EV Interest Surges Across Australia as Fuel Crisis Bites

Australia's fuel crisis is pushing more drivers toward electric vehicles. Data from three sources (carsales, CommBank and Pickles) all point to the same trend: Australians are researching and financing EVs at rates not seen before.

The conflict in Iran has disrupted global oil supply through the Strait of Hormuz. That has pushed petrol and diesel prices up sharply with prices rising by about 40% since the conflict started in late February. According to fuel check, the average price of unleaded in NSW is $2.51/litre.

Many Australians are now asking whether an EV makes more sense.

Search Interest Nearly Triples

Carsales data shows EV searches jumped 76.7% in the week starting 2 March compared to the week before. Across the full month, searches nearly tripled compared to February.

The most searched EV brands on carsales were BYD, Tesla, Polestar, Zeekr and Geely.

Lifetime consideration, measuring how many non-EV owners would consider buying one, has risen sharply to 55%, up 19% from November 2025.

EV Finance Demand Jumps 161%

CommBank recorded a 161.5% lift in weekly new BEV loan volumes in March compared to the February average. That spike started from 1 March, right as the Iran conflict began affecting fuel supply.

EV purchase enquiries on CommBank's Cars for CommBank portal rose 136% in March. Daily visits to the bank's EV Car Loan product page were up 75% compared to February.

CommBank Product Owner Tim Burdon said: 'There are now more affordable EV and hybrid models available in Australia, giving customers even more choice, and the surge in interest we've seen in March is very significant.'

Business demand is also rising. CommBank reported that business loan applications for Tesla vehicles alone were up 268% in March compared to the same time last year.

BYD Searches Hit a Record

Pickles, the online vehicle auctioneer, tracked a 111% increase in EV searches on its platform between late February and 21 March 2026, compared to the three weeks before.

BYD was the standout brand. Searches for BYD on Pickles rose 123%, from 7,614 to 16,955, a new record for the platform.

Watchlist additions for EVs rose 98%. New users on the platform were up 64%, suggesting more Australians are entering the EV market for the first time.

Pickles general manager Brendon Green said: 'What we're seeing is a strong increase in early-stage demand signals for EVs, particularly in search and consideration activity, which is often the first indicator of a change in buyer behaviour.'

Green added that the activity reflects high purchase intent: 'Consumers are actively looking into EVs and assessing their suitability, rather than passively browsing.' He noted March was a record month for EV sales on the Pickles platform.

EV Sales Were Already Growing

The spike in interest is landing in a market that was already gaining momentum. The latest February EV sales figures (including battery electric and plug-in hybrid) made up 18.6% of all new car and light commercial vehicle sales in Australia in 2025, up from 11.3% from the same time in 2024.

These figures are expected to rise sharply given the flurry of EV activity which as already occurred in March.

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Australia-EU Trade Deal Could Lower EV Prices

Australia and the European Union recently concluded free trade agreement negotiations. The deal includes removing Australia's 5% tariff on European imports and lifting the luxury car tax threshold for EVs to $120,000.

If implemented, those changes could make some European-made EVs more affordable for Australian buyers.

Price Is Still the Main Barrier

Despite the surge in interest, purchase price remains the top barrier for most Australians. Carsales data shows 44% of respondents cited price as their main concern, down from 48% in November 2025.

Carsales data services director Ross Booth noted that transaction prices tend to lag behind sentiment shifts. 'Consumer sentiment can shift quickly, but transaction data and advertised prices usually take longer to adjust,' he said.

Booth added: 'If higher fuel costs persist, we would expect increased interest in more fuel efficient and electric vehicles to gradually flow through to used pricing.'

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