Norway electric vehicle (EV) market is estimated to grow at a CAGR of more than 18.0% during the forecast period. As per the World Economic Forum’s report ‘EVs for smarter cities’, the future of mobility identifies a number of guiding principles to encourage EV adoption. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. Norway’s EV market claimed more than 50% of the overall automobile market in 2019.
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The growing environmental concerns along with cohesive government initiatives are some major aspects to propel the adoption of EVs in the country, thereby fueling the market growth. Norway’s government has plans to divert the consumers from fossil fuels that include a goal to end the sale of fossil-fuel burning cars by 2025. For fulfillment of this goal the government of the country offer several benefits to the drivers of EVs such as no road tax, exemption from 25% VAT on sales and purchase of EVs, free parking in public places, reduced road and ferry tolls, access to use bus and collective traffic lanes, and free battery charging at publicly funded charging stations.
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The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on Battery Type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on battery type, the Li-ion battery is anticipated to witness considerable growth during the forecast period.
Norway Electric Vehicle Market Segmentation
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
By Battery Type
- NiMH
- Li-Ion
- Others
Company Profiles
- AB Volvo
- Audi AG
- BMW AG
- Daimler AG
- Ford Motor Co.
- Hyundai Motor Co.
- Nissan Motor Co.
- Tata Motors Ltd. (Jaguar)
- Tesla, Inc.
- Volkswagen AG
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