Electric Vehicle Index
December Quarter 2024
Q4 2024 hybrid sales cool off but still leading EVs
Sales of hybrid vehicles continued to exceed those of electric vehicles in the last three months of 2024 despite losing market share amid a slowdown in car sales across the nation, according to the nation’s peak motoring body.
While the market share of hybrids fell from 16.70 per cent in the September quarter to 14.83 per cent in the December quarter, they still outsold EVs, which increased their market share to 7.42 per cent of sales – up from 6.59 per cent.
The AAA EV Index online data dashboard analyses all new light vehicle sales across the country. Its quarterly update shows the December quarter 2024 had the lowest light vehicle sales since the January quarter of 2023.
In national new light vehicle sales:
- total sales (all engine types) fell 0.62% (from 289,098 to 287,294)
- ICE sales rose by 0.63% and ICE market share rose from 74.17% to 75.11%
- battery electric vehicle sales rose 11.93% (from 19,057 to 21,331), which is still lower than the sales and market share achieved in the first half of 2024
- plug-in hybrid (PHEV) sales continued to rise – up 3.18% from Q3 with market share rising from 2.53% to 2.63%
2023-24 National Quarterly New Light Vehicle Sales*
| Fuel type | Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 | Q4 2024 |
| ICE | 222,136 | 246,565 | 247,488 | 248,943 | 228,961 | 236,129 | 214,433 | 215,789 |
| BEV | 17,396 | 25,696 | 22,651 | 21,474 | 25,552 | 25,353 | 19,057 | 21,331 |
| Hybrid | 16,101 | 22,212 | 31,418 | 28,708 | 35,003 | 46,727 | 48,282 | 42,618 |
| PHEV | 1,461 | 2,071 | 3,211 | 4,476 | 3,426 | 4,675 | 7,323 | 7,556 |
| HFCEV | – | – | 2 | 4 | 2 | 5 | 3 | 0 |
| All | 257,094 | 296,544 | 304,770 | 303,605 | 292,994 | 312,889 | 289,098 | 287,294 |
2023-24 National Quarterly New Light Vehicle Market Share*
| Fuel type | Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 | Q4 2024 |
| ICE | 86.40% | 83.15% | 81.20% | 82.00% | 78.16% | 75.47% | 74.17% | 75.11% |
| BEV | 6.77% | 8.67% | 7.43% | 7.07% | 8.72% | 8.10% | 6.59% | 7.42% |
| Hybrid | 6.26% | 7.49% | 10.31% | 9.46% | 11.95% | 14.93% | 16.70% | 14.83% |
| PHEV | 0.57% | 0.70% | 1.05% | 1.47% | 1.17% | 1.49% | 2.53% | 2.63% |
| HFCEV | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
*Data courtesy Federal Chamber of Automotive Industries and Electric Vehicle Council
Hybrid sales fell in all states and territories, except for Tasmania. Nationally, they were down 11.73% from Q3 2024 (from 48,282 to 42,618). This reduction of 5,664 vehicles was largely due to weaker sales for Toyota, which were down 6,337 sales on Q3.
The figures cover the final three months before the Federal Government implemented its New Vehicle Efficiency Standard, which is designed to drive greater sales of EVs and more fuel-efficient vehicles. The scheme took effect in January, and reporting of its effects will start in July.
Trends
There have been significant quarterly fluctuations in car sales over the past two years, producing a clear trend of growth for hybrids but also indicating availability of Toyota models might have a significant impact on the hybrid market.
BEV sales and market share seem to have peaked for now, with both metrics still below their Q2 2024 records. The third and fourth quarters of 2024 featured lower total car sales than any of the preceding five quarters.
In the first half of 2023, BEVs outsold hybrids, but since then hybrids have outsold BEVs in six consecutive quarters. Hybrids are now outselling BEVs even in the ACT, which has long been Australia’s strongest BEV market.
PHEV sales are growing strongly, but from a low base. PHEV sales are strongest in the ACT (6.35% market share in Q4 2024). Tasmania and the NT had the lowest Q4 PHEV market shares – 1.32% and 1.48% respectively. The five largest states had PHEV market shares between 2.48% (in Queensland) and 2.80% (in Victoria), in line with the national market share of 2.63%.
Incentives and market share trends
Plug-in hybrids are currently exempt from fringe benefits tax, which can save buyers thousands of dollars when buying a new car under a novated lease. But this benefit will end in April 2025.
Government rebates for BEV purchases have now ceased in all states and territories, except Western Australia, which will cease this benefit in May.
Fuel types and vehicle types – Q4 2024
Medium SUVs remain Australia’s most popular vehicle segment. They dominate the hybrid, BEV and PHEV markets, but among ICE vehicles they are the fourth-most popular segment behind 4WD utes, small SUVs and large SUVs.
In the December quarter, more than half (69.95%) of new SUVs sold were ICE. About a fifth (19.34%) were hybrids; 6.61% were BEVs; and 4.10% were PHEVs. Of the 7,556 PHEVs sold in the December quarter, 5,962 (or 78.90%) were medium SUVs.
ICE vehicles still dominated all market segments except for medium cars, with 4,812 (58.05%) being BEVs, 22.52% ICE, 18.78% Hybrids and 0.64% were PHEVs.
ICE also accounted for most sales of small cars (67.67% market share in the December quarter) and large cars (64.99%).
More than 99% of utes and vans sold were ICE vehicles.
EV Index
The AAA EV Index quantifies Australia’s vehicle technology transition. It collates information from multiple national, state and territory sources, including information provided by the Federal Chamber of Automotive Industries and the Electric Vehicle Council, used with the FCAI’s and the EVC’s permission.
The Index is intended to enable consumers, businesses, and fleet managers to see the trends transforming the national vehicle market. Its online dashboard covers light vehicles of all fuel types.
For more information – including state and territory sales figures – see evindex.au
