The market value for the Canadian electric & Hybrid cars has been projected as $1,109.40 million in 2019, $1,260.0 million in 2020, $1,446.2 million in 2021 and $1,607.3 million in 2022. The compound annual growth rate (CAGR) projected for the market period 2019-2022 is 13.15%.
Also, the market volume for the Canadian electric and hybrid cars has been forecasted to be 51,173.0 units in 2019, 57,565.0 units in 2020, 65,276.0 units in 2021 and 72,108.0 units in 2022 respectively. The CAGR forecasted for the time period 2019-2022 is 12.11%.
Note:- The growth is calculated by (New number-original number)/original number.
In my opinion, the forecast clearly shows the competitive attitude from Canada in adopting new technology especially in electric and hybrid vehicle sector. As we see per year, the market value and volume in Canada is remarkably positive.
Source:- Marketline; Statista (Canada-Hybrid & Electric Cars)