Electric Vehicles - Australia & Oceania

In 2024, the projected revenue in the Electric Vehicles market in Australia & Oceania is expected to reach US$7.9bn.
This indicates a positive growth trend, with an estimated annual growth rate (CAGR 2024-2029) of 9.64%.
By 2029, the projected market volume is forecasted to reach US$12.6bn.
Furthermore, the unit sales of Electric Vehicles market in the Australian & Oceania market are expected to reach 218.40k vehicles by 2029.
In terms of pricing, the volume weighted average price of Electric Vehicles market in 2024 is projected to be US$57.6k.
This reflects the average price of Electric Vehicles market within the market segment.
Analyzing the international landscape, it is noteworthy that China is anticipated to generate the highest revenue in the Electric Vehicles market.
In 2024, China is projected to generate US$376bn in revenue.
This highlights the significant market presence and potential of China in the Electric Vehicles market industry.
Australia & Oceania has seen a significant increase in the adoption of electric vehicles, with the government implementing various incentives to promote sustainable transportation.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

The Electric Vehicles market in Australia & Oceania is experiencing steady growth and development.

Customer preferences: Customers in Australia & Oceania are increasingly showing a preference for electric vehicles due to their environmental benefits and cost savings in the long run. The region has a strong focus on sustainability and reducing carbon emissions, and electric vehicles align with these goals. Additionally, the rising cost of fuel and increasing awareness of the negative impacts of traditional vehicles on the environment are driving customers to consider electric vehicles as a viable alternative.

Trends in the market: One of the key trends in the electric vehicles market in Australia & Oceania is the growing availability of charging infrastructure. As more customers adopt electric vehicles, there is a greater demand for charging stations. Governments and private companies are investing in the installation of charging infrastructure to support the growing electric vehicle fleet. This trend is crucial for the widespread adoption of electric vehicles as it addresses the concern of range anxiety among potential buyers. Another trend in the market is the increasing variety of electric vehicle models available. Initially, electric vehicles were limited to a few models with limited features and range. However, as technology has advanced and customer demand has increased, automakers are introducing a wider range of electric vehicle models with improved range, performance, and features. This trend is attracting a broader customer base and contributing to the overall growth of the electric vehicle market in Australia & Oceania.

Local special circumstances: Australia & Oceania has unique geographical characteristics that influence the electric vehicle market. The vast distances between cities and towns can present challenges for electric vehicle owners, particularly in terms of range and access to charging infrastructure. However, advancements in battery technology and the expansion of charging networks are helping to address these challenges. Additionally, the region's abundant renewable energy resources, such as solar and wind, provide opportunities for charging electric vehicles using clean energy sources.

Underlying macroeconomic factors: Government policies and incentives play a significant role in the development of the electric vehicle market in Australia & Oceania. Many countries in the region have implemented policies to promote the adoption of electric vehicles, such as tax incentives, subsidies, and grants. These measures make electric vehicles more affordable and attractive to customers. Furthermore, stricter emission regulations and targets are encouraging automakers to invest in electric vehicle production and innovation. In conclusion, the Electric Vehicles market in Australia & Oceania is growing steadily due to customer preferences for sustainable transportation options, the availability of charging infrastructure, the increasing variety of electric vehicle models, unique local circumstances, and supportive government policies. As these trends continue to evolve, the electric vehicle market in Australia & Oceania is expected to experience further growth and development in the coming years.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.