle supply chain and infrastructure that creates good, middle-class jobs and ensures a cleaner, safer environment.
- In December 2023, Vincentric, the automotive industry’s leading provider of cost of ownership data, released the results of Canadian Electric Vehicle (EV) Cost of Ownership Analysis, showing 38 of 40 EVs had lower total cost of ownership over five years than their gasoline counterparts. The study compared forty Electric Vehicles from the most recent available model year to similar gasoline-powered vehicles to provide insight into the cost-effectiveness of EVs in Canada.
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