Volvo Study: 64% of Canadians Are Eyeing EVs for Next Purchase

Volvo Study: 64% of Canadians Are Eyeing EVs for Next Purchase

Volvo Car Canada's 2024 Mobility Report identifies key trends around EV adoption in Canada.

Despite industry headwinds, 64% of Canadians looking to purchase a new vehicle say they would consider a hybrid, plug-in hybrid, or fully electric as their next vehicle in the next five years, according to new research released.

This insight appears in the 2024 Mobility Trend Report, an exploratory study by Volvo Car Canada. The study comes as the country is experiencing mixed sentiment in the electric vehicles (EVs) category due to Canadians’ automotive preferences and evolving economic conditions.

The 2024 Mobility Trend Report highlights that amidst economic headwinds, three quarters of Canadians who wouldn’t consider an EV, say it’s because they’re too expensive. While other barriers center on infrastructure and charging aspects of the vehicle: 65% are worried they will get stranded if they run out of charge, and 59% say there are not enough places to charge one respectively.

New data points to help to illustrate the barriers that are top of mind and the current sentiment toward fully electric vehicles include:

  • Three-quarters (76%) of those not open to purchasing an EV say it’s too expensive.
  • Nearly four in five (78%) agree there currently isn’t enough publicly available charging infrastructure to make electric vehicles a good option and 72% say they aren’t worth the cost.
  • Only 15% of Canadians feel EVs are generally better than gas vehicles in terms of overall costs, including purchase price, gas/charging costs, maintenance, insurance, etc.
  • Two-thirds (64%) feel the environmental benefits of EVs are over-hyped.

The company says that addressing these concerns is critical to making a difference in consumer willingness to purchase an EV, as 46% of respondents say vehicles with a longer maximum range would make a difference, 42% say easier to find charging stations, and 38% say better government rebates or incentives.

In 2023, Volvo Car Canada unlocked additional charging access with NACS that will come into effect this year as an effort to address consumers concerns around charging infrastructure. The agreement will enable access to Tesla’s Supercharger network providing access to an additional 12,000 fast-charge points.

Recently, Volvo Car Canada launched the EX30, its smallest and most affordable SUV yet, demonstrating its efforts to effectively meet consumers’ needs. The EX30 is designed to have the smallest CO2 footprint of any Volvo car to date, and to make people’s lives safer, more convenient, and more enjoyable through cutting-edge technology and Scandinavian design.

“Understanding that early adopters have already transitioned to electric vehicles, we’re focusing on the broader base of potential EV owners who are deterred by cost and infrastructure concerns,” said Matt Girgis, managing director at Volvo Car Canada. “With the EX30, we offer a gateway to electrified mobility, combined with the advanced safety technology that Volvo is known for.”

According to the 2024 Mobility Report, those most likely to consider a hybrid, plug-in hybrid, or fully electric vehicle are from BC (74%) and between the ages of 18 and 34 (76%).

“The introduction of the EX30 marks a pivotal moment for Volvo Car Canada. As we navigate through the evolving consumer market, our record-high sales in EVs demonstrate a successful alignment with consumer demand and environmental responsibilities,” added Girgis. “And for those customers not quite ready to make the jump into a fully electric vehicle, we offer a broad range of plug-in hybrid vehicles, to ensure we’re meeting Canadians where they’re at.”

March sales underscore Volvo Car Canada’s leadership in electrification and understanding consumer demands with electrified models — including both plug-in hybrids and fully electric vehicles — making up 50% of all sales.

Volvo Car Canada says it remains committed to its sustainability goals, continuously adapting to meet the needs of Canadians and paving the way for a greener future. The company plans to expand its discussions on consumer education about EVs and collaborate closely with stakeholders to enhance the EV ecosystem across Canada.

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