Australia's Growing Interest in EVs

Australia is experiencing a remarkable surge in interest and demand for electric vehicles (EVs). According to recent data from Roy Morgan, an estimated 12.5% of new car buyers in Australia plan to purchase an EV within the next four years. This figure translates to approximately 548,000 new EVs on the nation's roads by the end of 2027. This surge in interest represents a staggering 1230% increase compared to data from four years ago, indicating a significant shift in perceptions towards EVs and their environmental benefits.

The change in attitudes towards EVs can be attributed to multiple factors. Concerns about climate change and the urgent need to reduce carbon dioxide emissions are driving individuals to consider more sustainable transportation options. However, the availability of more affordable EV models in the market is also playing a crucial role in the growing interest.

Hyundai recently announced 13 new BEVs in 10 years
(photo by Hyundai Motor Group from pexels)

The Dominance of Tesla

Among the various EV manufacturers, one brand stands out in the Australian market: Tesla. The data from Roy Morgan reveals that Tesla is the preferred choice for a substantial number of prospective EV buyers, with 369,000 respondents expressing their intention to purchase a Tesla in the next four years. This represents an astounding 900% increase compared to the same period in 2019. Tesla's popularity can be attributed to its association with electric vehicles and the availability of a wider range of models. Notably, Tesla has experienced a surge in sales, propelling it to become the sixth highest-selling brand in Australia, surpassing many well-established Asian manufacturers.

We're talking Roy Morgan data here, so we can get quite geeky with stats adn profile. Here goes: the average Tesla buyer in Australia fits a specific profile. Typically, a Tesla buyer is a male residing in Sydney, belonging to the top 'AB' socio-economic quintile with a high income exceeding $100,000 per annum. These individuals tend to be well-educated, working in professional or managerial roles, and own a detached house. Additionally, they are more likely to vote for the Australian Labor Party (ALP).

Expanding Market Opportunities

While Tesla currently dominates the Australian EV market, the intention to purchase data suggests a growing gap between those interested in EVs and those specifically interested in Tesla. This gap indicates a potential market for other manufacturers, such as BMW, Mercedes-Benz, Volvo, BYD, and MG, to tap into. As these competing brands launch their electric vehicle models, the market for EVs is expected to expand further, catering to the approximately 180,000 Australians who desire to buy an EV but not necessarily a Tesla.

As EVs become more mainstream, there has been a steady increase in interest across a diverse range of demographic groups. While men have historically been early adopters of EVs, women's interest has grown significantly, witnessing an increase of over 480% in the last two years. Intention to purchase an EV has nearly doubled across all age groups, with particularly rapid growth among those aged 35 and above. Surprisingly, the fastest-growing age group considering EVs within the next four years is individuals aged 65 and older, with a staggering 340% increase.

So What?!

Good question. Well, eventually all those EV have batteries that will need some TLC at one point or another. And we'll be ready to keep those cars on the road for as long as we can :)