A new report from the Australian electric car market suggests that there is enough demand for EV sales this year compared to the 2021 record – if short stock levels allow.
Report commission by lender Lots And prepared by consulting firms Accenture – Using 3000 extrapolated sample sizes across the population – This year there was a market demand of about 60,000 EV sales.
At the same time, the report further found that EVs have achieved cost overhaul in their lifetime with internal combustion engine petrol and diesel vehicles – offsetting their high sticker prices with lower running costs.
The report also examines the financial and environmental implications of integrating EVs with rooftop solar systems and batteries in the context of the Australian household, which is expected to become a $ 8.9 billion (annual) industry by 2026.
It draws on more than 3000 responses to a survey, as well as publicly available data.
Throughout the report there were some notable estimates and statistics that explored Australian EV acceptance and costs, as well as EV sales.
According to estimates from the survey, there is a demand for 58,000 EVs in 2022 Which was just under 21,000 last year
However, it is noteworthy that the actual EV supply is severely disrupted due to limited stock due to extended production time. Almost every manufacturer around the world is struggling with a global shortage of semiconductors in their supply chain and a cowardly shutdown.
The report suggests that the average waiting time for an EV in Australia is around 22 weeks, but this varies greatly depending on the brand. When the Tesla Model Y was launched last week, its initial wait time was less than eight weeks but since then it has become a balloon in about 35 weeks.
These standard 2022 EV sales figures account for about 5 percent of new car sales estimated at 58,000 in 2022.
According to the Electric Vehicle Council, 20,665 EVs were sold in 2021. As of May 2022, a total of 8543 EVs have been sold, according to registration data from VFACTS.
While this number may seem low as we reach the halfway point of 2022, it is noteworthy that the number 58,000 is based entirely on demand and does not fully consider supply.
Also, Tesla sells cars in batches towards the end of each quarter, so with that in mind it is expected to sell around 13-14,000 EVs by the end of June 2022. Also a plethora of new EVs coming to market next year, detailed here in our calendar.
The broader outlook for future Australian EV sales depends on policy and financial support growth, the report said – something we are seeing, especially at the state level, through discounts and stamp duty waivers over the past year.
More: Are incentives offered to electric car buyers across Australia?
The report projects that with the right policy framework, EV sales could grow 6.5 times by 2026, creating a $ 7.5 billion market.
The last federal government previously announced its $ 250 million future fuel and vehicle strategy, of which $ 178 million would be used to rollout 50,000 charging stations across Australia.
It is noteworthy that the Australian Government has not announced any subsidies or similar incentives to purchase EVs, nor has it responded to the car industry’s request for the strong emissions reduction targets outlined here to strengthen adoption.
The report further touches on how EVs are bringing parity with ICE vehicles in their lifetime.
A given example compares “mid-range” EVs and ICE cars, and after 15 years the overall cost is found to be almost the same.
In this case, the mid-range ICE is priced at $ 32,126, compared to $ 46,970 for an equivalent-sized EV (in this example, the Hyundai Ioniq EV, apparently with a $ 3000 state rebate).
The cost difference in this example is about $ 15,000, but the combined lower registration and tax costs, much lower fuel costs, and cheaper maintenance have narrowed the gap to about $ 2500 after this theoretical ownership period – and include higher insurance costs. EV
Over the same 15-year period, the total cost of a new ‘premium EV’ (purchase price $ 58,625, in fact rarely premium) will be $ 96,592 and a new ‘premium ICE’ car (purchase price $ 53,490) is estimated to cost 101,083.
Thus the so-called ‘premium EV’ is actually about 4 percent cheaper than a ‘premium ICE’ car after 15 years, according to the survey.
Things like oil and electricity price fluctuations these figures must be cut and changed.
According to the survey, Australian consumer concerns for EVs focus on affordability and range concerns.
One claim is that 67 percent of survey respondents consider access to road charging as an obstacle to EV adoption, with 65 percent citing high EV prices and 56 percent pointing to limited travel range.
Plenty Group is an Australian-based financial institution founded in 2014 and provides loans in the areas of autonomous, renewable energy and personal loans.
Accenture, on the other hand, is an Irish-based information technology (IT) and consulting firm that conducts case studies and research for a wide range of clients from around the world.
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