Norway Electric Vehicle Market Size
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Study Period | 2018 - 2029 |
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Base Year For Estimation | 2023 |
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Market Size (2024) | USD 585 |
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Market Size (2029) | USD 931 |
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CAGR (2024 - 2029) | 9.74 % |
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Market Concentration | High |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Norway Electric Vehicles Market Analysis
The Norway Electric Vehicle Market size is estimated at USD 585 in 2024, and is expected to reach USD 931 by 2029, growing at a CAGR of 9.74% during the forecast period (2024-2029).
Over the long term, rapid technological developments in the EV market are expected to drive the electric car market in Norway. Further, improvements in design and manufacturing and changing consumer preferences continue to transform the structures and systems that underpin the automotive industry. An example of such transformation is the rapid rise in the demand for electric vehicles.
Norway emerged as a global pioneer in electric vehicle (EV) adoption, particularly Plug-In Hybrid Electric Vehicles (PHEVs). The country's commitment to lowering carbon emissions and supporting sustainable transportation alternatives fueled significant growth in the country's vehicle market for PHEVs. Norway's favorable legislation, incentives, and charging infrastructure produced a favorable climate for the mass adoption of PHEVs.
In 2022, more than 80% of new cars purchased in Norway were electric, putting the country at the vanguard of the shift to battery-powered mobility. Despite past competition between fully electric and hybrid vehicles, Norway's 2022 budget, which cut the tax benefit for hybrids, led to a move to pure electric vehicles, with hybrid sales market share plummeting from 19% to 6.6% in the same month. Norway also became an observatory for understanding the environmental repercussions of the electric car revolution. Internal combustion engine automobiles will be phased out of the market by 2025.
Eight out of ten Norwegian buyers are opting for completely electric vehicles over combustion engines. It is a significant step toward the country's climate objective of 100% BEV sales by 2025.
Hence, the factors above are expected to drive Norway's eclectic car market.
Norway Electric Vehicle Market Trends
Developing Charging Infrastructure in the Country May Boost the Market Growth
Norway's strong charging station network further benefited EV adoption by reducing the range anxiety of customers and allowing drivers to visit any place in the country without worrying. It is especially critical given the steep and sometimes remote landscape. To serve a network of over 480,000 EVs, Norway presently includes about 23,766 charging stations, with over 3,000 fast chargers. For better feasibility, the country contains a charging station in every 30 miles in the nation.
The Norwegian government agency Enova, which is in charge of funding and advising on energy and climate initiatives, funded NOK 50.5 million (USD 4.7 million) for fast-charging infrastructure, with 230 stations completed so far. It offered support to charging infrastructure projects.
A big component of Norway's EVSE investment strategy includes financial assistance for housing organizations to purchase and install chargers, with subsidies of 20-50% of the cost available in numerous locations.
Another element contributing to Norway's adoption success is the country's plentiful hydropower, which accounts for more than 90% of the country's electricity output. This clean energy source contributes to a steady power grid, allowing for a low-cost, dependable power supply for EVs. Norway's public charging stations benefit from a dependable power supply, as do the unusually high proportion of single-family residences that can charge an EV.
Every major route in the country now includes a rapid charging station. More than 4,000 automobiles can fast charge at the same time, eliminating the need for queues. Furthermore, the nation is working to build wireless charging infrastructure to facilitate the rise of electric taxis in the country. For instance,
- In March 2023, To achieve a zero-emission cab system by 2023, Oslo is expected to deploy wireless charging stations for electric taxis in the country. The project's goal is to implement wireless charging through induction technology. The initiative will be the country's first wireless fast-charging infrastructure for electric taxis, as well as aid in the advancement of wireless charging technologies for all EV drivers.
Such initiatives taken by the government of Norway are expected to drive market growth during the forecast period.
Understand The Key Trends Shaping This Market
Government Incentives are Expected to Drive the Market
The Norwegian government took steps to accelerate the transition to electric vehicles. It was one of the first countries to establish tax breaks for EV purchases. Other consumer-oriented incentives to buy EVs followed, ranging from reduced road tolls to free municipal parking and bus lanes. These incentives were eventually phased off as EV use rose.
The Norwegian government designed a comprehensive package of incentives to encourage the market adoption of zero-emission automobiles. Regional administrations gradually gave incentives to accelerate the changeover, including zero road traffic insurance fees, purchase tax, VAT, and 50% of ordinary toll costs on highways and ferries.
