Norway Electric Cars Market Size
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Market Size (2024) | USD 8.79 Billion |
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Market Size (2030) | USD 11.94 Billion |
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CAGR (2024 - 2030) | 5.25 % |
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Market Concentration | Medium |
Major Players |
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*Disclaimer: Major Players sorted in alphabetical order. |
Norway Electric Cars Market Analysis
The Norway Electric Cars Market size is estimated at 8.79 billion USD in 2024, and is expected to reach 11.94 billion USD by 2030, growing at a CAGR of 5.25% during the forecast period (2024-2030).
8.79 Billion
Market Size in 2024 (USD)
11.94 Billion
Market Size in 2030 (USD)
20.98 %
CAGR (2017-2023)
5.25 %
CAGR (2024-2030)
Largest Segment by Fuel Category
85.25 %
value share, BEV, 2023
BEVs dominate due to strong government support, extensive charging infrastructure, and increasing consumer preference for zero-emission vehicles, making them the largest segment.
Largest Segment by Vehicle Body Type
79.43 %
value share, Sports Utility Vehicle, 2023
SUVs lead due to their spaciousness, higher seating capacity, and versatility, making them a popular choice among Norwegian consumers who prioritize comfort and utility in their vehicles.
Fastest-growing Segment by Fuel Category
31.98 %
Projected CAGR, FCEV, 2024-2030
FCEVs are growing rapidly due to advancements in hydrogen technology, increased investment in hydrogen infrastructure, and strong government support for clean energy vehicles.
Leading Market Player
15.31 %
market share, Tesla Inc., 2023
Tesla Inc. leads the market with its cutting-edge electric vehicle technology, strong brand recognition, and commitment to expanding the charging infrastructure and zero-emission transportation in Norway.
Second leading Market Player
9.37 %
market share, Toyota Motor Corporation, 2023
Toyota Motor Corporation is a major player due to its innovative electric vehicle offerings, strong brand presence, and extensive dealership network supporting sustainable mobility in Norway.
Norway emerges as a frontrunner in EV adoption, displaying a notable inclination toward pioneering vehicle designs that resonate with a consumer base deeply committed to sustainability
- Norway's electric car market is distinguished by its global leadership in electric vehicle (EV) adoption, propelled by a comprehensive government policy framework that encourages the shift away from internal combustion engine vehicles. Hatchbacks have historically been a popular choice in Norway's electric car market, appealing to urban drivers and eco-conscious consumers looking for compact, efficient, and affordable EV options. Their popularity is underpinned by the ease of maneuvering and parking in urban settings, making them an ideal choice for city dwellers. Norwegian incentives, such as exemptions from various taxes and fees that apply to conventional cars, have made electric hatchbacks particularly attractive to first-time EV buyers.
- Electric sedans have also seen significant uptake in Norway, favored by consumers seeking a blend of efficiency, performance, and comfort. The market for high-end electric sedans is driven by a consumer segment seeking both luxury and environmental consciousness. These vehicles boast advanced technology, extended driving ranges, and a suite of premium features.
- In Norway, the electric vehicle market is witnessing a surge in the popularity of SUVs and MPVs. This trend is fueled by the expanding range of offerings from various manufacturers. Electric SUVs, in particular, are gaining traction due to their adaptability, ample space, and ability to navigate Norway's diverse terrains and weather. Families and outdoor enthusiasts are gravitating toward these vehicles, enticed by their roomy interiors, advanced safety features, and suitability for a spectrum of lifestyles, be it urban commuting or offbeat road trips.
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Norway Electric Cars Market Trends
Norway leads the way in terms of electric vehicle adoption owing to strong sales growth and government support
- The Norwegian automobile market has witnessed substantial growth in recent years, with a notable surge in demand for electric vehicles, particularly in the passenger car segment. In 2020, while sales of conventional cars plummeted by nearly 48%, electric car sales in Norway surpassed the 100,000 mark, marking a 16.96% growth from the previous year. This trend continued in 2021, with electric car sales surging by an impressive 39.96% compared to 2020. The Tesla Model 3 emerged as the top-selling electric car in Norway, with an annual sales figure of 6,270 units. Electric passenger cars accounted for a significant 64.5% share of all newly registered cars in Norway in 2021.
