Canada Electric Car Market Value, CAGR, Outlook, Analysis, Latest Updates,Outlook, Research, Trends And Forecast To 2027
Electric vehicles can play an important part in this evolving EV market, as Canada has highlighted them as a critical contributor to meeting our transportation sector greenhouse gas emissions reduction target of 12 megatonnes of CO2 by 2030. However, success will necessitate a collaborative ecosystem of participants. In 2019, more than 25 million light-duty vehicles were registered in Canada. EVs now account for a minor fraction of the market, with 168,000 vehicles sold. This is going to have to alter immediately. Canada aims to reduce emissions from light-duty vehicles by seven megatonnes by 2030, out of a total of 12 megatonnes. This will entail the replacement of 1.8 million internal combustion engines, or roughly 7% of the fleet of vehicles.
Canada Electric Car Market Share reached was volume at 26700 thousand units. in 2020. Canada Electric Car Market size is estimated to grow at a CAGR of 20.2 %. The market is expected to reach a volume of 95670.93 thousand units in 2027.
Canada Electric Car Market Overview:
The Canada Electric Car market research provides a full competition picture, including the market share and company profiles of the major players in the worldwide industry. The scope of the research covers a complete examination of the Canada Electric Car Market, as well as the causes for variances in the industry's growth in different areas.
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Canada Electric Car Market Scope:
To locate and collect material appropriate for this study, this research study makes considerable use of secondary sources, directories, and databases such as annual reports, press releases, journals, corporate websites, and databases.
This Canada Electric Car market report covers new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographies, and product approvals, product launches. To learn more about Maximize Market Research Canada Electric Car market, please contact us for an Analyst Brief; our experts will assist you in making an informed market choice to achieve your goals.
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Canada Electric Car Market Segmentation:
The market is divided into three types according on type: BEV, PHEV, and HEV. In 2020, the market was being led by the sector of hybrid electric vehicles. Compared to plug-in hybrids and completely electric vehicles, hybrids are far more common in Canada. In Canada, 685 hybrid vehicles and 20 plug-in hybrid vehicles were sold in 2019. It's not surprising that hybrid vehicles are so popular because they don't require the restricted charging outlets that are only available in Canada. They are also more affordable.
Canada Electric Car Market Key Players:
• BMW
• Renault
• Chevrolet
• Tesla
• Hyundai
• Jaguar I-Pace
• Mercedes-Benz
• Audi
• Kia
• Nissan Motor Corporation
• Polestar
• Rivian
• Lucid Motors
• Byton
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The entire approach involves a review of the financial reports of the major market participants. Following the determination of the overall market size, the complete market was divided into many segments and sub-segments and checked with key industry professionals such as CEOs, VPs, directors, and marketing executives. The major players in the Canada Electric Car market are
Regional Analysis: The region portion of the Canada Electric Car market study also includes individual market affecting elements and changes in legislation in the market that affect present and future market trends. Current and future trends are discussed in order to estimate the entire market potential and to highlight profitable trends in order to obtain a firmer footing. The geographic market assessment is based on the existing scenario and predicted developments.
COVID-19 Impact Analysis on Canada Electric Car Market:
Following the outbreak of the pandemic, end-user sectors where Canada Electric Car are used had a fall in growth from January to May in a variety of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a suspension in operations. This resulted in a major decrease in the revenues of firms operating in these industries and, as a consequence, in demand for Canada Electric Car manufacturers, influencing the growth of the Canada Electric Car market in 2020. With lockdowns and a rising number of COVID-19 cases throughout the world, the demand for Canada Electric Car from end-user businesses has decreased significantly.
Key Questions Answered in the Canada Electric Car Market Report are:
Which are the major companies in the Canada Electric Car market?
Which is the potential market for Canada Electric Car in terms of the region?
What are the opportunities for new market entrants?
What is expected to drive the growth of the market in the next seven years?
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