Automotive Insights – Canadian EV Information and Analysis Q4 2022
Highlights
- In Canada, total light Industry (GVW =< 8500 lbs) volume declined -9.7%
- ZEVs account for one out of every 11 new vehicles registered in Canada. ZEVs market share increased to 8.9%for 2022, up from 5.6% in 2021
- The marketshare of battery electric vehicles (BEV) increased to 7.0%, with volume increasing by 65.4%year over year. Year over year, total ZEV volume increased by 38.8%
National Enhanced Fuel Type Trend
Despite a decline in the total volume of light industry vehicles in Canada by -9.7% for 2022, the market share of zero-emission vehicles (ZEVs) has seen a steady rise. In fact, one in every 11 new vehicles registered in Canada is now a ZEV, indicating a growing shift towards sustainable transportation.
Not only has the market share of ZEVs increased, but the overall volume of ZEVs has also seen a substantial growth. Year over year, the total volume of ZEVs in Canada has increased by 38.8%.
This upward trend in ZEV volume can largely be attributed to the growth in battery electric vehicles (BEVs), which have seen a 65.4% increase in volume. These figures demonstrate a clear demand for electric and sustainable transportation in Canada.
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This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.