Finland’s Electric Vehicle market is estimated to grow at a CAGR of more than 15.0% during the forecast period. 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.
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In Finland, the grants given to the purchaser of EV vehicle is anticipated to promote the growth of the EV market in the country. In Finland, the individuals can receive up to $2,200 for new BEVs, as long as the list price of the car does not exceed $54,500. In addition, the Finnish government runs scrapping schemes every couple of years (in 2015, 2017 and 2018, and probably again in the near future) that offer individuals bonuses of up to $2,200 for scrapping old diesel/gasoline vehicles and buying new BEVs/PHEVs. Moreover, the tax benefit provided by the government is further anticipated to promote market growth. In the country, EVs pay the minimum rate (5%) of the CO2 based registration tax. Also, in Finland, fuel taxes have more than doubled the price of diesel, and more than tripled the price of gasoline, making EVs a much more affordable option.
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Market Segmentation
Finland Electric Vehicle Market by Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
Finland Electric Vehicle Market by Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
Finland Electric Vehicle Market by Battery Type
- NiMH
- Li-Ion
- Others
Company Profiles
- Ford Motor Co.
- Jaguar Land Rover
- Kia Motors Corp.
- Mitsubishi Motors Corp.
- Nissan Motor Co.
- Renault Group
- Tesla, Inc.
- Toyota Motor Corp.
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