Market Research Report
Canada Electric Car Market 2019-2025
|Canada Electric Car Market 2019-2025|
Published: April 3, 2020
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Canada Electric Car Market Size, Share & Trends Analysis Report by Vehicle Type (Hatchback, Sedan, and SUV), By Propulsion Technology (Battery, Hybrid, and Fuel Cell) by Battery Type (NiMH, Li-ion, and Others), and Forecast 2019-2025
Canada electric car market is estimated to augment at a CAGR of more than 20.0% during the forecast period. Supportive government regulations and subsidies by the government due to environmental concerns is one of the major factors contributing to the growth of the market in the near future. In 2019, subsidies on the EVs had been reduced which result in a slight drop in electric car sales in 2019, however, government is still offering a considerable subsidy on the EVs. As per the Federal ZEV purchase incentive program, people can get an incentive of $2,500 to $5,000 while purchasing the EVs. Moreover, one can get incentives ranging from $625 to $5,000 when taking cars on lease. In addition, the federal government has announced that 10% of the new passenger cars sold in 2025 should be zero-emission in 2025, 30% in 2030 and 100% by 2040.
The market is analyzed on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is further segmented into hatchback, sedan, and SUV. During the forecast period, sedan electric car is expected to have major market share. Moreover, SUV will show significant growth during the forecast period. On the basis of propulsion technology, the market is sub-segmented into battery, hybrid, and fuel cell technology. Battery electric vehicle is expected to have significant growth during the forecast period. By battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries vehicle is expected to cover a major market share in the near future.
The companies which are contributing significantly to the market include Tesla, Inc., Hyundai Motor Co., AB Volvo, Audi AG, BMW AG, General Motors Co., Toyota Motor Corp., Volkswagen AG, and so on. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market. Some of the top cars sold in the region in 2019 include Tesla Model 3, Toyota Prius Prime, Chevrolet Bolt, Mitsubishi Outlander PHEV, Nissan Leaf, and Ford Fusion PHEV.
The market study 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. In the report, the analysis of the country 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 to brings authenticity to the reports.
Secondary Sources Include:
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.
The Report Covers: