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.
For More Information, refer to below link: –
Australia Electric Vehicle Market Growth
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