Market Size of Norway Electric Vehicle Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 585 |
| Market Size (2029) | USD 931 |
| CAGR (2024 - 2029) | 9.74 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
