Finland electric car market is projected to grow at CAGR of more than 20.0% during the forecast period (2019-2025). The key factors to drive the growth of the market include rising start-up in electric vehicles, well-developed charging infrastructure, and government support. Various start-ups in Finland are driving the electric vehicle market. For instance, Linkker develops e-bus and develop charging infrastructure, Revonte develops electric bikes with GPS tracking, 4G connectivity, an anti-theft system, while Toroidion develops electric sports cars. Besides, Virta, provides cloud-based solutions for EV charging stations and EV drivers, Tanktwo, develops battery technology for EVs, and other start-ups are also contributing to the electric vehcicle market in the region.
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Moreover, the adoption of electric cars is increasing rapidly. In 2020, the Finnish Transport and Communications Agency Traficom said that around 48,000 hybrid and fully electric cars were sold and is doubled up as compared to 2019. In 2019, 7,900 electric cars were sold and the growth of 38% is recorded YoY. The government is also offering a subsidy of $2,200 for the electric car price up to $54,500. Apart from this, the country has the minimum tax on electric vehicle registration and has a high tax on diesel and petrol car registration. Thus, the support by the government and the increasing number of star-tups is driving the market in the region.
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Market Coverage
- Market number available for – 2018-2025
- Base year- 2018
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Battery Type, By Propulsion Technology
- Region Covered-Finland
- Competitive Landscape- AB Volvo, Tesla, Inc., Mitsubishi Motors Corp., BMW AG, Volkswagen AG, Hyundai Motor Co., Jaguar Land Rover Ltd., and Kia Motors Corp.
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Finland Electric Car Market Report Segment
By Vehicle Type
- Sedan
- Hatchback
- SUV
By Propulsion Technology
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
By Battery Type
- NiMH
- Li-ion
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
