Battery Electric Vehicles - New Zealand

New Zealand

Highlights

In 2024, the projected revenue in the Battery Electric Vehicles market in New Zealand is estimated to reach US$1.4bn NZD.
This segment is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 11.34%.
As a result, the projected market volume is anticipated to reach US$2.5bn NZD by 2029.
Looking specifically at unit sales, it is predicted that 46.01k vehicles Battery Electric Vehicles market will be sold in New Zealand by 2029.
Furthermore, the volume weighted average price of the Battery Electric Vehicles market in New Zealand is expected to be US$53.8k NZD in 2024.
On an international scale, it is evident that China will generate the highest revenue in the Battery Electric Vehicles market, amounting to US$211bn NZD in 2024.

"New Zealand is experiencing a surge in demand for Battery Electric Vehicles, driven by government incentives and a growing awareness of environmental sustainability."

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in New Zealand has been experiencing significant growth in recent years. Customer preferences for environmentally friendly transportation options, along with favorable government policies and incentives, have contributed to this trend.

Additionally, local special circumstances, such as the country's renewable energy resources, have further supported the development of the Battery Electric Vehicles market in New Zealand. Customer preferences in New Zealand have shifted towards more sustainable modes of transportation, including Battery Electric Vehicles. Concerns about climate change and pollution have led consumers to seek out alternatives to traditional petrol-powered vehicles.

Battery Electric Vehicles offer a cleaner and greener option, as they produce zero tailpipe emissions. Furthermore, advancements in technology have made Battery Electric Vehicles more practical and accessible for everyday use. Trends in the Battery Electric Vehicles market in New Zealand reflect the global shift towards electric mobility.

The market has seen an increase in the availability and variety of Battery Electric Vehicle models, catering to different consumer needs and preferences. This has been driven by the growing demand for Battery Electric Vehicles and the efforts of automakers to meet this demand. As a result, consumers in New Zealand now have a wider range of options when it comes to choosing a Battery Electric Vehicle.

The government of New Zealand has also played a significant role in promoting the adoption of Battery Electric Vehicles. Incentives such as rebates and grants have made Battery Electric Vehicles more affordable for consumers. Additionally, the government has invested in the development of charging infrastructure to support the growth of the Battery Electric Vehicles market.

These initiatives have created a favorable environment for Battery Electric Vehicle adoption in New Zealand. Local special circumstances in New Zealand have further contributed to the development of the Battery Electric Vehicles market. The country has abundant renewable energy resources, particularly hydroelectric and geothermal power.

This means that Battery Electric Vehicles in New Zealand can be charged using clean and sustainable energy sources, reducing their overall environmental impact. The availability of renewable energy has also made charging infrastructure more feasible and cost-effective. Underlying macroeconomic factors, such as global efforts to reduce greenhouse gas emissions and combat climate change, have also influenced the development of the Battery Electric Vehicles market in New Zealand.

As countries around the world strive to transition to a low-carbon economy, the demand for Battery Electric Vehicles is expected to continue growing. This global trend has created opportunities for the Battery Electric Vehicles market in New Zealand to thrive and expand. In conclusion, the Battery Electric Vehicles market in New Zealand is experiencing significant growth due to customer preferences for sustainable transportation options, favorable government policies and incentives, local special circumstances, and underlying macroeconomic factors.

As the market continues to develop, it is expected that Battery Electric Vehicles will become an increasingly common sight on New Zealand's roads.

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).