CANADA ELECTRIC VEHICLE MARKET
- In 2020, EV sales in Canada accounted for 3.5% of overall vehicles sales with 54,353 units
- The overall sales decreased by 1,800 vehicles in 2020 compared to 2019
- 95.4 percent vehicles — were sold in Canada’s three provinces: British Columbia, Ontario and Quebec
- As of June 2021, there are 6,111 charging stations with 13,623 charging outlets across Canada mainly in the Southern Territories
- Canada also has a sizeable HEV market with 41,000 units sold in 2020
Canada is one of the regions with the highest average price of vehicles sold. With 1.6 Million vehicles sold every year, they can handle fast electrification mainly along the Southern Provinces where 95.4% of the electric vehicles are sold currently.
In 2020, due to Covid, there was an overall decrease of 1,800 vehicles compared to 2019 in electric vehicle sales in Canada. HEVs however grew in sales in 2020 compared to 2019.
CANADA ELECTRIC VEHICLE MARKET DYNAMICS
Canada has diverse weather conditions across the country mainly due to the size of the country. Canada currently has a $600 Million investment under Zero-Emission Vehicle Awareness Initiative. This will include coast to coast fast charging setups, along with subsidies upto $5000 for electric vehicle purchases as well as regular charging stations at destination spots. Canada has a progressive rate for EVs sales with 10% by 2025, 30% by 2030 and 100% by 2040; currently they are at 3.5%.
CARBON TAX FOR TRANSPORTATION
Canada announced a $170 CAD per tonne of CO2 carbon price cap by 2030 and will reach there by increments of $10-15 yearly. It is currently at $40 per tonne. This will affect fuel prices as taxes will be paid at exploration, production, transportation, and refining with the final expense being borne by the consumer. This will cause an increase in sales of electrified vehicles as running costs will be lesser and taxation will also be at a lower rate
CANADA ELECTRIC BUS MARKET
Canada is investing $2.75 Billion from 2021-2026 for electrification of public transport. This is included in the $15 Billion investment in place for electrification of transport and decreasing emissions. There is an added $1.5 Billion on top of that by Canada Infrastructure Bank to develop charging infrastructure for the buses.
Canada’s public bus fleet size is 15,000 currently and the plan is to introduce 5,000 electric buses which is 33% of the overall fleet. GreenPower, Lion Electrique/Lion Electric, New Flyer ,and Nova Bus are some of the firms that will benefit from this policy
CANADA ELECTRIC VEHICLE MARKET SEGMENTATION
CANADA ELECTRIC VEHICLE MARKET SIZE AND FORECAST
Canada’s electric vehicle market is estimated at $xx Billion in 2020. The Canadian EV battery market alone is estimated at $XX Billion.
In 2020, Toyota Prius PHEV, Tesla Model 3, and Hyundai Ioniq were the top selling EVs in Canada. Chevrolet Bolt EV, Volkswagen ID4, Nissan Ariya and Ford Mustang Mach E are some of the upcoming vehicles in 2021 for the Canadian Market
In 2020, 39,000 BEVs were sold and 15,000 PHEVs were sold. Tesla held the pole position followed by Hyundai, Toyota and Nissan. The market will be influenced by the new launches in the USA over the next 3 years as well as improving infrastructure for EVs. The OEM to beat will be Tesla but the market share of Tesla will decrease in 2026 compared to 2021.
ELECTRIC CAR MANUFACTURERS
ELECTRIC BUS MANUFACTURERS
THIS REPORT WILL ANSWER FOLLOWING QUESTIONS
- Upcoming vehicles, by OEM, by vehicle type and by EV type (2021-2026)
- EV sales, by top 10 cities and state-wise legislation
- Advancements in EV battery by Chinese players
- Opportunity for traction motor, motor controller, on-board charger and Inverter manufacturers
- On-going developments in Electric commercial vehicle market, vehicles in pipeline and estimated sales volume
- OE-supplier alignment for battery, On-board charger and DC-DC Converter