The Australian electric vehicle market is projected to grow at a CAGR of more than 11.0% during the forecast period. The factors that are driving the market include an increase in the sale of electric vehicles, a rising need for future energy requirements, and various incentives offered by the government.
The Australian government aims to have an all-electric vehicle by 2035 and also aim to have net-zero emission by 2050. The rising need for the future energy requirement and zero-emission is surging the demand for electric vehicles and also the government is planning for the adoption of Electric vehicles by 2030. The funding done by Australian Renewable Energy Agency (ARENA) and Clean Energy Finance Corporation (CEFC) government such as in February 2021, ARENA has allocated $1.6 million for energy infrastructure company Jemena to manage residential electric vehicle (EV) charging with other electricity networks include the ACT, Victoria and Tasmania.
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Moreover, in 2019, only 6718 fully electric vehicle and plug-in hybrid electric cars were sold in the country which is only 1% of annual EV sales. Besides, in 2019, the sales of plug-in electric cars were 6,718 and in 2018 sales of electric vehicles were 2,216. The sales of electric vehicles in 2019 increased by 300% as compared to 2018. Besides, BMW Group Australia in October 2020 announced its tailored program for SMEs seeking to purchase a new BMW or MINI electric vehicle with a $1500 incentive for new vehicle purchases for company use.
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Moreover, in November 2020, a new governing agreement inked between the Greens and Labor, under which a loan of up to $15,000 is provided for the purchase of electric vehicles. Thus, the government incentives increasing the sales of an electric vehicle by that the future energy requirement aim will be fulfilled.
Market Coverage
- Market number available for – 2018-2025
- Base year- 2018
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Battery Type, By Propulsion Technology
- Region Covered- Australia
- Competitive Landscape- Tesla, Hyundai, Nissan, BMW, and Renault Group RE.
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Australia Electric Vehicle Market Report Segment
By Vehicle Type
- Commercial Vehicle
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
By Battery Type
- Li-Ion
- Others
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Company Profiles
- BMW AG
- Hyundai Motor Co.
- Jaguar Land Rover
- Kia Motors Corp.
- Mitsubishi Motors Corp.
- Nissan Motor Co.
- Renault Group
- Tesla, Inc.
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