Australia Electric Vehicle Market Segmentation Archives

An electric vehicle (EV) is a car that runs totally or in part on electricity instead of traditional internal combustion engines (ICE) that run on petrol or diesel. Rechargeable batteries provide the energy for the electric motors used by EVs. Battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs) are among the several kinds of electric cars. Because they emit zero or fewer emissions than conventional cars, EVs are seen as environmentally friendly because they lessen air pollution and the need for fossil fuels. Because of their reduced operating costs, longer-range batteries, and government subsidies, EVs are becoming more and more popular. Global adoption of electric vehicles has also accelerated due to the quick development of charging infrastructure.

According to SPER Market Research, ‘Australia Electric Vehicle Market Size– By Vehicle Types, By Charger Types, By DC Charger Connector Types, By DC Charger Power Ratings, By Charger End Consumers- Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ states that the Australia Electric Vehicle Market is estimated to reach USD 111.87 billion by 2034 with CAGR of 33.32%.  

Drivers:

The market for electric vehicles (EVs) in Australia is expanding significantly due to a number of important factors. Government rules and incentives, such the New Vehicle Efficiency Standard (NVES), which sets CO₂ emission standards for automakers, promote the use of ecologically efficient automobiles. Growing environmental consciousness and the need for affordable mobility options are driving up consumer demand. Longer driving ranges and quicker charging times are two benefits of battery technology advancements that have increased the allure of EVs. Additionally, range concern is addressed by the nationwide growth of charging infrastructure, which facilitates EV ownership. All of these elements work together to support the strong expansion of the EV market in Australia.

Restraints:

The Australian EV market has a number of obstacles in spite of its expansion. Potential consumers may be put off by the high initial expenses of EVs in comparison to conventional cars, particularly in rural areas where the economy may be less stable. One major obstacle to wider adoption is the scarcity of charging facilities in rural areas. Furthermore, it is difficult to change consumer preferences towards EVs because traditional fuel-powered vehicles, such as big sedans, continue to dominate the market. Furthermore, local auto industries and resale prices may be impacted by the competitive pressures brought about by the quick entry of Chinese EV brands. For Australia’s EV market to flourish sustainably, these issues must be resolved.

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The COVID-19 epidemic has affected the Australian EV market in a variety of ways. Sales of vehicles, including EVs, temporarily decreased during the early phases of the pandemic due to supply chain and production interruptions as well as economic uncertainty. However, as regulations relaxed, consumer interest in EVs surged due to growing environmental awareness and the need for affordable transportation options. Additionally, the epidemic boosted customer engagement with EVs by hastening the implementation of internet platforms for car sales and services. All things considered, the pandemic increased long-term interest and investment in the Australian EV industry even though it presented short-term difficulties. Furthermore, the pandemic highlighted the significance of sustainable transportation solutions, hastening government policies and programs to promote the long-term expansion of the EV industry.

Australia Electric Vehicle Market is dominated by the New South Wales (NSW) due to charging infrastructure expansion, urban population, government support and policies. Some of its key players are – Toyota Motor Corporation, Tesla Inc., Lexus Motor Corporation, Honda Motor Corporation, MG Motor.

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Australia Electric Vehicle Market Growth

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The main technology to decarbonizing the road transportation sector, which is responsible for more than 15% of the world’s energy-related emissions, is electric automobiles. The sales of electric vehicles have expanded exponentially in recent years, along with their improved performance, wider model availability, and longer range. The popularity of passenger electric vehicles is growing; by 2023, we predict that 18% of new cars sold will be electric.

According to SPER market research, ‘Australia Electric Vehicle Market Size – By Vehicle Types, By Charger Types , By DC Charger Connector Types , By DC Charger Power Ratings , By Charger End Consumers – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Australia Electric Vehicle Market is predicted to reach USD 111.87 billion by 2033 with CAGR of 33.32%.

In the intermediate run, rising consumer demand for high-performing, fuel-efficient, and low-emission cars, tightening rules and regulations regarding vehicle emissions, falling battery prices, etc., are anticipated to be the main drivers of market expansion during the projected period. Furthermore, a favourable long-term outlook for the market is anticipated due to the active participation of major international players like Tesla, MG, and others that prioritize implementing tactics like providing affordable models, product improvements, etc. Government spending to upgrade public EV charging infrastructure and rules to gradually phase out fossil fuel-powered vehicles are likely to support industry growth. Positive market outlooks are also created by major OEMs’ growing investments, new product introductions, and emphasis on localizing supply chain facilities. Since automakers have announced that they would no longer be making internal combustion engines, the switch to electric vehicles is unavoidable. The infrastructure required to accommodate electric vehicles is being created by significant advancements in vehicle charging networks.

The industry, nevertheless, faces various barriers. The smooth introduction of electric vehicles into the market required the resolution of regulatory obstacles pertaining to safety rules, vehicle standards, and other compliance concerns. Reliance on imported batteries and possible disturbances in the supply chain may affect the cost and accessibility of electric cars in the Australian marketplace. The necessity of improved cooperation between government organizations, energy companies, and automakers in order to handle issues as a group and encourage the expansion of the ecosystem for electric vehicles. The Australian market’s limited selection of electric vehicle models constrained the preferences and options available to consumers. The scarcity of pre-owned electric cars on the secondary market may affect prospective purchasers searching for less expensive choices.

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Impact of COVID-19 on Australia Electric Vehicle Market

Global supply chains experienced significant disruptions due to the COVID-19 pandemic. As with other automotive products, shortages of components and production delays may have affected the production and delivery of electric vehicles. The economic instability that accompanied the outbreak may have had an effect on consumer purchasing patterns. It’s possible that some buyers have put off choosing to buy an expensive item like an electric car. Numerous countries have changed or established incentives and policies to support economic recovery. This might entail offering financial incentives to encourage the automobile industry to adopt electric vehicles. Changes in government assistance may have an effect on the growth of the EV market.

Australia Electric Vehicle Market Key Players:

The bulk of Australia’s electric cars are found in New South Wales and Victoria, then in the South Australia region. Since much of the demand for electric vehicles in Australia is met by government efforts and helpful charging infrastructure, these states are crucial to the market’s growth. Additionally, some of the market key players are Toyota Motor Corporation, Tesla Inc., Lexus Motor Corporation, Honda Motor Corporation, MG Motor (SAIC MOTOR AUSTRALIA PTY LTD.) and various others.

Australia EV Market Segmentation:

The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.

By Vehicle Types: Based on the Vehicle Types, Australia Electric Vehicle Market is segmented as; Electric 2-Wheeler, Electric 3-Wheeler, Electric 4-Wheeler, Passenger Car and Light Commercial Vehicle, Electric Bus, Electric Truck.

By Charger Types: Based on the Charger Types, Australia Electric Vehicle Market is segmented as; AC, DC.

By DC Charger Connector Types: Based on the DC Charger Connector Types, Australia Electric Vehicle Market is segmented as; CHADEMO, CCS, Tesla Superchargers, GB/T.

By DC Charger Power Ratings: Based on the DC Charger Power Ratings, Australia Electric Vehicle Market is segmented as; 40-80 KW, 80-120 KW, 120-200 KW.

By Charger End Consumers: Based on the Charger End Consumers, Australia Electric Vehicle Market is segmented as; Public, Private.

By Region: This research also includes data for NSW, Victoria, Queensland, WA, SA, ACT and Tasmania.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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Australia Electric Vehicle Market Future Outlook

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