Canada Electric Vehicle Market Overview, 2027

"Electric vehicles (EVs) have emerged as a promising solution to reduce greenhouse gas emissions and air pollution in Canada. As the second-largest country in the world by landmass, transportation is a critical sector in Canada, accounting for approximately one-quarter of the country's total greenhouse gas emissions. In response to the growing concern about climate change. The transition to electric vehicles is considered a critical component of Canada's efforts to decarbonize its transportation sector. The Canadian government has implemented several policies and incentives to support the adoption of electric vehicles, including rebates, infrastructure investments, and regulatory measures. The sales of electric vehicles in Canada have been steadily increasing, and the country is on track to achieve its goal of having maximum of passenger vehicles sold be zero-emissions vehicles. According to data from the Canadian Vehicle Manufacturers' Association, sales of EVs in Canada grew by more than 50% in 2020. According to the research report “Canada Electric Vehicle Market Overview, 2027,"" published by Bonafide Research, The Canada Electric Vehicle market is projected to reach market size of more than USD 7.97 Billion by 2027. Automakers continue to invest in electric vehicle technology, the range of available EV models in Canada has been expanding rapidly. In addition to established models like the Tesla Model S and Nissan Leaf, a range of new models have been introduced in recent years, including the Volkswagen ID.4, Ford Mustang Mach-E, and Chevrolet Bolt EV. The Canadian automobile market has been innovative with new technologies and features being introduced to meet the needs of consumers and address environmental concerns. Autonomous or self-driving vehicles are another area of innovation in the Canadian automobile market. These vehicles use sensors and other technologies to drive themselves, potentially improving safety and reducing the need for human intervention.

Canadians become aware of the environmental and economic benefits of electric vehicles, interest in EVs has been growing rapidly. According to the Canadian Automobile Association, over half of Canadians are considering an electric or hybrid vehicle for their next purchase. The Canadian government has implemented a range of policies and incentives to support the adoption of electric vehicles, including rebates, infrastructure investments, and regulatory measures. For instance, the federal government's iZEV program provides rebates of up to $5,000 for the purchase or lease of eligible electric and hydrogen fuel cell vehicles. Tech expo for EVs in Canada is the Electric Vehicle Discovery Centre, located in Toronto, Ontario. The centre is a collaboration between the non-profit organization Plug'n Drive and the Canadian Automobile Association (CAA), and is designed to provide visitors with an interactive and educational experience focused on EVs. The centre features a range of EVs on display, as well as interactive exhibits and educational materials designed to help consumers learn about the benefits of EVs and how they work. Electric vehicle adoption is increasing in Canada, there are still several challenges that need to be addressed to accelerate the transition to a low-carbon transportation system. Three key challenges are range anxiety, charging infrastructure, and equitable access to electric vehicles. Range anxiety refers to the fear that an electric vehicle's battery will run out of charge before reaching its destination. Charging infrastructure is another challenge to overcome. While significant investments have been made to expand charging infrastructure in Canada, particularly in urban areas, gaps still exist in more rural and remote areas and it is essential to ensure equitable access to electric vehicles for all Canadians. While incentives and rebates can make electric vehicles more affordable, the upfront cost of these vehicles can still be a barrier for many Canadians, particularly those with lower incomes. The Canadian Vehicle Manufacturers' Association (CVMA) reports that sales of electric and hybrid vehicles have been rising significantly in Canada over the past few years. Despite the economic difficulties brought on by the COVID-19 pandemic, sales of battery electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) rose by over 60% in 2020 compared to the previous year. Considered in this report • Geography: Canada • Historic year: 2017 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027

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Manmayi Raval

Research Consultant

Aspects covered in this report • Canada market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Passenger Vehicle • Commercial Vehicle By population type • BEV • PHEV The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us. we have started verifying the details obtained from secondary sources.

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Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to organic food and beverage industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. "