Norway Electric Car Market Trends, Size, Forecast - 2019-2025

Norway electric car market is projected to grow at a CAGR of more than 16.0% during the forecast period, 2019-2025. The country has the highest ratio of the electric vehicle to its vehicle fleet globally in 2019 and was the second-largest electric car market in Europe in 2019. A growth of 9% YoY in electric car sales was registered in the country in 2019. More than 79,600 electric cars were sold in the country in 2019 as compared to around 72,690 in 2018. Government support is the major factor for the growth of the electric car market in the country. In 2016, the Government of the country has set the target to sell 100% passenger light-duty electric vehicle and light commercial electric vehicle by 2025. Due to this, the government offer several benefits to the electric car owners 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 the bus and collective traffic lanes, and free battery charging at publicly funded charging stations.

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Norway electric car market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is further segmented into hatchback, sedan, and SUV. Tesla is the most successful company in the country as its Model 3 was the highest selling car in the country in 2019 and one out of nine vehicle sales in the country was Tesla Model 3. Some of the other major car models in the country include VW e-Golf, Nissan Leaf, Audi e-Tron, BMW i3, Mitsubishi Outlander PHEV and so others.

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Norway Electric Car Market Segmentation

By Vehicle Type

• Sedan

• Hatchback

• SUV

By Propulsion Technology

• Battery

• Plug-in-Hybrid

By Battery Type

• NiMH

• Li-Ion

• Others

Company Profiles

• AB Volvo

• Audi AG

• BMW AG

• Hyundai Motor Co.

• Hyundai Motor Co.

• Mitsubishi Motors Corp.

• Nissan Motor Co.

• Renault Group

• Tesla, Inc.

• Volkswagen AG

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Orion Market Research (OMR) is a market research company that endeavors to provide exclusive blend of qualitative and quantitative market research reports to global clients.