Norway Electric Car Market 2019-2025

Norway Electric Car Market Size, Share & Trends Analysis Report by Vehicle Type (Hatchback, Sedan, and SUV), by Propulsion Technology (Battery Electric Car and Plug-in-Hybrid Electric Car) by Battery Type (NiMH, Li-ion, Other), and 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.

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.

Moreover, on the basis of propulsion technology, the market is bifurcated into a battery-electric car and plug-in hybrid electric car. As per the European Automobile Manufacturers Association, the country is the third-largest market of battery-electric cars in Europe with 60,000 battery-electric car sales in 2019 with a growth of 30% YoY, however, a downfall of 27% YoY has been registered in the plug-in electric cars with a volume of 19,300 in 2019. by battery type, the market is further segmented into NiMH, Li-Ion, and others. Li-ion battery-electric car market is expected to cover a major share in the near future. Some of the major companies contributing to the market include AB Volvo, Audi AG, BMW AG, Hyundai Motor Co., Hyundai Motor Co., Mitsubishi Motors Corp., Nissan Motor Co., Renault Group, Tesla, Inc., Volkswagen AG and others.

Research Methodology

The market study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors.

Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analyst to derive the closest possible figures without any major deviations in the actual number. The analysts try to contact as many executives, managers, key opinion leaders, and industry experts to brings authenticity to the reports.

Secondary Sources Include:

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.
• Government Websites

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation:

1. Norway Electric Car Market Research and Analysis by Vehicle Type
2. Norway Electric Car Market Research and Analysis by Propulsion Technology
3. Norway Electric Car Market Research and Analysis by Battery Type

The Report covers:

• Comprehensive research methodology of Norway 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 Norway Electric Car Market.
• Insights about market determinants that are stimulating Norway Electric Car Market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.