Electric Vehicles - Norway

Norway

In 2024, the projected revenue in the Electric Vehicles market in Norway is expected to reach €7.0bn.
This market segment is projected to show a compound annual growth rate (CAGR 2024-2029) of 17.30%.
As a result, the projected market volume in Norway is expected to reach €15.5bn by 2029.
By 2029, the unit sales of Electric Vehicles market in Norway are expected to reach 272.80k vehicles.
The volume weighted average price of Electric Vehicles market in Norway in 2024 is projected to be €56.1k.
In an international comparison, it is evident that China is expected to generate the highest revenue in the Electric Vehicles market, amounting to €349,100m in 2024.
Norway leads the way in electric vehicle adoption, with strong government incentives and a comprehensive charging infrastructure.

Key regions: United States, Germany, Netherlands, China, United Kingdom

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Analyst Opinion

Norway is known for its stunning fjords, picturesque landscapes, and a high standard of living. However, it is also gaining recognition for its impressive adoption of electric vehicles (EVs).

Customer preferences: Norwegian consumers have shown a strong preference for electric vehicles due to several factors. Firstly, the Norwegian government has implemented policies and incentives to promote the use of EVs, such as tax exemptions, toll road discounts, and free parking. These incentives have made EVs more affordable and convenient for consumers. Additionally, Norway has a strong environmental consciousness, and the desire to reduce carbon emissions has played a significant role in driving the demand for EVs.

Trends in the market: The market for electric vehicles in Norway has experienced significant growth in recent years. One of the key trends in the market is the increasing number of EV models available to consumers. Major automakers have been expanding their EV offerings, providing consumers with more choices and options. This has contributed to a wider acceptance and adoption of EVs in the country. Furthermore, the infrastructure for charging EVs has also improved, with an increasing number of charging stations being installed across the country. This has alleviated range anxiety and made EVs a more viable option for consumers.

Local special circumstances: Norway's unique geography and small population size contribute to the success of the EV market. The country has a well-developed public transportation system, which reduces the need for long-distance travel by car. This makes EVs a suitable option for many Norwegians who primarily use their vehicles for short commutes. Additionally, Norway has an abundance of renewable energy sources, such as hydropower, which makes charging EVs more environmentally friendly.

Underlying macroeconomic factors: Norway's strong economy and high disposable income levels have also played a role in the growth of the EV market. The country has a high GDP per capita, allowing consumers to afford the higher upfront costs of EVs. Additionally, the Norwegian government's commitment to sustainable development and reducing carbon emissions aligns with the global trend towards cleaner transportation options. This has created a favorable environment for EV manufacturers and consumers alike. In conclusion, the electric vehicle market in Norway is thriving due to a combination of customer preferences, favorable government policies, improved infrastructure, and the country's unique circumstances. The increasing availability of EV models, along with incentives and a well-developed charging infrastructure, has made EVs an attractive option for Norwegian consumers. Furthermore, Norway's commitment to sustainability and its strong economy have further bolstered the growth of the EV market in the country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).