Zero Emission Market Trends in Canada (Q2, 2024)

In the first quarter of 2024, Quebec emerged as the leader in Zero Emission Vehicle (ZEV) registrations, being the only province to see an increase. Quebec now holds a 25% market share and leads all provinces in ZEV volume.

Ontario’s ZEV Market Trends

Ontario also saw notable trends in ZEV registrations. While the province’s ZEV market share declined to 7% in Q1 2024 from 8.6% in Q4 2023, the number of new ZEV registrations increased by 29% compared to the same period last year. In Q1 2024, Ontario accounted for 23.3% of all ZEV registrations in Canada, despite the quarterly dip.

Overall ZEV Market Trends in Canada

S&P Mobility Canada reports a slight decline in the market share for ZEVs in new light-duty vehicle registrations, dropping to 12.5% in Q1 2024 from 13.2% in Q4 2023. This decrease was primarily due to a reduction in battery electric vehicle (BEV) registrations, which fell to 9.2% from 10%. In contrast, plug-in hybrid vehicles (PHEVs) saw a minor increase to 3.3% from 3.2%.

Year-over-Year Gains

Despite the quarterly decline, the year-over-year data shows a positive trend. In Q1 2024, ZEVs comprised 11.3% of all new vehicle registrations, up from 8.6% in Q1 2023. The number of new ZEV registrations increased by 53%, rising from 30,555 to 46,744.

Overall Vehicle Registration Trends

Canadians registered 414,763 new motor vehicles in Q1 2024, marking a 16.6% increase from Q1 2023 but a 3.1% decrease from Q4 2023. Multi-purpose vehicle registrations saw the largest year-over-year increase (+30.1%), while pickup trucks experienced an 8.2% decrease, their first decline in seven consecutive quarters.

Somerville National Leasing: Your Partner in Fleet Management

At Somerville National Leasing we understand the unique needs of businesses across Canada. Whether you require gas-powered or battery-powered vehicles, we offer all makes and models for leasing or rental, tailored to meet the specific needs of your operations. Our extensive selection and personalized service ensure that you get the right vehicles to drive your business forward.

Contact us today to discover how Somerville National Leasing can support your fleet management needs with flexible and customized solutions.