Yet new research from AutoTrader finds that Canadians’ enthusiasm for Electric Vehicles (EVs) is drying up. This is the third year in a row that the excitement for EVs has waned. Open from February 13 to March 12, the survey heard from a total of 1,801 respondents. It’s a big deal because it signals a sea change in consumer sentiment electric mobility.
Respondents are hardly saying they will switch, as just 42% say they are now more likely to purchase an EV as their next vehicle. This is down from 46% last year. That’s a dramatic drop from 2022, when a record 68% said they would consider purchasing an electric vehicle. This shifting sentiment is highlighted by our survey results, which reveal a growing skepticism toward EVs, showing increased skepticism from would-be buyers.
The year-over-year decline isn’t an anomaly either – the AutoTrader price index recently found a 7.8% year-over-year drop in EV prices in the fourth quarter of 2024. Even with this decrease in price, fear and doubt about EVs remains. In fact, over 60 percent of the respondents say that government incentives are critical to their decisions. Surprisingly, 68% of non-EV owners report that these incentives might influence their buying decision.
Additionally, the survey underscores how confidence in purchasing an EV is strongly linked to these incentives. A great deal of drivers put forth concerns regarding the long-term viability of these programs. As decreased government funding support becomes a major issue, many consumers are afraid to commit to an electric vehicle purchase.
What’s more, despite the higher price point, 29% of respondents now indicate that they would consider buying an EV outright. This figure has decreased from 40% last year. This decline reflects increasing confusion over the real-world feasibility and long-term expense of EV ownership. Respondents expressed concerns regarding a lack of charging infrastructure as well as the overall feasibility of EV ownership given these factors.
Auto manufacturers are increasing the pace of their electric offerings. Yet, with the continued slumping of consumer interest, it leads to the inevitable question—what does this mean for the future of EV adoption in Canada? Those consumer metrics revealed in the survey results reiterate the need to tackle consumer issues head on in order to promote more widespread acceptance of electric mobility.
