In a CEFC report, it is said that electric vehicles could represent 90 per cent of all cars and light commercial vehicles on Australian roads by 2050, supported by $1.7 billion in private investment in new charging infrastructure.
The modelling forecasts a surge in electric vehicle (EV) sales from as early as 2021, based on the right combination of incentives, models and infrastructure. It also finds that, on current trends, EVs could have the same driving range capabilities as diesel or petrol-fuelled cars by 2024, addressing one of the biggest consumer concerns about EVs.
CEFC CEO Ian Learmonth said: “Australians have traditionally been early adopters of new technology, but we’re lagging when it comes to EVs. This research shows that we can increase the uptake of EVs in a way that benefits drivers as well as the environment. It’s about lowering prices, supporting more models and creating a charging network.
“The reality is that the transition to EVs is inevitable. We’re already seeing vehicle makers confirm they will stop producing pure internal combustion engines over the coming years. At the same time, we’re seeing dramatic improvements in vehicle charging networks, creating the essential infrastructure to support electric vehicles. These measures can deliver a material improvement on our greenhouse gas emissions, as well as take our vehicle fleet into the 21st century.
“Right across the clean energy economy, we are seeing dramatic falls in prices as the use of new technologies becomes more widespread and as the private sector responds to new investment opportunities. We can expect to see the same trends in the EV market, with increased sales driving down vehicle purchase costs and private investors financing new charging infrastructure to service this new market opportunity.”
The CEFC and ARENA commissioned energy specialist Energeia to assess Australia’s EV market, and to examine measures to accelerate the uptake of EVs, and the associated requirements for vehicle charging infrastructure.