The Victorian budget will fund an A$ 20 million, three-year state-wide trial aimed at transitioning to a zero-emission bus fleet. Companies across the state wishing to trial clean energy technologies will be able to make an expression of interest soon.
The government says the trial will support the state’s economy by boosting the transport equipment manufacturing and electricity supply sectors while driving local skills and innovation development. The Environment and Climate Change Minister made a statement in which she said that the electrification of transport is critical for tackling climate change and creating new jobs in low-carbon industries.
Victoria has a legislated commitment to achieving zero net emissions by 2050 and getting zero emissions across the state’s bus fleet is seen as a critical component. The government is trialling its first fully electric bus and has 40 hybrid buses operating in Melbourne and eight in the Latrobe Valley. It says the electric bus, currently in its second trial phase, has so far saved 61 tonnes of carbon dioxide emissions over 300 days on the road and is travelling nearly 1,000 kilometres on just two charges using 324 kW Lithium Phosphate batteries, the government says.
The Public Transport Minister noted that the investment will help position Victoria as a global leader in sustainable transport solutions and said, “This investment will ensure a cleaner trip for our planet and deliver hundreds of long-term jobs in the technology of the future.”
According to recent research, the electric Vehicle Market is projected to reach 26,951,318 units by 2030 from an estimated 3,269,671 units in 2019, at a CAGR of 21.1% during the forecast period. The base year for the report is 2018, and the forecast period is from 2019 to 2030.
The electric vehicles market has witnessed rapid evolution with the ongoing developments in the automotive sector. Favourable government policies and support in terms of subsidies and grants, tax rebates and other non-financial benefits in the form of carpool lane access, and new car registration, the increasing vehicle range, better availability of charging infrastructure and proactive participation by automotive OEMs would drive the global electric vehicle sales.
In addition, the growing sensitivity of various governments toward a cleaner environment has increased the demand for zero-emission vehicles. Developed nations such as the US, Germany, and the UK are actively promoting the use of electric vehicles to reduce emissions, which has resulted in the growth of electric vehicle sales.
The future of EVs is expected to be bright and with time the price of batteries, one of the most vital components in an EV, is reducing significantly which would make EVs more affordable. The mid-priced vehicle class has limited features with less emphasis on features like infotainment, instrument cluster, and other expensive features.
The commercial vehicle segment is expected to be the fastest-growing market. The increasing adoption of electric buses has contributed to the growth of the electric commercial segment. Several countries are expected to replace their existing fuel-based bus fleet with electric buses.
The increasing trend of replacement of fossil fuel-based public transport fleet with electric buses will drive the growth of electric commercial vehicles during the forecast period. Additionally, the growth of e-commerce, logistics, and shared mobility will drive the growth of electric commercial vehicles during the forecast period.
The Asia Pacific market is expected to witness the fastest growth, followed by Europe and North America. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth of electric vehicle.
