Volvo Car Canada’s 2024 Mobility Trend Report reveals a significant shift in vehicle preferences among younger Canadians, with more than half of Gen Z showing interest in Plug-In Hybrid Electric Vehicles (PHEVs).
The report emphasizes that while most Canadian vehicle owners currently use gas or diesel engines, the younger generation is increasingly leaning towards electrified powertrains.
The trend towards PHEVs is primarily driven by factors such as high gas prices, with 75% of Canadians believing that PHEVs could help reduce fuel costs. Environmental concerns also play a crucial role, with 64% of respondents acknowledging the negative impact of traditional engines.
Additionally, the versatility of PHEVs, which combine electric batteries with gas engines, appeals to 30% of the population.
Volvo Car Canada’s managing director, Matt Girgis, noted, “One of the biggest barriers for Canadians when considering an electric vehicle is concern over range and battery life. Our plug-in hybrids offer the ideal solution, combining the benefits of both electric and gas-powered driving. It’s a perfect choice for the younger consumer who’s eager to transition to an electrified vehicle without compromising on confidence or convenience.”
In response to consumer demand, Volvo Cars is expanding its electric vehicle lineup with four new fully electric models. To address concerns about pricing and transparency, the company has also introduced the EX30, its “most affordable” electric SUV.
The study also highlights generational differences in purchasing habits. While 44% of Boomers prefer to negotiate vehicle prices, nearly half of Gen Z and Millennials prefer fixed pricing, which aids in financial planning for vehicle-related expenses.
“We’re constantly trying to meet Canadians where they’re at and provide product offerings that best suit their lifestyle. We know Gen Z and Millennials look for transparency with brands, and we’re happy we can offer a program that helps build trust,” added Girgis.
Overall, the shift towards PHEVs and electric vehicles reflects changing consumer preferences and a growing awareness of environmental sustainability. Volvo Car Canada’s efforts to cater to these evolving trends demonstrate a commitment to meeting the needs of a diverse and environmentally conscious consumer base.