- Recognizing the momentum, the Norwegian government has set a national target: all new cars sold in the country by 2025 must be electric. This push, coupled with the prospect of a future ban on conventional vehicles, is encouraging consumers to increasingly opt for electric cars. Consequently, Norway witnessed a 1.67% growth in electric car sales in 2022 compared to the previous year.
- The proactive policies and incentives implemented by the Norwegian government are poised to further propel the electric car market. Starting January 2023, the government introduced a VAT exemption for electric vehicles priced above USD 51,700. These incentive schemes will be periodically revised to align with market dynamics. Given these developments, the Norwegian electric car market is projected to witness robust growth from 2024 to 2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Norway's stable population growth, fueled by positive migration and a robust economy, highlights the need for strategic investments and policies to accommodate its expanding populace
- Norway's CVP is expected to remain stable with slight growth, reflecting a mature market influenced by replacement demand, technological advancements, and the country's sustainability goals
- Norway's auto interest rate surged in 2022, reflecting evolving economic conditions and policy responses; future stability is expected to be influenced by global trends and domestic strategies
- Norway's EV charging network increased to 24,100 stations, fueled by ambitious green policies and early EV adoption
- Norway's shift toward electric mobility is gaining momentum, thanks to the influx of new electric car models and deliveries from international automakers
- Driven by the repercussions of the Russia-Ukraine conflict on global fuel markets, fuel prices in the Nordic countries are witnessing a swift ascent
- Norway's GDP per capita showed resilience, with a temporary dip in 2023, but it is projected to increase by 2030 owing to sustainability and technology
- Norway's inflation, influenced by oil prices, is poised for stability, which is vital for economic confidence
- Norway's MaaS landscape is poised for steady growth as car rentals are projected to maintain a consistent upward trajectory
- Sales of electric vehicles in Norway increased as the cost of batteries dropped and local manufacturing grew
- Sustainability and EV transition are fueling Norway's used car sales
- The Norwegian EV market, driven by strong incentives and infrastructure, is setting a sustainable model for countries transitioning to electric mobility
Norway Electric Cars Industry Overview
The Norway Electric Cars Market is moderately consolidated, with the top five companies occupying 41.14%. The major players in this market are Bayerische Motoren Werke AG, Tesla Inc., Toyota Motor Corporation, Volkswagen AG and Volvo Car AB (sorted alphabetically).
Norway Electric Cars Market Leaders
Bayerische Motoren Werke AG
Tesla Inc.
Toyota Motor Corporation
Volkswagen AG
Volvo Car AB
Other important companies include Audi AG, Hyundai Motor Company, Mercedes-Benz, Nissan Motor Co. Ltd..
*Disclaimer: Major Players sorted in alphabetical order.
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Norway Electric Cars Market News
- November 2023: Hyundai Motor's Genesis division has opened a new showroom in New York, the United States.
- November 2023: Tesla has acquired US-based start-up SiILion battery (Battery manufacturer) to excel the battery production in US.
- November 2023: Tesla opened its single-point electric vehicle super-charging station between the Bay Area and Los Angeles areas in the US.
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For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Norway Electric Cars Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Population
