According to survey findings released by Volvo Car Canada, 54% of Millennials and 51% of Gen Zers 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 fuel costs.

The survey focused on expected purchasing trends from Millennials and Gen Zers and how they feel about electrified vehicle adoption.

Comparatively, 91% of Canadian vehicle owners still opt for one or more of their vehicles to be gas- or diesel-powered while 44% said they would consider purchasing a PHEV, according to the findings.

Volvo Car Canada conducted the survey from Oct. 2-4 among a representative sample of 1,525 online Canadians who are members of the Angus Reid Forum. The survey is part of Volvo Car Canada’s “2024 Mobility Trend Report,” which explores current Canadian adoption and use of electrified vehicles amidst an evolving automotive landscape.

Volvo surmises a few points that are likely impacting interest:

• • “Amidst sustained high gas prices, 75% of Canadians feel that driving a PHEV will support lowering fuel expenses;
  • “Sixty-four percent of Canadians have the environment and the environmental impact of gas/diesel powered engines top of mind when considering a PHEV; and
  • “Thirty percent 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,” said Matt Girgis, Volvo Car Canada managing director, in a press release. “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.”

While 44% of older generations, such as Baby Boomers, are accustomed to and prefer negotiating vehicle purchase costs, 49% of Gen Z and Millennials prefer a fixed price, allowing them to budget and plan for the cost of their vehicle, according to the study.

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,

With this in mind, Volvo Car has implemented a “One Price Promise” across all of the brand’s fully electric vehicles, calling it “a straightforward and transparent shopping experience that’s negotiation-free, both online and in-store,” according to the release. Dubbed by the OEM as its most affordable fully-electric SUV, the Volvo EX30 was also recently launched.

“We’re constantly trying to meet Canadians where they’re at and provide product offerings that best suit their lifestyle,” said Girgis, in the release. “We know Gen Z and Millennials look for transparency with brands and we’re happy we can offer a program that helps build trust.”

Images

Featured image: The new Volvo XC90 (Provided by Volvo/Volvo Car Canada)

Graphics provided by Volvo Car Canada