REGINA — A recent survey from AutoTrader has revealed interest in electric vehicles (EVs) softened for the second consecutive year.
Despite higher production of new EVs readily available, Canadian consumers are not nearly as ready to make the leap to electric.
The survey details that less than half (46 per cent) of Canadians are interested in purchasing an EV as their next vehicle, a figure that has steadily dropped from 56 per cent in 2023 and 68 per cent in 2022. Despite inventory levels on the marketplace increasing significantly (145 per cent year-over-year) with overall growth in new EV vehicles reaching a 522 per cent increase year-over-year nationwide, Canadians are less interested in going green this year amid the Federal Government influence and an influx of inventory across new and used EVs.
In fact, 78 per cent of consumers polled are aware of the government’s mandate to achieve 100 per cent zero-emission new light-duty vehicle sales by 2035, however, three-quarters of respondents (75 per cent) are skeptical that Canada will meet its target. Of those who believe reaching the mandated target is unlikely, 70 per cent believe the charging infrastructure will be inadequate to support the mandate, 60 per cent believe a change in political power could revoke or amend the timeline, and 55 per cent believe consumers may oppose and impede on adoption of ZEVs, among other reasons.
As the market recovers and an influx of inventory drives prices down, the average price of a new EV has declined 17.9 per cent year-over-year. On the used vehicle side, prices have declined 11.4 per cent year-over-year.
Notable interest in the middle ground heightens this year as 62 per cent of prospective EV buyers would consider buying a Hybrid (HEV) compared to 52 per cent in 2023 and 60 per cent would consider buying a Plug-in Hybrid (PHEV) compared to 54 per cent in 2023.
According to AutoTrader, addressing misconceptions and improving public awareness about the latest advancements in EVs are essential steps in order to broaden EV appeal and foster wider adoption in Canada.
