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December 12, 2024
Adam Malik
As the automotive industry shifts towards electrification, a new report reveals that Canadians —particularly Gen Z and Millennials — are increasingly considering plug-in hybrid electric vehicles (PHEVs) as they balance affordability, environmental concerns and flexibility in their vehicle choices.
The findings come from a new study by Volvo Car Canada. It observed that, as Canada’s vehicle landscape evolves, the next generation of buyers is setting the stage for a more electrified, sustainable future, with flexible options like PHEVs leading the charge.
The popularity of electrified vehicles is on the rise in Canada, with almost 14 per cent of current vehicle owners now driving some form of electric or hybrid car, including traditional hybrids, fully electric vehicles and plug-in hybrids.
This trend points to a continued shift in consumer preferences towards greener transportation options.
Interest in PHEVs is particularly pronounced among younger Canadians, with 44 per cent of Canadians open to considering one as their next vehicle purchase. This openness is most notable among Gen Z and Millennials, with 51 per cent of Gen Z and 54 per cent of Millennials showing a strong likelihood of choosing a PHEV. These younger drivers cite both financial and environmental reasons as key motivators in their decision-making.
“Consumers, especially young Canadians, are looking for options that align with their financial goals while also meeting sustainability expectations,” the report noted.
PHEVs offer the flexibility of a dual-powered engine, allowing drivers to rely on electric power for short trips while maintaining the option of a gas-powered engine for longer distances. As gas prices remain elevated, 75 per cent of Canadians considering a PHEV believe it will reduce their fuel expenses. Almost two-thirds (64 per cent) prioritize the reduced environmental impact compared to traditional gas or diesel engines. Additionally, 30 per cent are attracted to the versatility a PHEV provides.
This enthusiasm for sustainable transportation options is mirrored by other trends among Gen Z and Millennials. According to the report, 82 per cent of Canadians aged 18 to 34 who are likely to consider a PHEV cite the desire to cut expenses — such as fuel costs — as a significant factor, while another 82 per cent aim to make sustainable choices a top priority.
As younger generations continue to drive the demand for electrified vehicles, their purchasing preferences are also shaping the market. When it comes to price negotiation, younger buyers differ from older generations; while 44 per cent of Boomers prefer negotiating vehicle costs, 49 per cent of Gen Z and Millennial shoppers prefer a fixed price to better manage their budgets.
Image credit: Depositphotos.com
Canada’s younger drivers like EV appeal
Consumer trends, Electric Vehicles, Industry TrendsAdam Malik
As the automotive industry shifts towards electrification, a new report reveals that Canadians —particularly Gen Z and Millennials — are increasingly considering plug-in hybrid electric vehicles (PHEVs) as they balance affordability, environmental concerns and flexibility in their vehicle choices.
The findings come from a new study by Volvo Car Canada. It observed that, as Canada’s vehicle landscape evolves, the next generation of buyers is setting the stage for a more electrified, sustainable future, with flexible options like PHEVs leading the charge.
The popularity of electrified vehicles is on the rise in Canada, with almost 14 per cent of current vehicle owners now driving some form of electric or hybrid car, including traditional hybrids, fully electric vehicles and plug-in hybrids.
This trend points to a continued shift in consumer preferences towards greener transportation options.
Interest in PHEVs is particularly pronounced among younger Canadians, with 44 per cent of Canadians open to considering one as their next vehicle purchase. This openness is most notable among Gen Z and Millennials, with 51 per cent of Gen Z and 54 per cent of Millennials showing a strong likelihood of choosing a PHEV. These younger drivers cite both financial and environmental reasons as key motivators in their decision-making.
“Consumers, especially young Canadians, are looking for options that align with their financial goals while also meeting sustainability expectations,” the report noted.
PHEVs offer the flexibility of a dual-powered engine, allowing drivers to rely on electric power for short trips while maintaining the option of a gas-powered engine for longer distances. As gas prices remain elevated, 75 per cent of Canadians considering a PHEV believe it will reduce their fuel expenses. Almost two-thirds (64 per cent) prioritize the reduced environmental impact compared to traditional gas or diesel engines. Additionally, 30 per cent are attracted to the versatility a PHEV provides.
This enthusiasm for sustainable transportation options is mirrored by other trends among Gen Z and Millennials. According to the report, 82 per cent of Canadians aged 18 to 34 who are likely to consider a PHEV cite the desire to cut expenses — such as fuel costs — as a significant factor, while another 82 per cent aim to make sustainable choices a top priority.
As younger generations continue to drive the demand for electrified vehicles, their purchasing preferences are also shaping the market. When it comes to price negotiation, younger buyers differ from older generations; while 44 per cent of Boomers prefer negotiating vehicle costs, 49 per cent of Gen Z and Millennial shoppers prefer a fixed price to better manage their budgets.
Image credit: Depositphotos.com
