Norway Electric Vehicle Charging Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 27.08 Thousand units |
| Market Volume (2029) | 60.47 Thousand units |
| CAGR (2024 - 2029) | 17.43 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Norway Electric Vehicle Charging Equipment Market Analysis
The Norway Electric Vehicle Charging Equipment Market size is estimated at 27.08 Thousand units in 2024, and is expected to reach 60.47 Thousand units by 2029, at a CAGR of 17.43% during the forecast period (2024-2029).
- Over the medium term, increasing adoption of electric vehicles and related investments and rising subsidies and incentives for electric vehicles across the region are expected to drive the demand for the electric vehicle charging equipment market during the forecast period.
- On the other hand, the high cost of Setting up EV charging stations can significantly restrain the growth of the electric vehicle charging equipment market.
- Nevertheless, innovations in charging technology, such as fast and ultra-fast chargers and the development of smart charging infrastructure that integrates with grid management systems, creates new opportunities in the electric vehicle charging equipment market in the near future.
Norway Electric Vehicle Charging Equipment Market Trends
Increasing Adoption of Electric Vehicles and Related Investments drives the Market
- Norway is witnessing a notable uptick in electric vehicle (EV) adoption, propelling the growth of its EV charging equipment market. As a prominent global player in EV production, Norway is pivoting towards clean energy, with electric vehicles taking center stage in corporate focus. Over recent years, EV sales in the region have surged.
- For instance, the International Energy Agency (IEA) reported that in 2023, Norway sold 0.10 million electric vehicles, marking a 66.67% increase from 2019, albeit a dip from prior years. Given the government's recent supportive policies, a significant uptick in EV sales is anticipated in the region.
- Norway's government has rolled out a suite of policies and incentives to champion electric vehicles. These initiatives have bolstered the demand for EV charging infrastructure and equipment. With ambitions to quadruple EV sales, the government is actively pushing for a robust EV market.
- As a testament to its commitment, the government mandated that by 2025, all new car sales must be zero-emission (either electric or hydrogen). Additionally, a 25% VAT exemption on new electric vehicle purchases is capped at 500,000 Norwegian kroner (approximately USD 46,800). Such measures are poised to not only boost EV production but also escalate the demand for charging infrastructure in the coming years.
- Moreover, the transition to electric vehicles plays a pivotal role in meeting net-zero carbon emission goals. To further this agenda, the government is channeling investments to bolster EV production in collaboration with leading companies.
- In a significant move, January 2024 saw Norway's USD 1.5 trillion wealth fund amplifying its stakes in Tesla Inc. and BYD Company, signaling a push to ramp up plug-in car production. With these companies poised to elevate their output, the demand for EV charging infrastructure is set to rise correspondingly.
- In summary, these concerted efforts and initiatives not only underscore Norway's commitment to EV production but also highlight the anticipated surge in demand for EV charging infrastructure and equipment in the foreseeable future.
Public Charging Application Witness Significant Growth
- Norway leads the Nordic countries in the adoption of electric vehicle (EV) and the development of charging infrastructure. The expansion of EV charging infrastructure significantly influences EV adoption, with the availability of charging points playing a pivotal role in consumer purchasing decisions.
- Norway boasts one of the largest networks of EV charging stations in Europe. For example, the International Energy Agency (IEA) reported that in 2023, Norway had 27,000 EV charging points, marking a 12.03% increase from 2022 and a remarkable 92.85% surge since 2019. With the rising demand for EVs and their infrastructure, Norway is set to further expand its charging points in the coming years.
- Through various government initiatives, Norway has been a strong advocate for EV adoption, significantly influencing both public charging infrastructure and the market for EV charging equipment. These initiatives aim to bolster the number of public charging points in the coming years.
- For instance, in January 2024, the EFTA Surveillance Authority (ESA) greenlit a budget boost for Norway's alternative fuel infrastructure scheme, aimed at zero-emission vehicle charging. The annual budget for this scheme will jump from NOK 200 million (USD 18.7 million) to NOK 500 million (USD 46.8 million). Such financial commitments are poised to bolster public charging infrastructure and amplify the demand for EV charging equipment in the region.
- Moreover, the government is partnering with top organizations in EV charging infrastructure development to proliferate charging points nationwide. In response to the surging demand for public charging points, several companies have rolled out their initiatives.
- For instance, Greenstation operated ten charging stations in Norway as of 2023 and aims to double that by year-end. The company has global ambitions, targeting 1,000 international charging hubs by 2030, with a significant presence in Norway. These endeavors are set to boost the demand for charging equipment in the country.
- In conclusion, with these concerted efforts and investments, Norway is poised to enhance its public charging infrastructure and elevate the demand for EV charging equipment in the foreseeable future.
