Volvo Car Canada releases survey findings that point to purchasing trends expected from Gen Z and Millennials and how they feel about electrified vehicle adoption
Volvo Car Canada releases survey findings that point to purchasing trends expected from Gen Z and Millennials and how they feel about electrified vehicle adoption. Although majority of vehicle owning Canadians (91%) are still currently opting for one or more of their vehicles to be gas/diesel powered, results indicate that 51% of Gen Z are very likely to consider electrified powertrains such as a Plug In Hybrid Electric Vehicle (PHEV) for their next purchase due to environmental concerns and increased cost of fuel.
These insights appear in the second iteration of the 2024 Mobility Trend Report – an exploratory study by Volvo Car Canada. The study helps to unpack Canadian’s current adoption and usage around electrified vehicles amidst an evolving automotive landscape. As more information becomes available on the benefits of electrified vehicles (EV), roughly 44% of Canadians; primarily Gen Z (51%) and Millennials (54%), are likely to consider a Plug In Hybrid Electric Vehicle (PHEV) amongst other EV options for their next vehicle purchase.
What’s driving this positive shift in interest:
- Amidst sustained high gas prices, 75% of Canadians feel that driving a PHEV will support in lowering fuel expenses, a major consideration that is impacting purchase decisions.
- 64% of Canadians have the environment and the environmental impact of gas/diesel powered engines top of mind when considering a PHEV.
- 30% of Canadians are drawn to the flexibility of a PHEV, offering an electric battery with the backup of a gas engine.
“One of the biggest barriers for Canadians when considering an electric vehicle is concern over range and battery life,” says Matt Girgis, Managing Director at Volvo Car Canada. “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.”
Environmental impact continues to be a major driver for Canadians during the purchase intent phase, especially among Gen Z and Millennials, who are looking for electrified vehicles to both save on fuel and off set carbon emissions. As a brand deeply rooted in sustainability, Volvo Cars is committed to a fully electric future, with four fully electric cars already on the market,
Gen Z and Millennials are eager to make their next vehicle an EV, but they’re also clear on how much they’re willing to spend, and their preferred method of sale. While older generations such as Boomers are accustomed to and prefer negotiating vehicle cost (44%), 49% of Gen Z and Millennials prefer a fixed price, allowing them to budget and plan for the cost of their vehicle.
Volvo Cars addresses some of these concerns with the recent launch of their most affordable fully electric SUV, the Volvo EX30. To further mitigate concerns around price transparency, Volvo Cars implements a One Price Promise method across all fully electric vehicles. This is a straightforward and transparent shopping experience that’s negotiation-free, both online and in-store.
“We’re constantly trying to meet Canadians where they’re at and provide product offerings that best suit their lifestyle,” said Matt Girgis, Managing Director at Volvo Car Canada.
“We know Gen Z and Millennials look for transparency with brands and we’re happy we can offer a program that helps build trust.”
SOURCE: Volvo Cars
