The overall new vehicle market in Australia has been in decline for two years, but sales of hybrid and electric vehicles have increased very substantially, from a low base, over this period. Momentum is strong and the drivers of this upsurge are expected to continue in the longer term.
A unique segmentation of the general public based on their expected future concerns indicates potential for continuing significant share growth by low fossil fuel consumption vehicles. As the overall market recovers from the current slump, this means that sales will continue to grow strongly.
Just how quickly depends on factors such as purchase price differential compared with internal combustion vehicles and government encouragement for the development of the recharging network. Three scenarios to 2030 have been developed to span the range of plausible outcomes.
Report available at foreseechange.com.au