Hybrids outpacing rivals in new car growth

Electric car being charged. | Newsreel
The market share of new electric vehicles continues to grow. | Photo: Marcus Lindstrom (iStock)

Electric vehicle sales continue to increase, with the market share of petrol and diesel light vehicles dropping below 80 percent for the first time.

The Australian Automobile Association’s quarterly update of its Electric Vehicle (EV) index showed continued growth in battery electric vehicle (BEV) and hybrid new vehicle sales, with both segments recording record market share in the three months to March 31.

During that time sales of cars and SUVs using internal combustion engines (ICE) fell by 8.03 percent, compared to the previous quarter, bringing market share down to 78.18 percent and below 80 percent for the first time.

The report showed BEV sales reached 8.70 percent market share, but were outsold by hybrids, which recorded record sales volume and a market share of 11.95 per cent.

Plug-in hybrid vehicles (PHEVs) and hydrogen fuel cell electric vehicles (HFCEVs) still have very small market shares, accounting for less than 2 percent of total new light vehicle sales in the quarter.

In the quarter, total national light vehicle sales fell by 3.54 percent, but year-on-year ( March 31, 2023 to March 31, 2024) total sales rose by 13.91 per cent.