Desire for electric and hybrid vehicles accelerates

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on February 11, 2020
Desire for electric and hybrid vehicles accelerates

Photo by Dario on Unsplash

More Aussies intend on making their next car purchase an electric or hybrid one, amid the increased focus on environmental issues.

Those are the findings from Roy Morgan, who found a 4.7% and 1.6% rise in the number of people intending to buy either a hybrid or electric vehicle respectively, compared to the same time last year.

Roy Morgan CEO Michele Levine said environmentally-friendly vehicles are growing in popularity at the expense of petrol guzzlers. 

"Although electric and hybrid vehicles are still in their infancy in Australia, both engine types are becoming more and more attractive to people intending to buy a new car in the future. This comes at the expense of petrol vehicles, which continue to decrease in popularity," Ms Levine said.

"A year ago, 148,000 Australians were intending to buy a hybrid vehicle, and 50,000 were intending to buy an electric vehicle. This has grown to 188,000 and 63,000 respectively and, given the increasing focus on environment issues, we can expect those numbers to keep rising."

Among Australians who intend on purchasing a new car in the next four years, 12.7% said they would go for a hybrid car while 4.2% said they intended on buying an electric vehicle. 

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Base criteria: fixed and secured car loans for 'low emission' cars. Data accurate as at 01 September 2020. Rates based on a loan of $30,000 for a five-year loan term. Products sorted by advertised rate. Repayments are calculated based on advertised rates. *The Comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of January 24, 2022. View disclaimer.

 

Of the Australians who said they would buy an environmentally-friendly car, 37.5% said they would go for a Tesla, followed by a Hyundai (20.4%), Toyota (19.6%), Kia (12.5%) and BMW (12.3%). 

Ms Levine said it would be encouraging for car brands to see 'green' cars becoming more popular.

"The electric car market is still evolving, with many manufacturers yet to release a fully electric vehicle. This data is particularly encouraging for brands such as Toyota and Kia - for despite them not having yet released electric models in Australia, future car intenders are considering those brands for their next purchase," Ms Levine said.

"Kia may well consider bringing forward the introduction of their e-Niro and E-soul electric vehicles to the Australian market on the back of such results."


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Emma Duffy is Assistant Editor at Your Mortgage and  Your Investment Property Mag, which are part of the Savings Media Group. In this role, she manages a team of journalists and expert contributors committed to keeping readers informed about the latest home loan and finance news and trends, as well as providing in-depth property guides. She is also a finance journalist at Savings.com.au which she joined shortly after its launch in early 2019. Emma has a Bachelor in Journalism and has been published in several other publications and been featured on radio.

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