2.2. GDP Per Capita
2.3. Consumer Spending For Vehicle Purchase (cvp)
2.4. Inflation
2.5. Interest Rate For Auto Loans
2.6. Shared Rides
2.7. Impact Of Electrification
2.8. EV Charging Station
2.9. Battery Pack Price
2.10. New Xev Models Announced
2.11. Used Car Sales
2.12. Fuel Price
2.13. Oem-wise Production Statistics
2.14. Regulatory Framework
2.15. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
3.1. Vehicle Configuration
3.1.1. Passenger Cars
3.1.1.1. Hatchback
3.1.1.2. Multi-purpose Vehicle
3.1.1.3. Sedan
3.1.1.4. Sports Utility Vehicle
3.2. Fuel Category
3.2.1. BEV
3.2.2. FCEV
3.2.3. HEV
3.2.4. PHEV
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. Audi AG
4.4.2. Bayerische Motoren Werke AG
4.4.3. Hyundai Motor Company
4.4.4. Mercedes-Benz
4.4.5. Nissan Motor Co. Ltd.
4.4.6. Tesla Inc.
4.4.7. Toyota Motor Corporation
4.4.8. Volkswagen AG
4.4.9. Volvo Car AB
5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter’s Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- NORWAY ELECTRIC CARS MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- NORWAY MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- NORWAY MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- NORWAY MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- NORWAY ELECTRIC CARS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- NORWAY MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- NORWAY MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 8:
- NORWAY MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 9:
- NORWAY MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 10:
- NORWAY ELECTRIC CARS MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 11:
- NORWAY MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 12:
- NORWAY MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- NORWAY ELECTRIC CARS MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- NORWAY ELECTRIC CARS MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- NORWAY ELECTRIC CARS MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- NORWAY ELECTRIC CARS MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 18:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 19:
- NORWAY ELECTRIC CARS MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- NORWAY ELECTRIC CARS MARKET, BY HATCHBACK, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 22:
- NORWAY ELECTRIC CARS MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 23:
- NORWAY ELECTRIC CARS MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 24:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 25:
- NORWAY ELECTRIC CARS MARKET, BY SEDAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 26:
- NORWAY ELECTRIC CARS MARKET, BY SEDAN, BY VALUE IN USD, 2017 - 2030
- Figure 27:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 28:
- NORWAY ELECTRIC CARS MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 29:
- NORWAY ELECTRIC CARS MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 30:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 31:
- NORWAY ELECTRIC CARS MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 32:
- NORWAY ELECTRIC CARS MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 33:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 34:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 35:
- NORWAY ELECTRIC CARS MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 36:
- NORWAY ELECTRIC CARS MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 37:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 38:
- NORWAY ELECTRIC CARS MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 39:
- NORWAY ELECTRIC CARS MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 40:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 41:
- NORWAY ELECTRIC CARS MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 42:
- NORWAY ELECTRIC CARS MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 43:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 44:
- NORWAY ELECTRIC CARS MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 45:
- NORWAY ELECTRIC CARS MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 46:
- NORWAY ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 47:
- NORWAY ELECTRIC CARS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 48:
- NORWAY ELECTRIC CARS MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 49:
- NORWAY ELECTRIC CARS MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Norway Electric Cars Industry Segmentation
Passenger Cars are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.
- Norway's electric car market is distinguished by its global leadership in electric vehicle (EV) adoption, propelled by a comprehensive government policy framework that encourages the shift away from internal combustion engine vehicles. Hatchbacks have historically been a popular choice in Norway's electric car market, appealing to urban drivers and eco-conscious consumers looking for compact, efficient, and affordable EV options. Their popularity is underpinned by the ease of maneuvering and parking in urban settings, making them an ideal choice for city dwellers. Norwegian incentives, such as exemptions from various taxes and fees that apply to conventional cars, have made electric hatchbacks particularly attractive to first-time EV buyers.
- Electric sedans have also seen significant uptake in Norway, favored by consumers seeking a blend of efficiency, performance, and comfort. The market for high-end electric sedans is driven by a consumer segment seeking both luxury and environmental consciousness. These vehicles boast advanced technology, extended driving ranges, and a suite of premium features.
- In Norway, the electric vehicle market is witnessing a surge in the popularity of SUVs and MPVs. This trend is fueled by the expanding range of offerings from various manufacturers. Electric SUVs, in particular, are gaining traction due to their adaptability, ample space, and ability to navigate Norway's diverse terrains and weather. Families and outdoor enthusiasts are gravitating toward these vehicles, enticed by their roomy interiors, advanced safety features, and suitability for a spectrum of lifestyles, be it urban commuting or offbeat road trips.
| Vehicle Configuration | ||||||
|
| Fuel Category | |
| BEV | |
| FCEV | |
| HEV | |
| PHEV |
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Market Definition
- Vehicle Type - The category includes passenger cars.
- Vehicle Body Type - This include various body types such as Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | 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. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: 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 based on 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. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- 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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