Sweden electric car market is projected to grow at a CAGR of more than 20% during the forecast period, 2019-2025. In 2019, a growth of 40% YoY in electric car sales has been registered in the country. More than 40,400 electric cars were sold in the country in 2019 as compared to 29,000 in 2018. Government support is one of the major factors for the growth of the market in the country. The government of the country aims to reduce carbon emission from transportation by 70% in 2030 and aims to reach zero greenhouse gas emissions by 2045. To reach these targets, the country needs to reach its electric vehicle fleet to around 2.5 million by 2030. Due to this, a significant push to the electric car will be witnessed in the near future in the country. Significant incentives are also offered by the government on electric cars. An individual or a business is eligible for a subsidy of $6,500 on the purchase of battery-electric cars and plug-in electric vehicles. Moreover, multiple tax benefits and local incentives are also offered to promote electric cars in Sweden.
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Sweden electric car market is divided on the basis of vehicle type, propulsion technology, and battery type. On the basis of vehicle type, the market is further segmented into hatchback, sedan, and SUV. Some of the electric car models available in the country include Mitsubishi Outlander, Tesla Model 3, Kia Niro PHEV, Kia optima PHEV, Volvo S/V60 T8 PHEV, VW Passat GTE, and others. On the basis of propulsion technology, the market is bifurcated into battery-electric cars and plug-in hybrid electric cars. As per the European Automobile Manufacturers Association, more than 15,600 battery-electric cars were registered in the country in 2019 at an exponential growth rate of 120% YoY, moreover around 24,8000 plug-in hybrid cars were registered at a growth of 13% YoY. By battery type, the market is further segmented into NiMH, Li-Ion, and others. Li-ion battery-electric cars market is expected to cover a major share in the near future.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Sweden Electric Car Market Report Segment
By Vehicle Type
- Sedan
- Hatchback
- SUV
By Propulsion Technology
- Battery Electric Car
- Plug-in-Hybrid Electric Car
By Battery Type
- NiMH
- Li-ion
- Others
The Report Covers
- Comprehensive research methodology of Sweden Electric Car Market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting Sweden Electric Car Market.
- Insights about market determinants that are stimulating Sweden Electric Car Market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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