Automotive Insights – Q2 2023 Canadian EV Information and Analysis
HIGHLIGHTS (vs Q1 2023)
- ZEVs account for one out of every 10 new vehicles registered in Canada. ZEVs market share set new high at 10.5% for Q2 2023, up from 9.2%.
- In Canada, total light Industry (GVW =< 8500 lbs) volume increased 34.3%.
- The market share of battery electric vehicles (BEV) increased to 7.8%, with volume increasing by 46.3%. Total ZEV volume increased by 53.4%.
National Enhanced Fuel Type Trend
In the second quarter of 2023, Battery Electric Vehicles (BEVs) achieved their highest quarterly registration volume on record, with nearly 35,000 units registered. This represented 7.8% of all new vehicle registrations, as indicated by analysis from S&P Global Mobility. When combined with Plug-In Electric Vehicles (PHEVs), which accounted for 2.7% of new registrations, the overall adoption rate for Zero Emission Vehicles (ZEVs) reached 10.5%. Notably, one in every ten new vehicles registered in Canada during the quarter was a ZEV. This surpasses the previous market share record of 10.3% set in the fourth quarter of 2022.
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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.