Norway Electric Vehicle Charging Equipment Industry Overview
Norway electric vehicle charging equipment market is semi-fragmented. Some of the key players (not in particular order) are ABB Ltd, BYD Company Limited, Tesla Inc., Delta Electronics Inc., ChargePoint Inc, among others.
Norway Electric Vehicle Charging Equipment Market Leaders
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ABB Ltd
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Delta Electronics Inc.
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ChargePoint Inc
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Tesla Inc.
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BYD Company Limited
*Disclaimer: Major Players sorted in no particular order
Norway Electric Vehicle Charging Equipment Market News
- June 2024: Volkswagen's EV charging unit, Elli, has teamed up with Norway's Otovo to provide Huawei equipment. This equipment links customers' vehicles to home solar and storage systems. This collaboration underscores Volkswagen's commitment to broadening energy sector access, now reaching over 700,000 public charging stations throughout Europe, with a focus on Nordic nations.
- April 2024: Ekoenergetyka, a provider of EV charging stations, showcased its latest charging system designed specifically for charging point operators in Norway. The newly configured AXON Side 360 DLBS power unit can be paired with as many as six SAT400 satellite units. These satellite units come equipped with a unique cable management system, allowing them to form a cohesive multi-station hub.
Norway Electric Vehicle Charging Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in Units, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Adoption of Electric Vehicles And Related Investments
4.5.1.2 Surge in Subsidies and Incentives for Electric Vehicles
4.5.2 Restraints
4.5.2.1 High Cost of Setting Up EV Charging Stations
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
4.8 Investment Analysis
5. MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Battery Electric Vehicle (BEV)
5.1.2 Plug-in Hybrid Electric Vehicle (PHEV)
5.1.3 Hybrid Electric Vehicle (HEV)
5.2 Application
5.2.1 Home Charging
5.2.2 Workplace Charging
5.2.3 Public Charging
5.3 Charging Type
5.3.1 AC Charging (Level 1 and Level 2)
5.3.2 DC Charging
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd.
6.3.2 BYD Company Limited
6.3.3 Chargepoint Inc.
6.3.4 Delta Electronics Inc.
6.3.5 Tesla Inc.
6.3.6 Grønn Kontakt
6.3.7 Fortum Oyj
6.3.8 IONITY GmbH
6.3.9 Zaptec ASA
6.3.10 Easee ASA
- *List Not Exhaustive
6.4 List of Other Prominent Companies
6.5 Market Ranking/ Share Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovation in Charging Technologies
Norway Electric Vehicle Charging Equipment Industry Segmentation
Electric vehicle (EV) charging equipment refers to the equipment and infrastructure used to charge electric vehicles at home or in commercial and public spaces. The EV charging equipment plays a crucial role in the widespread adoption of electric vehicles in the country. The availability of robust EV charging infrastructure is essential for overcoming range anxiety, a primary concern for potential EV buyers. It helps in reducing carbon emissions and improving air quality.
The Norway electric vehicle charging equipment market is segmented into Vehicle Type, Application, and Charging Type. By Vehicle type, the market is segmented into battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and Hybrid Electric Vehicle (HEV). By application type, the market is segmented into home charging, workplace charging, and public charging. By charging type, the market is segmented into AC charging (level 1 and level 2) and DC charging. The report offers the market size and forecasts for the market in units for all the above segments.
| Vehicle Type | |
| Battery Electric Vehicle (BEV) | |
| Plug-in Hybrid Electric Vehicle (PHEV) | |
| Hybrid Electric Vehicle (HEV) |
| Application | |
| Home Charging | |
| Workplace Charging | |
| Public Charging |
| Charging Type | |
| AC Charging (Level 1 and Level 2) | |
| DC Charging |
Norway Electric Vehicle Charging Equipment Market Research Faqs
How big is the Norway Electric Vehicle Charging Equipment Market?
The Norway Electric Vehicle Charging Equipment Market size is expected to reach 27.08 thousand units in 2024 and grow at a CAGR of 17.43% to reach 60.47 thousand units by 2029.
What is the current Norway Electric Vehicle Charging Equipment Market size?
In 2024, the Norway Electric Vehicle Charging Equipment Market size is expected to reach 27.08 thousand units.
Who are the key players in Norway Electric Vehicle Charging Equipment Market?
ABB Ltd, Delta Electronics Inc., ChargePoint Inc, Tesla Inc. and BYD Company Limited are the major companies operating in the Norway Electric Vehicle Charging Equipment Market.
What years does this Norway Electric Vehicle Charging Equipment Market cover, and what was the market size in 2023?
In 2023, the Norway Electric Vehicle Charging Equipment Market size was estimated at 22.36 thousand units. The report covers the Norway Electric Vehicle Charging Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Norway Electric Vehicle Charging Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Norway Electric Vehicle Charging Equipment Industry Report
Statistics for the 2024 Norway Electric Vehicle Charging Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Norway Electric Vehicle Charging Equipment analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
