The findings of Canadian Black Book’s new white paper hints at a volatile but steadily maturing electric vehicle market in Canada during a period of growing consumer interest and evolving vehicle economics.
The paper, titled “The Canadian Electric Vehicle Market in 2025,” offers a detailed look at the trends, challenges, and opportunities shaping the country’s EV market in the second half of 2025.
“This white paper is not just a snapshot of where we are — it’s a road map to where we’re headed,” said Daniel Ross, Senior Manager of Industry Insights and Residual Value Strategy at CBB, in a statement.
The findings cover certain categories, including the global context highlighting that countries like Norway and China, while they have maintained leadership in EV penetration, have experienced a global softening in growth due to trade disruptions and policy shifts. CBB said Canada trails behind with 15.4% EV market share.
On affordability concerns, they said average vehicle prices jumped 27% from 2021 to 2025, but EV prices increased much less at 13%. This figure narrows the cost gap with gas models to 23% — down from 36%.
As for the used vehicle market, data from the report shows EV supply is expected to grow by nearly 800% by 2030. In comparison, internal combustion vehicles will see a 17.3% decline in market share.
There is also a policy impact to consider, in which CBB’s forecast sees Canada’s EV market swinging 5.1% in 2025, over 94,000 units, based on whether or not the federal government reinstates support for zero-emissions vehicles.
“We believe the long-term outlook for electrified mobility in Canada is positive,” said Ross in a statement. “But unlocking that potential will require coordinated effort across public and private sectors.”
The white paper can be downloaded here.
