Australia Electric Vehicle Market to Grow at a CAGR of 18.4% During 2024-2032, Aided by the Lower Operational Costs and Reduced Environmental Impact

The growth of Australia electric vehicle market is supported by the benefits of EVs, which include lower operational costs and a significantly reduced environmental impact. Electric vehicles (EVs) are powered by electric motors, using energy stored in rechargeable batteries. They differ from traditional vehicles by relying solely on electricity instead of gasoline. EVs come in three types: battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). They produce zero emissions and commonly use lithium-ion batteries for their energy density and efficiency.

 
Fig: Vehicles Sales in Australia 2015-2022, Units

Rising demand for sustainable transportation in Australia is boosting the adoption of EVs. The shift towards eco-friendly options is reflected in the significant increase of electric vehicles on Australian roads, rising from 44,000 to over 83,000 within the year (2022). This trend signals a growing preference for electric vehicles over traditional combustion engine cars.

Australia's role as a key producer of critical minerals like lithium, bauxite, nickel, and cobalt, crucial for EV batteries, highlights its significance in the electric vehicle supply chain. The continual advancements in battery technology, improving range and charging times while reducing costs, are pivotal in making EVs more appealing and practical for consumers. This combination underscores Australia's strategic position in supporting the global shift towards electric mobility.

A key trend in the Australian electric vehicle market is the implementation of supportive government policies focused on achieving a decarbonized transportation system. The Australian government aims to increase EV sales to 30% by 2030 and achieve 100% by 2035 for new light vehicle sales, demonstrating a strong commitment to accelerating the adoption of electric vehicles in the country.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Market Breakup by Platform, Propulsion Type, Price Range, and Vehicle Type:

• The market is segmented based on platform into two-wheeler, three-wheeler, and four-wheeler.

• Based on the propulsion type, the market is divided into battery electric vehicles, hybrid electric vehicles, fuel cell electric vehicles, and plug-in hybrid electric vehicles.

• On the basis of price range, the market is segmented into low-priced, mid-priced, and luxury.

• By vehicle type, the market is categorised into passenger cars and commercial vehicles.

Key Findings of the Report:

• Government regulations phasing out fossil fuel vehicles and the rising investments in public EV charging infrastructure are expected to drive the market growth.

• Major OEMs in Australia are boosting market prospects through increased investments, product launches, and supply chain localization efforts.

• The market is propelled by strict emission regulations, government incentives for hybrids, and the broader appeal of hybrids over fully electric vehicles, offering reliability and fuel economy similar to traditional vehicles with lower emissions.

• The growth of Australia's electric vehicle market is driven by factors such as EV affordability, climate change concerns, expanding EV model options, and improved charging infrastructure.

Key Offerings of the Report:

• The EMR report gives an overview of the electric vehicle marketin Australia for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the platform, propulsion type, price range, and vehicle type of the Australia electric vehicle market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Australia electric vehicle market are BMW AG, Toyota Motor Corporation, Tesla Inc., Mazda Motor Corp., Hyundai Group, AUDI AG, Mercedes-Benz Group AG, Honda Motor Co., Ltd., Nissan Motor Co., Ltd., and Australian Electric Motor Co, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us

Expert Market Research
Website: www.expertmarketresearch.com
Email: [email protected]
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790