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Most EV owners would repurchase, but cost of living concerns stand in the way of greater adoption

24 April, 2024 | 

Posted at 11:15 am 

by Pureprofile 

SYDNEY, 23 April 2024: New research conducted by global data and insights company, Pureprofile Limited (ASX: PPL) reveals that 94% of existing Australian EV (electric vehicle) owners would purchase an EV again when it is time to buy a new car. However, the escalating cost of living is hindering prospective buyers from purchasing an EV, with 70% expressing this concern.

Conducted in March 2024, the research gathered perceptions and attitudes toward the emerging electric vehicle market from over 2,000 Australian and 1,000 New Zealand respondents and follows an initial survey conducted in August 2023. 

There has been minimal change for EV ownership since the last survey in both markets, which continue to lag behind other countries according to International Energy Association data (0.6% of Australian cars are EVs, vs 1.3% in the US, 2.8% in the UK and 4% in Germany).

Australians are showing a growing interest in EVs. About 1 in 2 (52%) of Australians expressed interest in buying a new car in the next 12 months, of whom 30% would likely purchase an EV and 20% a self-charging hybrid vehicle. In New Zealand, there’s more hesitation towards early adoption, with self-charging hybrid vehicles still a higher purchase consideration than EVs (28% vs 26%).

Current EV owners 

Current Australian EV owners are happy with their experiences. The top satisfaction factor (64%) was the cost savings on fuel, followed by environmental benefits (37%) and taking advantage of solar power for charging (30%).

On the downside, 29% underestimated the importance of accessible charging stations, 23% did not fully consider future resale value and 21% did not fully consider the long-term implications of battery ageing (21%).

Kiwi EV owners were also satisfied with their ownership experiences, with cost savings on fuel topping the charts at 67%, followed by environmental benefits (40%). Additionally, they appreciated the lower maintenance cost of an EV as compared to other vehicle types. Regrets included not opting for a model with a longer range (24%), underestimating the importance of accessible charging stations (23%) and not fully considering the long-term implications of battery ageing (22%).

Prospective EV owners 

For prospective EV owners In Australia and New Zealand, the most common duration they would expect to buy their first EV is 2 to 5 years (37%). However, the number of Australians planning to purchase their first EV within a year rose significantly (from 14% to 22%). Conversely, more Kiwi intenders would wait longer before purchasing (58% selected ranges from 2-10 years vs 51% six months ago).

The top motivations for EV purchases across countries are cost savings on fuel (57% Australia, 72% New Zealand) and environmental benefits (45% Australia, 50% New Zealand). Energy efficiency also grew significantly compared to six months ago with 38% (up from 33%) of Australians and 34% of New Zealanders (up from 30%) listing it as a major motivator. Intenders across both countries are also increasingly interested in the possibility of using solar power to charge their EV (16% vs 19% in Australia, 13% vs 14% in New Zealand) 

Despite cost of living concerns, government rebates were not seen as a key incentive for EV purchase with just 15% of respondents in both countries saying rebates would factor into their decision-making. Australians were more likely to purchase despite rebates ending than New Zealanders (37% vs 27%).

For both Australians and New Zealanders, the top brand considered remains Toyota (48% Australia, 53% New Zealand). Tesla is the next choice for Australians (30%) followed by Hyundai (29%) and Kia (26%). New Zealanders rank Kia second (23%) followed by Hyundai (22%).

A lack of charging stations remains a huge concern for EV owners and intenders. In Australia, 38% expressed concern about station availability and 31% worried about running out of battery mid-journey. While the number of charging stations has surged by 90% in the past year to over 5,000, this is still lagging behind the rate of EV adoption. In comparison, there are over 32,000 charging stations in the UK, 51,000 in Germany, 68,000 in the US and 2.7 million in China.

In New Zealand, charging range anxiety is the biggest concern (48%) with fewer than 1 in 4 people (24%) feeling that the government has invested adequately in EV infrastructure. Currently, EV owners in New Zealand have invested in home power sources to support their charging needs and rely extensively on home charging for long-term cost savings and convenience.

Anna Meiler, Pureprofile’s Managing Director APAC, says: “It’s clear that adoption of EVs in both Australia and New Zealand will continue to rise, however, there currently appears to be a tug of war between sustainability and savings with upfront costs posing a serious barrier to greater uptake. Currently, people do not seem to be factoring government rebates into their EV decisions, but this might be a result of several EV schemes ending in some Australian states and across New Zealand. This leaves some potential for more creative motivation avenues, such as community or business EV share schemes that encourage people to experience EV ownership without the full financial commitment.

“There is also considerable catch-up to do when it comes to charging stations, which are a major pain point for EV drivers in both countries. There’s scope for a solid partnership between the government and private EV manufacturers or ancillary services to urgently accelerate the deployment of public charging infrastructure.”


About Pureprofile

Pureprofile’s vision is to deliver more value from the world’s information.

We are a global data and insights organisation providing industry-leading online research solutions to agencies, marketers, researchers and brands & businesses.

Our research delivers rich insights into real human behaviour and provides the “Why” behind the “What” through our unique ResTech and SaaS solutions. We build in-depth profiles of consumers via our proprietary and partner panels and give businesses the ability to understand, target, and ultimately engage with their audiences.

The Company, founded in 2000 and based in Surry Hills, Australia, now operates in North America, Europe and APAC and has delivered solutions for over 750 clients.

Media contact:

Beroze Dubash for Pureprofile
+61 403 402 228

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