The electric vehicle market in the country is expected to grow by 22.5% on an annual basis to reach US$2.0 billion in 2024.
The medium to long term growth story of the electric vehicle market in Australia remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 22.9% during 2024-2028. The electric vehicle market in the country will increase from US$1.6 billion in 2023 to reach US$4.5 billion 2028.
The electric vehicle industry is expected to record strong growth in Australia over the medium term. The growth will be driven by government initiatives, including discounts and rebates, in 2024. The states of New South Wales, Victoria, and Queensland aim for EVs to make up 50% of new car sales by 2030. The government is also seeking to invest in charging infrastructure to support the shift towards clean vehicles.
To tap into the growing demand for environmentally friendly transportation and capitalize on favorable conditions, Chinese electric vehicle manufacturers are making a significant push in the Australian market in 2024. BYD, one of the leading global electric vehicle makers, is planning to expand its product lineup in the Australian market. SAIC Motor is also expanding its footprint in the Australian market. Overall, the publisher maintains a positive growth outlook for the market over the next three to four years.
The National EV Strategy, backed by investments from both federal and state governments, plans to add 1,000 more charging stations over the next three years. It also aims to place chargers every 150 kilometres along the national highway network. The publisher expects this investment and the availability of charging stations nationwide to further drive the adoption of electric vehicles over the medium term in the Australian market.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in Australia.
The electric vehicle charging infrastructure module provides market size data by number of charging stations, and number of charging points. Market opportunity is broken down by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
The medium to long term growth story of the electric vehicle market in Australia remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 22.9% during 2024-2028. The electric vehicle market in the country will increase from US$1.6 billion in 2023 to reach US$4.5 billion 2028.
The electric vehicle industry is expected to record strong growth in Australia over the medium term. The growth will be driven by government initiatives, including discounts and rebates, in 2024. The states of New South Wales, Victoria, and Queensland aim for EVs to make up 50% of new car sales by 2030. The government is also seeking to invest in charging infrastructure to support the shift towards clean vehicles.
To tap into the growing demand for environmentally friendly transportation and capitalize on favorable conditions, Chinese electric vehicle manufacturers are making a significant push in the Australian market in 2024. BYD, one of the leading global electric vehicle makers, is planning to expand its product lineup in the Australian market. SAIC Motor is also expanding its footprint in the Australian market. Overall, the publisher maintains a positive growth outlook for the market over the next three to four years.
Government initiatives are driving the growth of the electric vehicle industry in Australia in 2024
The Australian government has been aggressively promoting electric vehicle adoption as part of its strategy to cut down on emissions. To boost demand for electric cars, the government has introduced tax exemptions for EV leasing and purchase agreements available to certain consumers through their employers.- Furthermore, the states of New South Wales, Victoria, and Queensland aim for EVs to make up 50% of new car sales by 2030. These states are offering generous rebates on EV purchases and heavily investing in charging infrastructure. This incentive has been a major decision-making factor for Australians who have been considering the shift towards clean vehicles. In Queensland, for instance, the state rebates alone can make BYD's Atto 3 cheaper than a comparable gasoline-powered Toyota RAV4 crossover.
Investment in electric vehicle charging infrastructure will further accelerate the adoption in Australia
Electric vehicle sales made up just 2% in May 2022. However, battery-powered cars represented 8.3% of new car sales in 2023. The surge in sales number can be largely attributed to the investment in charging infrastructure across Australia. The Energy Ministry, in February 2024, revealed that the public charging locations have increased from 464 in December 2022 to 800 in December 2023. This represents a growth of 70%.The National EV Strategy, backed by investments from both federal and state governments, plans to add 1,000 more charging stations over the next three years. It also aims to place chargers every 150 kilometres along the national highway network. The publisher expects this investment and the availability of charging stations nationwide to further drive the adoption of electric vehicles over the medium term in the Australian market.
Chinese firms are making a significant push into the Australian electric vehicle market in 2024
To tap into the growing demand for environmentally friendly transportation and capitalize on favorable conditions, Chinese electric vehicle manufacturers are making a significant push in the Australian market in 2024.- BYD, one of the leading global electric vehicle makers, is planning to expand its product lineup in the Australian market. The firm plans to launch two SUVs and a pickup truck, as part of its strategy to further penetrate the growing EV market. Over the medium term, it plans to open more dealerships to meet the growing demand in Australia. The firm is also focusing on fleet sales to companies like Uber.
- Alongside BYD, SAIC Motor is also expanding its footprint in the Australian market. With three model launches, including plug-in hybrids and electric roadsters, SAIC Motor is also targeting a higher market share in 2024. Xpeng, another Chinese electric vehicle firm, entered into a strategic partnership with TrueEV to enter the Australian market in May 2024.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in Australia.
