The Australian electric vehicle market is projected to grow at a CAGR of more than 11.0% during the forecast period (2019-2025). 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.
Browse the full report description of "Australia Electric Vehicle Market Size, Share & Trends Analysis Report By Vehicle Type (Commercial Vehicle, Passenger Cars, Two-Wheeler) by Propulsion Technology (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle) by Battery Type (NiMH, Li-ion, Other), and Forecast 2019-2025" at https://www.omrglobal.com/industry-reports/australia-electric-vehicle-battery-market
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.
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
Key Questions Addressed by the Report
Australia Electric Vehicle Market Report Segment
By Vehicle Type
By Propulsion Technology
By Battery Type