Norway Electric Vehicle Market Overview, 2027

"Norway has long since established itself as a global leader in the electric car revolution. Country with a population of only five million has destroyed electric car myths and set new sales records for battery electric vehicles. Norway's strong focus on renewable energy, particularly hydroelectric power, aligns well with the environmental benefits of electric vehicles. This synergy has contributed to the positive perception and acceptance of EVs in the country. Norway's abundant hydroelectric resources have allowed the country to reduce its dependence on imported fossil fuels for transportation. By shifting towards EVs, which can be charged using domestically generated renewable energy, Norway has improved its energy security and reduced its vulnerability to fluctuations in international oil prices. By utilising this renewable energy for charging EVs, Norway has been able to significantly reduce its carbon footprint in the transportation sector. Norway was the first country in the world to see electric car sales begin to outpace fossil-fuel car sales. According to the research report ""Norway Electric Vehicle Market Overview, 2027,"" published by Bonafide Research, the Norway Electric Market is expected to add more than 10.01 million vehicles by 2027. Norway has been at the forefront of electric passenger vehicle adoption, with a high market share of EVs. In 2020, battery electric vehicles (BEVs) will be the most popular choice. Electric buses have gained traction in Norway's public transportation system, with several cities and municipalities incorporating electric buses into their fleets. In Norway, hybrid fuel cars have witnessed the highest growth in the electric car market. Fuel efficiency and reduced maintenance costs are driving the growth of hybrid electric cars in the country. Comfortable rides, better fuel efficiency, luxury features, and more models available are attracting customers, which further makes sedans the largest sub-body type in electric car sales in Norway. The major players in this market are AB Volvo, Hyundai Motor Company, Nissan Motor Company Ltd., Tesla Inc., and Volkswagen AG. The Tesla Model Y tops the sales lists as a family favourite for the Norwegians.

The Norwegian EV Association is confident that Norway can achieve the goal of 100 percent zero-emission car sales in 2025. EVs are not only the number one choice in urban areas but also in rural areas. The key benefit for EV owners remains the green tax deals on buying (no purchase or import tax), leasing (no VAT on leased EVs), and owning EVs (no road tax, reduced company car tax). The accumulation of these EV tax breaks, plus the hefty 25% tax on fossil-fuel cars, means that EV models in Norway are often more affordable than fossil-fuel cars, even without the EV subsidies that are available in other countries. Besides rolling out EV incentives, Norway has also invested in first-class charging infrastructure to support the transition to more sustainable vehicles. Initially, Oslo had been at the heart of testing new infrastructure, and in 2008 it launched the first municipal EV charging system. By 2015, Norway had already had 10,000 charging stations. However, with 72,000 EVs on the roads, it soon realised it needed to accelerate its infrastructure even further to match the success of the tax incentives. The Norwegian government has ramped up the availability of EV chargers ever since, committing to a goal of at least one fast charging station every 50 kilometres (31 miles) on major highways and offering subsidies to providers to accelerate installations. By 2017, they had successfully increased the number of EV chargers to around 1,500 along these key routes, up from 300 in 2014, and had also installed the first supercharger in rural Nebbenes, with capacity for charging 28 EVs at once. Overall, there are more than 15,000 public charging points in Norway today. To put things into perspective, while Norway’s population makes up about 1% of the EU’s, the country’s public charging points are equal in number to almost 8% of the EU’s public chargers. The production and disposal of electric vehicle batteries pose environmental challenges. The environmental impact of battery manufacturing, including the extraction of raw materials, needs to be addressed. Additionally, developing effective battery recycling processes is crucial to ensuring the sustainable lifecycle of electric vehicle batteries. While the availability of electric vehicle models has been increasing, the range of choices on the market may still be limited compared to conventional vehicles. Some consumers may prefer specific vehicle types, sizes, or features that are not yet widely available in electric options, which could influence their decision to switch to EVs.

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Manmayi Raval

Research Consultant

Considered in this report • Geography: Norway • Historic year: 2017 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Norway market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Passenger Vehicle • Commercial Vehicle

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By population type • BEV • PHEV The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us. we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to organic food and beverage industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. "