Battery Electric Vehicles - Australia & Oceania

Australia & Oceania

Highlights

In 2024, the projected revenue in the Battery Electric Vehicles market in Australia & Oceania is estimated to reach US$6.7bn.
It is anticipated that the revenue will experience a compound annual growth rate (CAGR 2024-2029) of 10.61%.
This growth rate will lead to a projected market volume of US$11.1bn by 2029.
Furthermore, it is expected that unit sales in the Battery Electric Vehicles market will reach 190.70k vehicles by 2029.
The volume weighted average price of Battery Electric Vehicles market in 2024 is projected to be US$58.2k.
When considering the international market, China is expected to generate the highest revenue with US$211bn in 2024.
Australia, known for its vast and remote landscapes, is experiencing a growing demand for Battery Electric Vehicles as consumers prioritize sustainability and efficient transportation in this environmentally-conscious nation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in Australia & Oceania is experiencing significant growth and development as the demand for sustainable transportation options continues to increase. Customer preferences in the region are shifting towards environmentally friendly and energy-efficient vehicles, leading to a rise in the adoption of Battery Electric Vehicles (BEVs).

Consumers are becoming more aware of the environmental impact of traditional gasoline-powered vehicles and are seeking alternatives that reduce carbon emissions. Additionally, the rising cost of fossil fuels and the desire for energy independence are driving the demand for BEVs. Trends in the market show that there is a growing number of automakers introducing electric vehicles to the Australian and Oceanian market.

This is due to various factors, including government incentives and regulations aimed at promoting the use of electric vehicles. These incentives include tax credits, subsidies, and grants for purchasing BEVs, as well as the installation of charging infrastructure. As a result, more consumers are considering BEVs as a viable option for their transportation needs.

Local special circumstances in Australia & Oceania contribute to the development of the BEV market. The region has abundant renewable energy resources, such as solar and wind, which can be harnessed to power electric vehicles. This availability of clean energy sources makes BEVs an attractive option for consumers looking to reduce their carbon footprint.

Additionally, the vast distances between cities and towns in the region make electric vehicles a practical choice, as they offer long driving ranges and can be charged at home or at public charging stations. Underlying macroeconomic factors also play a role in the development of the BEV market in Australia & Oceania. The region has a stable economy and a high standard of living, which allows consumers to invest in sustainable and technologically advanced vehicles.

Furthermore, advancements in battery technology have made electric vehicles more affordable and reliable, making them a viable option for a wider range of consumers. In conclusion, the Battery Electric Vehicles market in Australia & Oceania is growing rapidly due to customer preferences for sustainable transportation options, government incentives and regulations, local special circumstances, and underlying macroeconomic factors. As the demand for environmentally friendly vehicles continues to increase, the market for BEVs is expected to expand further in the region.

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).