An electric vehicle is being charged at an iGreen Plus Co., Ltd station in Bangkok, Thailand, on Wednesday, July 17, 2024. Meanwhile, shares of Energy Absolute, a major renewable energy company in Thailand, dropped by the 30% daily limit for the second day in a row after the country's securities regulator launched a fraud investigation into its two top executives. Photographer: Valeria Mongelli/Bloomberg
A recent AutoTrader survey reveals that interest in electric vehicles (EVs) among Canadians is steadily declining, despite a noticeable drop in EV prices. For the third consecutive year, fewer people are thinking about switching to electric when it comes to buying their next car.
Only 42% of those surveyed said they would consider an EV as their next vehicle — a slight drop from 46% in 2023. But that number is significantly lower than the 68% who were open to the idea in 2022. Even more telling, just 29% of people said they would consider buying only an EV now, compared to 40% last year.
The findings come from a survey of 1,801 people conducted on AutoTrader’s website between February 13 and March 12. The study highlights a shift in attitude among Canadian drivers, many of whom are becoming more cautious about investing in electric vehicles.
One of the key concerns is the shrinking availability of government incentives. These rebates once made EVs more appealing by cutting upfront costs. Now, with fewer incentives on the table, many potential buyers are rethinking whether the switch is worth it.
Another major sticking point is the lack of charging stations across the country. While major cities are gradually adding more infrastructure, many rural and suburban drivers worry about running out of power during longer trips. These practical concerns are making people hesitate.
Then there's the question of long-term costs. Although EV prices dropped 7.8% in the last quarter of 2024 — according to the AutoTrader Price Index — some drivers still worry about the price of battery replacements, repairs, and insurance over time.
The survey also shows that incentives still hold influence. Among non-EV owners, 68% said government rebates would affect their decision. And just over half said these perks make them feel more confident about going electric.
Despite the growing push toward greener transportation, this data suggests that more work is needed to win over Canadian consumers. Better infrastructure, clearer long-term savings, and consistent government support may be the keys to turning this trend around.
