08 May 2024
How are Australians feeling about EVs?

How are Australians feeling about EVs?

  • Based on a survey conducted by QBE, more than 60% of people who don’t own an EV would consider buying one1
  • Environmental impact and running costs are key drivers for buyers and potential buyers
  • Over 57% of EV owners surveyed by QBE drive a Tesla

Confidence levels around electric vehicles (EVs) are growing, with EVs accounting for 8.45% of all new cars sold in 2023. That’s more than double the 3.81% in 2022.2

In a survey of 1,000 Australians conducted by QBE in February 2024, results showed that positive environmental impacts and running costs are two primary drivers behind the decision to purchase an EV.3

Reasons for buying an EV

In our survey, we found that 9.5% of drivers owned a battery-operated or hybrid electric vehicle. Of those, respondents told us the things that were important to them.

80.8% said the positive environmental impact was a key factor in choosing an EV, while 84.6% cited cheaper running costs. 53.8% believed an EV offered good long-term value.4

The availability of electric vehicle charging stations played a part in the decision-making process for 30.8%, while resale value was a consideration for just 15.4% of buyers.5

Of the respondents who didn’t yet own an EV:

  • 60.6% said they would consider buying one6
  • Of those, 39.4% are planning to buy in the next 1-2 years7, and 32.6% in the next 3-4 years8

In line with the views of those who already own EVs, we asked respondents what things were important to them. Environmental impact was a key consideration for many (74.1%), along with cheaper running costs (70.7%).9

Most popular brands of EV in Australia

While there may be 99 different models of EVs available in Australia, Tesla currently dominates sales.10 The data from QBE’s survey also shows that of the customers who have an EV, 57.7% drove a Tesla, with 11.5% driving a Ford, and 11.5% a BMW.11

Tesla Model Y was the most popular model in Australia, selling 28,769 in 2023 – up 230% on 202212. This was followed by 17,347 sales of the Tesla Model 3 with the US manufacturer taking a significant share of the total 87,217 sales in 2023.13

We asked people for their key deciding factors when choosing the brand of EV to buy. Our data found the key considerations to be running costs (69.2%), reviews and reputation (57.7%), charging time (53.8%) and upfront price (50%).

For the people who didn’t have an EV, our data suggests these customers are considering a wider range of manufacturers, which include:

  • Tesla – 38%
  • Hyundai – 28%
  • Mazda – 23%
  • BMW – 15%
  • and Audi – 14%
Electric vehicle parking space

What prevents people from buying an EV?

Almost 14% of people surveyed said they wouldn’t consider buying an EV in the future, while 25% were undecided.14

We asked people to tell us the things that were stopping them from buying an EV now. 67.7% who didn’t own an EV were waiting for costs to come down.15 Another factor was a lack of current charging infrastructure – 60.2% said they’re waiting for more EV charging infrastructure to become available, while the maintenance and battery replacement costs was a factor for 59%.16

Will EVs outsell petrol and diesel cars?

So, will EVs become more popular than petrol and diesel cars? The people we surveyed believed they would – in time. When looking to the future, 42.3% of those polled believed EVs will overtake petrol and diesel models in the future, with a further 42% believing they could, but it will take some time.

When quizzed about the reasons they believed EVs would become the dominant vehicle, 72.6% said it was because of sustainability and the environmental impact, and 75.7% named the rising cost of fuel.

Cheaper options becoming available (66%), a greater range of models to choose from (55.9%) and more EV charging infrastructure (46.9%) were also key reasons chosen.

While EV vehicles have gained popularity, it's important to look at the risks associated with owning an electric vehicle.

Car insurance for EVs

Insurance is another factor to consider when purchasing an EV, and of the people QBE surveyed, almost 21% have looked into car insurance.17

1 QBE polling data
2 Australian Electric Vehicle Industry Recap 2023 – Electric Vehicle Council
3 QBE surveyed a group of Australians, and in response, 1,000 people provided their feedback to the questions QBE asked. Following those responses, the data has been collated and provided in this article.
4 QBE polling data
5 QBE polling data
6 QBE polling data
7 QBE polling data
8 QBE polling data
9 QBE polling data
10 Australian Electric Vehicle Industry Recap 2023 – Electric Vehicle Council
11 QBE polling data
12 VFACTS 2023: More than 87,000 EVs sold last year – carsales.com.au
13 VFACTS 2023: More than 87,000 EVs sold last year – carsales.com.au
14 QBE polling data
15 QBE polling data
16 QBE polling data
17 QBE polling data

This advice is general in nature and has been prepared without taking into account your objectives, financial situation or needs and may not be right for you. You must decide whether or not it is appropriate, in light of your own circumstances, to act on this advice. To decide if QBE’s products are right for you, please ensure you obtain and consider the Policy Wording or Product Disclosure Statements and Target Market Determinations, available online at QBE.com/au. Insurance issued and underwritten by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545).

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