According to the Australian Renewable Energy Agency (ARENA), Electric vehicle uptake in Australia is currently lower than in other developed countries. Still, the number of EVs is expected to grow as cheaper models arrive and more charging infrastructure is rolled out.
Alongside the Clean Energy Finance Corporation, ARENA published the Australian Electric Vehicle Market Study Report that explored topics such as the potential uptake of EVs in Australia. According to the report, EVs are expected to match petrol vehicles on both upfront price and range by the mid-2020s. Once EVs reach this price parity with internal combustion engine vehicles, sales of EVs are expected to increase rapidly.
The potential benefits of EVs include:
- Reduced fuel costs
- Lower maintenance costs
- Enhanced energy security
- Reduced air pollution (with associated health benefits)
- An improved driving experience
- Greenhouse gas emissions can be eliminated if EVs are charged using renewable energy.
To date, more than 7 million EVs have been sold worldwide, with the pace of sales accelerating rapidly. According to Bloomberg’s Q3 2020 Global Electrified Transport Market Outlook, more than two million EVs were sold in 2019. Bloomberg expects global growth of 7% in 2020.