Australia’s electric vehicle (EV) market is estimated to grow at a CAGR of over 11.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the EV market in Australia. The country has adopted a national strategy for EVs to facilitate Australians to take advantage of EV technology. This strategy is adopted to coordinate action across governments, industry and urban and regional communities to improve the consistency of public charging infrastructure. The strategy will build on grants from the Australian Renewable Energy Agency (ARENA), finance from the Clean Energy Finance Corporation (CEFC) and the current work of the COAG Transport and Infrastructure Council. The wide adoption of this national strategy is anticipated to drive the growth of the EV market in Australia.
A full report of Australia Electric Vehicle Market is available at: https://www.omrglobal.com/industry-reports/australia-electric-vehicle-battery-market
The market is segmented on the basis of vehicle type, propulsion technology, and battery Type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on Propulsion Technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on the propulsion type, plug-in hybrid vehicles are anticipated to have considerable market growth during the forecast period. Based on the Battery type, the market is sub-segmented into NiMH, Li-Ion, and others.
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The double hike in fuel prices in Australia has made Australians more inclined towards the purchase of the EVs. Tesla, Hyundai, Nissan, BMW, and Renault Group RE the major market players operating in the EV market in Australia. Tesla is a leading market player of EV in Australia with 70% of overall market share in the country. In 2019, around 3,300 EV by Tesla were sold in Australia in comparison to around 800 by Hyundai, 400 by Nissan, and 96 by BMW.
Australia Electric Vehicle Market- Segmentation
By Battery Type
- NiMH
- Li-Ion
- Others
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
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