13 September 2024
Automotive Insights – Q2 2024 Canadian EV Analysis
Article Summary
Canadian EV sales surge: Zero-emission vehicles hit record 13.4% market share in Q2. Discover what's driving this remarkable growth in Canada's electric vehicle market.
Highlights (Q2 vs Q1 2024)
- Zero emission vehicles (ZEVs) account for 1 in 8 new vehicles registered in Canada. ZEVs market share was 13.4% for Q2 2024; up from 12.5% in Q1.
- ZEVs volume increased 36.9% while total light duty vehicles (GVW =< 8,500 lbs) volume increased by 27.3% .
- The market share of battery electric vehicles (BEV) increased to 9.9%; with volume increasing by 36.3%.
ZEV Registrations Bounce Back
Quarter 2 has proven to be a pivotal period for zero-emission vehicle (ZEV) registrations in Canada, marking an all-time high in volume. New ZEV registrations in this period surged, pushing the overall market share to 13.4%, up from 12.5% in Quarter 1 — an increase of .9 percentage points. This is due to an impressive 36.9% quarter-over-quarter volume increase.
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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.