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Nov 20, 2024
Automotive Insights – Q3 2024 Canadian EV Information and Analysis
HIGHLIGHTS (vs Q2 2024)
- Zero emission vehicles (ZEVs) account for 1 in 6 new vehicles registered in Canada. ZEVs market share was 16.5% for Q3 2024; up from 13.4%.
- ZEVs volume increased 14.4% while total light duty vehicles (GVW =< 8,500 lbs) volume decreased by 6.8%.
- The market share of battery electric vehicles (BEV) increased to 12.2%; with volume increasing by 15.1%.
ZEV Registrations Hit New Highs
In the third quarter of 2024, Canada's ZEV market continued its upward trajectory, achieving a new milestone with a 16.5% adoption rate. This means that approximately 1 in every 6 new cars registered in Canada was a ZEV. This growth reflects a 14.4% increase in overall ZEV volume compared to the previous quarter, driven by a 15.1% rise in BEVs and a 12.4% increase in plug-in hybrid electric vehicles (PHEVs).
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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.
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