Despite some fluctuations, the rise of EVs and the surge in new hybrid sales are steadily eroding the traditional ICE vehicle market, Australia’s lead motoring association has found.
Analysing the FCAI’s monthly sales data, the Australian Automobile Association found hybrid vehicles had the strongest growth, diminishing EVs slightly and cutting into the ICE market during the second quarter of 2024.
Total ICE sales as part of the overall car parc fell from 78.16 per cent to 75.47 per cent, even though the sales across the quarter rose 10.25 per cent.
Full electric vehicle sales declined by slightly less than one per cent (0.78 per cent from 25,552 to 25,353) dropping from a market high of 8.72 per cent to 8.10 per cent.
Hybrid sales grew by 33.49 per cent, with the hybrid market share rising from 11.95 per cent to 14.93 per cent.
Emerging trends
The sales figures since the start of 2023 highlight three major trends
EV sales continue to grow, albeit with some fluctuations. They share rose from 6.77 per cent to peak at 8.72 per cent in Q1 2024, before declining slightly in Q2 2024, and now sit at 25,353 new EVs per quarter.
Canberra led the way with Ev uptake, followed by NSW at slightly less than 10 per cent but this dropped in the second quarter of 2024. Victoria bucked the trend by increasing its EV uptake slightly to 7.99 per cent but still trails Queensland and WA in percentage ownership.
The ICE share of a growing market has declined by almost 11 per cent (down from 86.40 per cent to 75.47 per cent).
Over the past six quarters, ICE market share peaked in Q1 2023 (86.40 per cent) and sales volume peaked in Q4 2023 (248,943).
ICE accounted for more than 99 per cent of utes, more than 98 per cent of vans, and over 97 per cent of people movers sold, but only 18.04 per cent of medium-sized cars.
BEVs accounted for 46.7 per cent of medium car sales and 27.08 per cent of large car sales, and also performed relatively strongly in the medium SUV segment (11.25 per cent of sales).
Hybrids sold most strongly among medium cars (34.54 per cent), medium SUVs (28.98 per cent), small cars (17.27 per cent) and small SUVs (14.74 per cent). Total sales and market share in each of these categories rose from the previous quarter.
The EV Index
The AAA’s Index is designed let to consumers, businesses, and fleet managers to see the trends transforming the national vehicle market.
For more information – including state and territory sales figures – see evindex.au