The electric vehicle charging infrastructure module provides market size data by number of charging stations, and number of charging points. Market opportunity is broken down by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in Australia through 97 tables and 119 charts. Below is a summary of key market segments:Australia Overall Vehicle Market Size and Future Growth Dynamics
- Market size by value
- Market size by volume
Australia Electric Vehicle Market Size and Forecast
- Market size by value
- Market size by volume
Australia Electric Vehicle Market Volume By Drive Segment
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
Australia Electric Vehicle Market Value and Volume By Car Segment
- Passenger Car
- Commercial Vehicle
Australia Electric Vehicle Market Value and Volume By Passenger Car Segment
- Small Car
- Medium Car
- Crossover Car
- Large Car
- SUV
Australia Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Light Duty Vehicle (Class 1-Class 3)
- Medium Duty Vehicle (Class 4-Class 6)
- Heavy Duty Vehicle (Class 7-Class 8)
Australia Electric Vehicle Market Value By Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury Class
Australia Electric Vehicle Market Value By Powertrain
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
Australia Electric Vehicle Market Value By Distance Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
Australia Electric Vehicle Market Value By Charging Type
- Normal Charging
- Super Charging
Australia Electric Vehicle Market Value By Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
Australia Electric Vehicle Market Value and Volume By Vehicle Type
- Two Wheelers (e2W)
- Three-Wheeler (e3W)
- Four Wheelers (e4W)
- Electric Buses
Australia Electric Vehicle Market Value By Cities
- Tier 1 Cities
- Tier 2 Cities
- Tier 3 Cities
Australia Electric Vehicle Market Value By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
Australia Electric Vehicle Infrastructure Market Value
Australia Electric Vehicle Infrastructure Market Volume
- Number of Charging Points
- Number of Charging Stations
Australia Electric Vehicle - Number of Charging Points By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
Australia Electric Vehicle - Number of Charging Stations By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
Australia Electric Vehicle - Number of Charging Points By Location
- Residential and Destination
- Streets
- Workplaces
- Flew depots
Australia Electric Vehicle - Number of Charging Points By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
Australia Electric Vehicle - Number of Charging Stations By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
Australia Electric Vehicle - Number of Charging Points By Vehicle
- Passenger Cars
- Buses
- Trucks
- Light Commercial Vehicles
Australia Electric Vehicle - Number of Charging Points By Connection Phase
- Single Phase
- Three Phase
Australia Electric Vehicle - Number of Charging Points By Infrastructure Type
- CSS
- CHAdeMO
- GB/T
- Other
Australia Electric Vehicle - Number of Charging Points By Connectivity
- Smart Charging Station
- Non-Connected Charging Station
Reasons to buy
The report provides a comprehensive overview of the Australia electric vehicle market and infrastructure, covering the following key aspects:- Market size by value and volume: This report provides detailed market size and forecast data for electric vehicles in Australia, by value and volume. This data is essential for understanding the current and future potential of the market.
- Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
- EV infrastructure: This report also provides a comprehensive overview of the Australia electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the Australia electric vehicle infrastructure market.
- Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the Australia electric vehicle and infrastructure market.
Table of Contents
1. About this Report
2. Australia Overall Vehicle Market Size and Future Growth Dynamics
3. Australia Electric Vehicle Market Size and Forecast
4. Australia Electric Vehicle Market Size and Forecast by Vehicle Drive Type Segment
5. Australia Electric Vehicle Market Size and Forecast by Vehicle Type Segment
6. Australia Electric Vehicle Type Market Size and Forecast by Passenger Car Segment
7. Australia Electric Vehicle Type Market Size and Forecast by Commercial Vehicle Segment
8. Australia Electric Vehicle Market Size and Forecast by Vehicle Class Segment
9. Australia Electric Vehicle Market Size and Forecast by Powertrain Segment
10. Australia Electric Vehicle Market Size and Forecast by Distance Range Segment
11. Australia Electric Vehicle Market Size and Forecast by Charging Type Segment
12. Australia Electric Vehicle Market Size and Forecast by Propulsion Type Segment
13. Australia Electric Vehicle Penetration Market Size and Forecast by Segment
14. Australia Electric Vehicle Market Size and Forecast by City Type
15. Australia Electric Vehicle Market Size and Forecast by Components
16. Australia Electric Vehicle Infrastructure Market Size and Forecast
17. Australia Electric Vehicle Infrastructure - Number of charging stations by charging type, 2019-2028
18. Australia Electric Vehicle Infrastructure - Number of charging points by charging type, 2019-2028
19. Australia Electric Vehicle Infrastructure - Number of charging points by location, 2019-2028
20. Australia Electric Vehicle Infrastructure - Number of charging points by charging speed, 2019-2028
21. Australia Electric Vehicle Infrastructure - Number of charging stations by charging speed, 2019-2028
22. Australia Electric Vehicle Infrastructure - Number of charging points by vehicle type, 2019-2028
23. Australia Electric Vehicle Infrastructure - Number of charging points by connection phase, 2019-2028
24. Australia Electric Vehicle Infrastructure - Number of charging points by charging infrastructure type, 2019-2028
25. Australia Electric Vehicle Infrastructure - Number of charging points by connectivity, 2019-2028
26. Further Reading
List of Figures
List of Tables