Trend also reflects concerns over range and a lack of charging infrastructure affecting purely electric vehicles, experts say
Australians are buying more cars than ever but are increasingly choosing hybrid vehicles over petrol-powered cars due to rising costs at the bowser, new data by the Australian Automobile Association shows.
Quarterly vehicle sales data released on Monday revealed a further uptick in demand for hybrid vehicles, a trend the industry believes reflects both the rising cost of living, as well as range anxiety and concerns over a lack of charging infrastructure affecting purely electric vehicles.
Broadly, total sales across all engine types rose by 10.25% in the three months to 30 June, from 292,944 to 312,889. This follows sales in 2023 setting an all-time record, with more than 1.2m vehicles delivered, according to the figures based on Federal Chamber of Automotive Industries data.
Sales of traditional petrol-fuelled cars, known as internal combustion engine (ICE) vehicles, rose by 3.13% over the quarter. However, because total sales of all vehicle types rose at a faster rate, the market share of ICE vehicles dropped from 78.16% to 75.47%.
The move from traditional ICE vehicles towards greener alternatives has been gradual but pronounced, with market share decreasing from 86.4% to 75.47% over the past 18 months.
Battery electric vehicles declined by 0.78%, from 25,552 to 25,353, representing a decline in market share from 8.72% to 8.10%. Battery electric vehicles had a peak in market share in the first quarter of 2024 when they represented 8.72% of national sales.
Hybrid vehicles continued to grow in popularity. Sales grew by 33.49%, with 46,727 sold in the three months to the end of June compared with 35,003 in the previous quarter.
The market share of hybrid vehicles rose from 11.95% to 14.93% in the quarter.
For More Details: https://insightssuccess.com
