Australia electric vehicle charging stations market forecasts 2024-2029 featuring chargefox, tesla, evie, jolt, abb, delta electronics, and chargemaster
Dublin, july 30, 2024 (globe newswire) -- the "australia electric vehicle charging stations market - forecasts from 2024 to 2029" report has been added to researchandmarkets.com's offering. the australian electric vehicle charging stations market is projected to rise at a compound annual growth rate (cagr) of 12.61% to reach a market valuation of us$50.856 million by 2029, from us$22.150 million in 2022. australia's infrastructure for charging electric vehicles (evs) has been progressively growing. government and corporate sector initiatives seek to encourage the increasing number of evs on the road. cost and accessibility issues are still present, especially in rural regions. however, continuing government initiatives are attempting to overcome these obstacles, to create a nationwide network for ev charging that is more extensive and easily accessible. the need for charging infrastructure is also rising as a result of people and companies switching to electric cars, growing awareness of climate change, and the need to cut emissions. furthermore, australia's growing car sales are driving up demand for ev charging stations, which encourages infrastructure development and investment. on the other hand, weaker car sales might temporarily obstruct expansion while stakeholders reorder their priorities for investments. the correlation emphasizes the importance of ev adoption rates in determining the future course of the charging station sector. as per the australian automobile association, the vehicle sales were significant in 2024. the sales of ice were 2,48,943, and that for hybrid vehicles was 28,708. whereas the sales of bev and phev were 21,474 and 4,476, respectively, in january 2024. moreover, to encourage the market expansion for ev charging stations, the australian government has implemented financial incentives, including subsidies and tax credits. regulations require ev charging stations to be included in new construction, guaranteeing public availability. the goal of funding r&d initiatives is to promote innovation by advancing ev technology and charging infrastructure. these programs demonstrate australia's dedication to cutting emissions and advancing sustainable transportation. the industry is also being propelled ahead by technological developments in ev batteries and charging systems, which result in quicker charging times and greater range. moreover, collaborations among governmental bodies, utility companies, and commercial enterprises are expediting the investment in charging infrastructure, hence augmenting its proliferation. the ev charging stations market in australia is expanding overall due to the emergence of renewable energy sources like solar and wind power, which present prospects for the integration of sustainable charging solutions, further fueling the market. growing investments in electric vehicle charging stations the australian electric vehicle charging stations market is expected to be considerably driven due to the increase in investment in the charging station infrastructure. for instance, the australian government has been aggressively subsidizing to boost ev adoption. consequently, the australian renewable energy agency (arena) announced $871,000 in funding to intellihub in august 2022 for an australian first deployment of 50 ev chargers installed on street-side power poles for ev owners without off-street parking across new south wales on behalf of the australian government. intellihub would install ev chargers on power poles in nine new south wales local government areas to serve ev owners who live in apartments, townhouses, or units without on-site ev charging. the trial will demonstrate that there are currently no regulatory impediments to using existing infrastructure that already has power going to it, such as street power poles, and it will also aid in understanding the impact of ev chargers on the electricity network. the australian electric vehicle charging stations market for the public segment is anticipated to grow australia is seeing an increase in demand for public ev charging stations due to record-breaking sales of battery-powered automobiles. for instance, as of september 2022, 3.39% of new cars sold in australia were electric vehicles, up from 2.05% in 2021. furthermore, the inability of 1.9 million australian homes to obtain off-street parking makes it challenging to charge an ev at home. as a result, the demand for public ev charging stations is on the rise. according to the electric vehicle council, australia's infrastructure for charging is growing at a notable pace.
