Market Trends of canada commercial vehicles Industry
Electric vehicle sales are expected to increase, driven by government initiatives and increasing consumer adoption in Canada
- The demand for electric vehicles has shown significant growth in recent years in Canada. Awareness regarding EVs, the advantages of electric vehicles over conventional vehicles, and governmental norms to adopt electric vehicles are gradually shifting the consumer toward electric vehicles. The government introduced the Climate Plan in March 2022, which mandates that at least 20% of new cars offered for sale by 2026 have zero emissions. The government has promised to invest USD 9.1 billion to achieve the target of the Climate Plan. Owing to factors such as these, the country witnessed a growth in the demand for electric cars by 31% in 2022 compared to 2021.
- In order to control the emissions caused by commercial vehicles such as trucks and buses, the government of Canada proposed various measures and plans. In April 2022, the government released the Emissions Reduction Plan to boost the sales of cleaner vehicles. All heavy-duty vehicles, such as trucks or buses on the road, should be running on clean fuel by 2035. As a result, the country witnessed growth in the sales of electric commercial vehicles by 119% in 2022 over 2021 across Canada.
- The government of Canada has planned various investments to cut down pollution by electrifying the existing vehicles on the road. In March 2022, the government invested USD 199.6 million to retrofit the large and heavy trucks on the roads. Similar investments by the government in segments such as electric cars and electric buses are expected to enhance the demand for electric vehicles from 2024 to 2030 across Canada.
Understand The Key Trends Shaping This Market
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Canada's population is expected to grow steadily from 2017 to 2030, highlighting the need for proactive planning in sectors like housing, healthcare, and education to meet future demands
- Canada's CVP is projected to grow, reflecting robust economic fundamentals, technological advancements, and a shift toward sustainable transportation options
- Canada's auto interest rate has been steadily declining, reflecting a cautious approach to maintaining economic stability amidst domestic and global factors
- Increasing foreign investments and domestic production are driving the electric vehicle market in Canada
- Canada's LPI scores hovered between 3.73-3.93, showing consistent logistics performance
- The market experienced fluctuations over the past five years, with brands adjusting their strategies to meet changing demands
- Canada's GDP per capita shows resilience and an upward trend driven by technology, sustainability, and economic strength
- Canada's inflation, driven by global factors, is set to stabilize due to economic confidence and growth
- Canada's EV charging infrastructure witnessed growth, with slow charging stations increasing by 42% and fast charging stations increasing by 25%
- New product launches and pre-orders are expected to drive the electric car market in Canada in 2024
- Gasoline prices in Canada reached an all-time high of 1.59 USD/liter in June 2022
