Norway electric vehicle (EV) market is estimated to grow at a CAGR of more than 18.0% during the forecast period. As per the World Economic Forum’s report ‘EVs for smarter cities’, the future of mobility identifies a number of guiding principles to encourage EV adoption. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. Norway’s EV market claimed more than 50% of the overall automobile market in 2019.
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The growing environmental concerns along with cohesive government initiatives are some major aspects to propel the adoption of EVs in the country, thereby fueling the market growth. Norway’s government has plans to divert the consumers from fossil fuels that include a goal to end the sale of fossil-fuel burning cars by 2025. For fulfillment of this goal the government of the country offer several benefits to the drivers of EVs 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 bus and collective traffic lanes, and free battery charging at publicly funded charging stations.
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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
Norway Electric Vehicle Market Report Segment
By Vehicle Type
- Commercial Vehicle
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
By Battery Type
- NiMH
- Li-ion
- Others
The Report Covers
- Comprehensive research methodology of the Norway electric vehicle 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 the Norway electric vehicle market.
- Insights about market determinants which are stimulating the Norway electric vehicle market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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