Are you considering ditching your gas-guzzling car and making the switch to an electric vehicle (EV)? If so, you're not alone. The EV market in Australia is rapidly growing, and for good reason. Not only are EVs better for the environment, but they're also becoming more affordable than ever before.
According to recent statistics, the electric vehicle market in Australia is rapidly growing. In 2021, the country recorded a total of 20,665 EV sales, which was a significant increase from the 6,900 EVs sold in 2020. And the trend is continuing to pick up in 2022, with a reported 33,410 new EVs sold in the country.
While EVs are still relatively more expensive than their internal combustion engine (ICE) counterparts due to their smaller manufacturing quantities and costly components, prices have been gradually dropping in recent years. This can be attributed to a growing market and cheaper batteries, among other factors.
For instance, in 2012, a Nissan Leaf cost $51,000, while the 2022 version costs $49,990. This might not seem like a significant price drop, but when considering technological advancements, range improvements, and inflation over a decade, it's an impressive achievement.
The reduction in EV prices is expected to continue, thanks to a push for a post-petrol future and the potential for all new petrol and diesel car sales to cease as early as 2030. According to predictions from BloombergNEF, it's expected that sedan and SUV EVs will be cheaper to produce than ICE vehicles by 2026, and smaller EVs by 2027.
As most car manufacturers prioritize EV production, supply is expected to increase significantly, which will drive down the cost of EVs. Additionally, research and development of new technology has already contributed to the reduction in EV prices, and it's expected that future generations of EV tech will be even more affordable.
If you're on the fence about making the switch to an electric vehicle, now is the perfect time to take the plunge. The market is growing, prices are dropping, and with continued support for a sustainable future, EVs will likely become the norm in the near future. So, go ahead and take the first step towards a cleaner and more cost-effective mode of transportation.