The latest research from global data and insights company, Pureprofile, has found that an impressive 94% of existing Australian electric vehicle (EV) owners would choose to buy another one when the time comes to replace their current vehicle. However, the growing cost of living is proving to be a significant deterrent for potential buyers, with 70% expressing worries about this issue.

The key factors influencing satisfaction for current Australian EV owners are the cost savings on fuel (64%), followed by the environmental benefits (37%), and the use of solar power for charging (30%). There has also been a notable increase in the number of Australians planning to buy their first EV within the next year, rising from 14% to 22%.

According to data taken from more than 2,000 Australian and 1,000 New Zealand respondents in March 2024, there's been little growth in EV ownership since the last survey completed in August 2023. International Energy Association data shows that both markets still trail behind other countries; only 0.6% of Australian cars are EVs compared to 1.3% in the US, 2.8% in the UK, and 4% in Germany.

Interestingly, about one in two Australians (52%) are contemplating buying a new car within the next 12 months, of whom 30% are likely to opt for an EV and 20% for a self-charging hybrid vehicle. Over in New Zealand, there seems to be more hesitancy with self-charging hybrid vehicles still considered a more popular option than EVs (28% vs 26%).

Australian EV owners have expressed happiness with their choice, with 64% reporting fuel cost savings as the top satisfaction factor. Yet there have been some hurdles encountered, such as accessible charging stations, which 29% underestimated the importance of, as well as 23% not fully considering future resale value, and 21% not fully considering the implications of battery ageing.

The findings highlight potential growth areas in the EV market. In both Australia and New Zealand, the most common timeframe prospective owners anticipate purchasing their first EV is within 2 to 5 years (37%). However, the number of Australians planning to buy their first EV within a year has grown significantly. The top motivations for buying an EV in both countries were fuel cost savings and environmental benefits. The interest in using solar power to charge EVs has also increased.

Interestingly, despite cost of living being a main concern, government rebates were not marked as a major incentive for EV purchase, with only 15% of respondents in both countries saying that rebates would affect their decision-making.

Both Australian and New Zealander car buyers consider Toyota as their top brand choice for EV. Following Toyota, Australians are more likely to choose Tesla (30%), whereas New Zealanders prefer Kia (23%).

A key concern for both existing and prospective EV owners is the lack of charging infrastructure. In Australia, 38% expressed apprehension about station availability. This concern is not unfounded as the growth in charging stations is lagging behind the rate of EV adoption, despite a surge of 90% in the past year to over 5,000 stations. 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.

Anna Meiler, Pureprofile's Managing Director APAC, recognises that EV adoption in both Australia and New Zealand will continue to rise. She suggests, however, that there is a "tug of war between sustainability and savings with upfront costs posing a serious barrier to greater uptake." She also identifies the need for greater efforts in developing charging infrastructure, suggesting a "solid partnership between the government and private EV manufacturers" to boost deployment across both countries.