With EVs accounting for more than 20% of passenger vehicles in the country, the country's acceptance of these EVs is exceedingly beneficial, resulting in rapid market development. Key automotive manufacturers restructured their business methods and offered customized products that aligned with the country's requirements. For instance,
- In December 2022, Hyundai Motor Norway announced that it would only sell plug-in hybrid and battery electric vehicle models such as Tucson Plug-In Hybrid and Santa Fe Plug-in Hybrid.
Hence, the initiatives mentioned above are expected to drive the market over the forecast period.
Norway Electric Vehicle Industry Overview
The Norway Electric Cars Market is moderately consolidated, with the top five companies occupying 28.01%. The major players in this market are AB Volvo, Hyundai Motor Company, Nissan Motor Company Ltd., Tesla Inc., and Volkswagen AG. Major players in the region are focusing on expanding their presence in the region. For instance,
- In January 2023, Bilia Norge AS became an importer and dealer for Great Wall Motor's automotive brands in Norway. Great Wall Motor's establishment comprises import activities as well as dealer operations with automobile sales and aftermarket services. Great Wall Motors' electric car brand ORA will be marketed in Norway in the first half of 2023. The partnership with Bilia allows Great Wall Motor to introduce more automobile brands in Norway in the future.
Hence, such developments in the near future are expected to drive the market in the region.
Norway Electric Vehicle Market Leaders
Audi AG
Hyundai Motor Company
Nissan Motor Company Ltd
AB Volvo
Tesla Inc
*Disclaimer: Major Players sorted in no particular order
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Norway Electric Vehicle Market News
- June 2023: Hiphi released European pricing for its X and Z versions, which are now available to purchase in Germany and Norway. The HiPhi X and HiPhi Z will be followed by the HiPhi Y, which was shown at the Shanghai Auto Show last month. It will be ready for order by the end of 2023, fully planned and engineered for European markets.
- April 2023: Ford stated that it would launch worldwide exports of the F-150 Lightning electric truck for the first time in Norway, where electric vehicles account for 80% of new car sales. Customers in Norway will be able to purchase the F-150 Lightning Lariat Launch Edition solely in Super Crew Cab body type via Ford EV dealers in Norway. It will also be able to service electric F-150 Lightning, Mustang Mach-E, and E-Transit customers.
- February 2023: JAC Motors announced the debut of its 500 e-JS4 passenger automobiles, which will be exported to Norway. JAC's entry into Northern and Western Europe, as well as other conventional car industry giants, is marked by the shipment of these new energy-electric vehicles to Norway, France, and Spain.
Norway Electric Vehicle Market Report - Table of Contents
0. INTRODUCTION
0_0. Study Assumptions and Market Definition
0_1. Scope of the Study
1. RESEARCH METHODOLOGY
2. EXECUTIVE SUMMARY
3. MARKET DYNAMICS AND INSIGHTS
3_0. Market Overview
3_1. Market Drivers
3_1_0. Government Incentives are Expected to Drive the Market
3_2. Market Restraints
3_2_0. High Cost of Electric Cars is Expected to Hamper the Market Growth
3_3. Industry Attractiveness - Porter's Five Forces Analysis
3_3_0. Bargaining Power of Suppliers
3_3_1. Bargaining Power of Buyers
3_3_2. Threat of New Entrants
3_3_3. Threat of Substitutes
3_3_4. Intensity of Competitive Rivalry
3_4. Insights on Latest Trends and Technological Innovations in the Industry
3_5. Impact of COVID-19 on the Market
4. MARKET SEGMENTATION (Market Size in USD)
4_0. By Body Type
4_0_0. Hatchbacks
4_0_1. Sedan
4_0_2. Sports Utility Vehicle (SUV)
4_0_3. Multi-Purpose Vehicle (MPV)
4_1. By Fuel Type
4_1_0. Battery Electric Vehicle (BEV)
4_1_1. Fuel Cell Electric Vehicle (FCEV)
4_1_2. Hybrid Electric Vehicle (HEV)
4_1_3. Plugin Hybrid Electric Vehicle (PHEV)
5. COMPETITIVE LANDSCAPE
5_0. Market Concentration Overview
5_1. Company Profiles
5_1_0. Audi AG
5_1_1. Hyundai Motor Company
5_1_2. Nissan Motor Company Ltd
5_1_3. AB Volvo
5_1_4. Tesla Inc
5_1_5. Renault Group
5_1_6. Volkswagen AG
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
7. DISCLAIMER AND ABOUT US
List of Tables & Figures
- Figure 1:
- NORWAY ELECTRIC CARS MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
- Figure 2:
- NORWAY ELECTRIC CARS MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
- Figure 3:
- NORWAY ELECTRIC CARS MARKET, CVP YOY GROWTH RATE, 2016 – 2027
- Figure 4:
- NORWAY ELECTRIC CARS MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 5:
- NORWAY ELECTRIC CARS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 6:
- NORWAY ELECTRIC CARS MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
- Figure 7:
- NORWAY ELECTRIC CARS MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
- Figure 8:
- NORWAY ELECTRIC CARS MARKET, DISTRIBUTION OF GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY, SHARE %, 2021
- Figure 9:
- NORWAY ELECTRIC CARS MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
- Figure 10:
- NORWAY ELECTRIC CARS MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
- Figure 11:
- NORWAY ELECTRIC CARS MARKET, VOLUME IN UNITS, 2016 – 2026
- Figure 12:
- NORWAY ELECTRIC CARS MARKET, VALUE IN USD, 2016 – 2026
- Figure 13:
- NORWAY ELECTRIC CARS MARKET, BY SUB BODY TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 14:
- NORWAY ELECTRIC CARS MARKET, BY SUB BODY TYPE, BY VALUE IN USD, 2016-2028
- Figure 15:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
- Figure 16:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
- Figure 17:
- NORWAY ELECTRIC CARS MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2016-2028
- Figure 18:
- NORWAY ELECTRIC CARS MARKET, BY HATCHBACK, BY VALUE IN USD, 2016-2028
- Figure 19:
- NORWAY ELECTRIC CARS MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2016-2028
- Figure 20:
- NORWAY ELECTRIC CARS MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2016-2028
- Figure 21:
- NORWAY ELECTRIC CARS MARKET, BY SEDAN, BY VOLUME IN UNITS, 2016-2028
- Figure 22:
- NORWAY ELECTRIC CARS MARKET, BY SEDAN, BY VALUE IN USD, 2016-2028
- Figure 23:
- NORWAY ELECTRIC CARS MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2016-2028
- Figure 24:
- NORWAY ELECTRIC CARS MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2016-2028
- Figure 25:
- NORWAY ELECTRIC CARS MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
- Figure 26:
- NORWAY ELECTRIC CARS MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
- Figure 27:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 28:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
- Figure 29:
- NORWAY ELECTRIC CARS MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
- Figure 30:
- NORWAY ELECTRIC CARS MARKET, BY BEV, BY VALUE IN USD, 2016-2028
- Figure 31:
- NORWAY ELECTRIC CARS MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
- Figure 32:
- NORWAY ELECTRIC CARS MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
- Figure 33:
- NORWAY ELECTRIC CARS MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
- Figure 34:
- NORWAY ELECTRIC CARS MARKET, BY HEV, BY VALUE IN USD, 2016-2028
- Figure 35:
- NORWAY ELECTRIC CARS MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
- Figure 36:
- NORWAY ELECTRIC CARS MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
- Figure 37:
- NORWAY ELECTRIC CARS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
- Figure 38:
- NORWAY ELECTRIC CARS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
- Figure 39:
- NORWAY ELECTRIC CARS MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Norway Electric Vehicle Industry Segmentation
An electric car can be defined as a passenger automobile that an electric motor can power. It can take electricity from a battery and is capable of being charged. An electric car operates on an electric motor instead of an internal combustion engine that generates power by burning a mix of fuel and gases.
The Norway Electric Car Market is segmented by body type and by fuel type. By body type, the market is segmented into hatchbacks, sedans, sports utility vehicles (SUVs), and multi-purpose vehicles (MPVs). By fuel type, the market is segmented into battery electric vehicles (BEV), fuel cell electric vehicles (FCEV), hybrid electric vehicles (HEV), and plugin hybrid electric vehicles (PHEV).
The report offers market size and forecasts for all the above segments in terms of value (USD) for all the above segments.
| By Body Type | |
| Hatchbacks | |
| Sedan | |
| Sports Utility Vehicle (SUV) | |
| Multi-Purpose Vehicle (MPV) |
| By Fuel Type | |
| Battery Electric Vehicle (BEV) | |
| Fuel Cell Electric Vehicle (FCEV) | |
| Hybrid Electric Vehicle (HEV) | |
| Plugin Hybrid Electric Vehicle (PHEV) |
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Market Definition
- Body Type - Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat.
- Engine Type - Hybrid and electric vehicles are vehicles that run on batteries and use one or more electric motors for propulsion.
- Fuel Type - Hybrid and electric vehicles include HEV, PHEV, BEV, and FCEV.
- Sub Body Type - The sub-body type includes Hatchback, Sedan, SUV, and MPV.
- Vehicle Type - Passenger vehicles which includes electric powered cars and vehicles, sports utility vehicles, multipurpose vehicles
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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