Forty-four per cent of Canadian car buyers are likely to consider buying an electric vehicle — up 15% from 2022, according to a recent study developed by Canadian Black Book and conducted by Ipsos.
Although 56% are still not leaning in that direction, the study found that number to be diminishing over time. It also found that families with children (51%) are more likely than the national average to consider purchasing an EV as prices improve and options become more common.
“There are so many more EV options for car buyers to consider as each year goes by. This has made the space more competitive,” said Daniel Ross, Senior Manager of Industry Insights & Residual Value Strategy at Canadian Black Book, in a statement.
He added that “Canadians are becoming more comfortable with the idea of an EV in their driveway, compared to years past, which is a trend that we expect will continue to grow.”
In terms of age, CBB there is a clear trend as younger Canadians are more likely to consider buying an EV. When divided by group, 50% among the 18-34 age group are likely to consider such a vehicle, followed by 45% among the 35–54 year-old group, and only 37% of the 55-plus age group.
Education also plays a role among consumers: the higher the level of education, the more likely they are to buy EVs. Forty-five per cent of consumers with some post-secondary education would consider EVs, as would 61% of university graduates.
Higher retained values for EVs, when compared to ICE models, would also sway about 33% of survey respondents.
“Just a few years ago, retained values for EVs were quite weak as the market was struggling to warm up to EV adoption,” said Ross in a statement. “Now, Canadians are warming up, and units are moving off the showroom floors, which helps increase retained values.”
You can view CBB’s survey infographic below: