Canada sees increase in BEV and PHEV sales compared to US

Electric Vehicle Adoption Surges in Canada

Canada is experiencing a significant increase in the adoption of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) compared to the United States. This surge can be attributed to provincial incentives in Quebec and British Columbia that are encouraging more Canadians to make the switch to zero-emission vehicles.

Changing Trends in EV and PHEV Registrations

According to data from S&P Global, the number of battery-electric vehicle (BEV) registrations in Canada has seen a 57% increase in 2024 compared to the previous year. Similarly, PHEV registrations have surged by 75% in the first four months of 2024.

Impact of Incentives on EV Adoption

One of the key factors driving the growth of EVs and PHEVs in Canada is the Incentive for Zero-Emission Vehicles (iZEV) program. This federal initiative offers rebates of up to CA$5,000 (~$3,600) for eligible zero-emission vehicles. Quebec goes a step further by providing additional incentives, with new BEV buyers eligible for up to CA$7,000 (~$5,100) in rebates.

Provincial Breakdown of EV Registrations

Quebec leads the way in EV adoption, accounting for 50.6% of all new BEV registrations in Canada through April 2024. British Columbia follows with 20.6%, while Ontario stands at 22.5%. These provinces are driving the shift towards cleaner transportation options.

Comparison with the US Market

While Canada is experiencing rapid growth in EV adoption, the US market has seen a slowdown in comparison. California remains a key player in the US EV market, representing 34% of all BEV registrations. However, overall growth in BEV registrations in the US has been slower than in Canada.

Future of EV Incentives

As EV adoption continues to rise, it is essential for governments to provide incentives that make these vehicles more accessible to consumers. Programs like iZEV and provincial rebates play a crucial role in accelerating the transition to cleaner transportation options.

Sources:

For more information on EV adoption trends, refer to S&P Global Mobility.