Photo credit: Canadian Black Book
Electric vehicle adoption is gaining momentum among Canadian consumers, according to Canadian Black Book’s annual study on car buying trends, which is conducted by Ipsos.
CBB released more information from the study, which was conducted this year. The report findings indicate that 39% of consumers are likely to purchase an EV in the next five years—up from 30% in 2021. However, James Hancock, Director of OEM Strategy and Analytics at Canadian Black Book, said 61% of consumers are not likely to buy an EV within that time frame.
“With that said, the 9% growth in this view compared to last year is noteworthy and may suggest that higher fuel costs, more options and more education are all playing roles in changing attitudes,” said Hancock, later adding that “Attitudes are changing towards EVs, and the industry is taking notice and adjusting.”
Nationally, 49% of survey respondents said they are likely to buy an alternative fuel vehicle, and consumers with a university education are most likely to do so (at 64%), followed by 59% of Canadians aged 18-34.
Forty-five per cent of men are more likely to purchase an EV over the next five years, versus 34% of women. And 47 per cent of Canadians aged 18-34 are more probable, saying they would buy an EV during this time frame. In comparison, consumers aged 35-54 were 43% likely, and 29% of those aged 55 and over were the least likely.
“The 2021 model year had 24 EV options available to Canadian car buyers. At Canadian Black Book, we estimate those options to grow to 130 models by 2030,” said Hancock. “The growth in options will certainly spur growth in awareness and overall adoption. OEMs are finding ways to ease consumer concerns, through longer battery warranties or even battery as a service (BaaS).”
Regionality also plays a role in EV adoption. Consumers in British Columbia are far more likely to buy EVs, with 53% saying they would in the next five years, and CBB noted 43% of consumers in Quebec willing to purchase an EV during this time. Both Quebec and B.C. benefit from incentives at the provincial level, as well as federal.
CBB said the prairie provinces trend lower: 35% for consumers in Saskatchewan and Manitoba, and only 21% in Alberta.
The sticker price of an EV remains a key challenge for 61% of Canadian car buyers, while 27% note range anxiety as a non-starter to buying an electrified vehicle.
The Ipsos poll was conducted between February 11 and 14, 2022 on behalf of Canadian Black Book. It surveyed 1,000 Canadians who either own or lease a car/truck, or who are looking to buy one within the next two years.
