Canada Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases.

To encourage the purchase of Zero-Emission Vehicle (ZEV) in Canada the government of Canada offers its citizens access to a variety of incentive programs. 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 condition. For instance, for BMW of the model year 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 period respectively. The cohesive government programs and initiatives to augment the adoption of EVs to fuel the growth of the EV market in Canada.

The market is segmented on the basis of vehicle type, propulsion technology, and battery Type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology, the market is sub-segmented into battery electric vehicles, plug-in hybrid electric vehicles. Based on the propulsion type, plug-in hybrid vehicles are anticipated to have considerable market growth during the forecast period. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. 

Some of the major companies which are contributing to the growth of the North American electric vehicle market include  BMW AG, Audi AG, Hyundai, Ford Motors Co., Tesla, Inc, Volkswagen AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including new product innovations, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.

Research Methodology

The market study of Canada Electric Vehicle market is incorporated by extensive primary and secondary research conducted by the research team.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Canada Electric Vehicle Market Research and Analysis by Vehicle type 
2. Canada Electric Vehicle Market Research and Analysis by Propulsion Technology
3. Canada Electric Vehicle Market Research and Analysis by Battery Type

The Report Covers

• Comprehensive research methodology of Canada Electric Vehicle market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting Canada Electric Vehicle market.
• Insights about market determinants which are stimulating the Canada Electric Vehicle market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.