The market for hybrid and electric vehicles has seen strong growth over the course of the last several years, with consumer consideration and attitudes pointing to a positive outlook for the future of the category.
Albany, NY -- (SBWIRE) -- 03/28/2018 -- According to a new market research report recently incorporated into the repository of Market Research Hub (MRH), Canada's hybrid and electric vehicles industry holds positive growth prospects for the next few years. The report titled "Hybrid and Electric Vehicles-Canada-March 2018" indicates that though the hybrid and electric vehicles market in Canada is relatively small in terms of size (revenue), it is one of the fastest growing markets across the globe. The trajectory of hybrid and electric vehicle sales across Canadian market has only been upward and faster since the past decade.
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The past several years have been observing strong growth of the hybrid and electric vehicles market in Canada. As far as the consumer attitude and other key factors are considered, the market is likely to have a positive overall outlook in terms of growth, for upcoming years. The key factors shaping the performance of hybrid and electric vehicles industry in Canada include cost-effective pricing, fuel economy, and probably the most importantly, favorable government incentives. However, there are certain loopholes which may pose a challenge to the growing market i.e. variety in models, range of vehicles, and curtailing MSRP. As a result, although consumers are expected to readily respond to brands that deliver strong value and long range, it is most likely that leading automakers will have to address the aforementioned challenges first in order to reach the exact target consumer base.
Canadians' average daily commute equals not more than 25 km with over 90% of the Canadian population commuting less than 45 km on a daily basis. This daily commute distance is well within the range of a typical hybrid and electric vehicle; however, a considerable number of drivers still tend to often prefer conventional cars over EVs as the latter may run out of energy on occasional long-distance tours beyond the regular commute distance. According to research, there is a wise scope of innovation here in order to create a cluster of opportunities within Canada's market, low/zero emission vehicles is only one of them. Introduction of new hybrid and electric vehicle models is now the agenda of key automakers spearheading the marketplace.
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The report provides market overview, definition, and executive summary in the first part. This section provides valuable information about market size in terms of volume and value, and forecast. The next section of the report highlights and analyzes the key factors impacting the performance of the hybrid and electric vehicles market in Canada, including market growth drivers, challenges, upcoming opportunities, and recently noted trends in the industry. The report then focuses on the analysis of advertising and marketing strategies of the leading companies in global as well as Canadian marketplace. The next part of the report talks about consumer behavior, attitude towards EVs and hybrid cars, purchasing decisions, ownership, consideration, and all the factors associated with these aspects. The report also offers helpful information on the attributes associated with vehicle type. The final section of the report throws light on leading companies in Canadian EV and hybrid vehicles industry, a few of which are BMW, Nissan, Tesla, Chevrolet, and Toyota.
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