Electric Vehicles - New Zealand | Statista Market Forecast

The Electric Vehicles market in New Zealand is expected to witness significant growth in the coming years.
According to projections, the revenue of this market is projected to reach NZD US$1.9bn by 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 9.69%, resulting in a projected market volume of NZD US$3.0bn by 2029.
In terms of unit sales, it is estimated that in New Zealand will see Electric Vehicles market sales reach 60.57k vehicles units by 2029.
Taking into account the volume weighted average price, it is expected that the Electric Vehicles market in New Zealand will have an average price of NZD US$49.1k in 2024.
When considering the global perspective, China is predicted to generate the highest revenue in the Electric Vehicles market, with an estimated revenue of CNY US$376bn by 2024.
New Zealand is experiencing a surge in electric vehicle adoption, driven by government incentives and a growing awareness of environmental sustainability.

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 New Zealand has seen significant growth in recent years, driven by changing customer preferences, global trends, and local special circumstances.

Customer preferences: In New Zealand, there is a growing preference for environmentally friendly transportation options, which has led to an increased demand for electric vehicles. Consumers are becoming more aware of the impact of traditional vehicles on the environment and are actively seeking alternatives. Additionally, the government's initiatives to promote electric vehicles, such as offering subsidies and incentives, have further fueled customer preferences for these vehicles.

Trends in the market: One of the key trends in the Electric Vehicles market in New Zealand is the increasing availability and variety of electric vehicle models. As more manufacturers enter the market, consumers have a wider range of options to choose from, including sedans, SUVs, and even electric motorcycles. This increased competition has also led to a decrease in prices, making electric vehicles more affordable for a larger segment of the population. Another trend in the market is the development of charging infrastructure. To address the issue of range anxiety, the government and private companies have been investing in the installation of charging stations across the country. This infrastructure development has made electric vehicles more practical and convenient for consumers, as they can easily find charging stations and extend their driving range.

Local special circumstances: New Zealand's unique geography and relatively small population present both challenges and opportunities for the Electric Vehicles market. The country's abundance of renewable energy sources, such as hydro, wind, and geothermal power, makes it an ideal location for electric vehicles. The use of renewable energy to power electric vehicles aligns with the country's goal of reducing greenhouse gas emissions and transitioning to a low-carbon economy. However, the country's long distances between cities and limited charging infrastructure in some rural areas pose challenges for electric vehicle adoption. This has led to a focus on developing fast-charging networks along major highways and in urban centers, while also exploring innovative solutions such as wireless charging technology.

Underlying macroeconomic factors: The growth of the Electric Vehicles market in New Zealand is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. As a result, more consumers are able to afford electric vehicles and are willing to invest in sustainable transportation options. Furthermore, the government's commitment to reducing carbon emissions and achieving climate change targets has created a supportive policy environment for electric vehicle adoption. This includes initiatives such as the Clean Car Discount, which provides rebates for low-emission vehicles, and the Zero Carbon Bill, which sets targets for greenhouse gas reductions. In conclusion, the Electric Vehicles market in New Zealand is experiencing significant growth due to changing customer preferences, global trends, and local special circumstances. The increasing availability of electric vehicle models, the development of charging infrastructure, and the country's focus on renewable energy sources are driving the adoption of electric vehicles. Additionally, favorable macroeconomic factors and government initiatives are further supporting the growth of the market.

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.