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. 

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. 

The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on Battery Type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on battery type, the Li-ion battery is anticipated to witness considerable growth during the forecast period.

Research Methodology

The market study of the Norway electric vehicle market 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. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis 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 our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

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

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

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.