Electric Vehicle Market in Australia

Over the past few years, the electric vehicle market has expanded rapidly. Demand has been supported by an expansion of electric vehicle (EV) models, as well as by an increase in the quantity and accessibility of charging stations. Growing environmental consciousness among consumers has helped the sector as well, as they have looked to reduce their carbon footprint. This pattern has been further reinforced by several instances over the previous five years of a positive consumer index, which shows households are upbeat about their financial situation. EV demand is nevertheless constrained by the fact that many consumers cannot afford them due to their high cost. Furthermore, Australia lags behind the world average in EV sales due to limited government support, inadequate fuel efficiency standards, and problems with the global supply of microchips. According to IBISWorld overall industry revenue is expected to rise at an annualised 77.3% over the five years through 2023-24, to $7.9 billion. This result includes anticipated growth of 67.0% in 2023-24. It is anticipated that the electric vehicle market is expected to continue to grow in the upcoming years. There will probably be a rise in EV sales as a result of households' desire to become more sustainable and the general concern about environmental issues. Furthermore, it is anticipated that EVs with an even longer range will become more affordable, making them accessible to customers who previously couldn't afford to buy one. It is anticipated that state and federal governments will provide better support for EVs and EV infrastructure, and more charging stations will be built. Over the next few years, industry revenue is expected to increase at an annualized rate of 22.9%, reaching $22.3 billion in 2028–2029 (IBISWorld). More EVs are expected to be produced as a result of rising demand.