Market Insights Mobility Electric Vehicles

Battery Electric Vehicles - Denmark

Denmark

The Battery Electric Vehicles market (BEV) segment in Denmark is anticipated to witness a remarkable growth in revenue, with projections indicating it will reach US$4.0bn by the year 2024.
This growth is expected to continue at an annual rate of 14.18% (CAGR 2024-2029), resulting in a projected market volume of US$7.8bn by 2029.
Furthermore, it is estimated that the unit sales of Battery Electric Vehicles market in the country will reach 128.50k vehicles by 2029.
In 2024, the volume weighted average price for Battery Electric Vehicles market in Denmark is expected to be US$61.1k.
This figure provides an insight into the market value and pricing trends within the segment.
It is worth noting that, from an international perspective, China is expected to generate the highest revenue in the Battery Electric Vehicles market, with an estimated US$210,800m in 2024.
This highlights the significant role that China plays in this market globally.
Denmark's strong commitment to sustainability and renewable energy has driven a surge in demand for Battery Electric Vehicles in the country.

Key regions: United Kingdom, Japan, Netherlands, France, United States

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Analyst Opinion

The Battery Electric Vehicles market in Denmark is experiencing significant growth and development.

Customer preferences: Customers in Denmark are increasingly favoring Battery Electric Vehicles (BEVs) due to their environmental benefits and cost savings. The country has a strong commitment to sustainability and reducing carbon emissions, making BEVs an attractive option for environmentally conscious consumers. Additionally, the government provides incentives such as tax exemptions and subsidies for purchasing electric vehicles, further encouraging the adoption of BEVs.

Trends in the market: One of the key trends in the BEV market in Denmark is the increasing range and performance of electric vehicles. As technology continues to improve, BEVs are becoming more competitive with traditional gasoline-powered vehicles in terms of range and power. This has alleviated concerns about range anxiety and made BEVs a viable option for everyday use. Another trend in the market is the expansion of charging infrastructure. Denmark has been investing heavily in building a robust network of charging stations to support the growing number of electric vehicles on the road. This infrastructure development has helped alleviate concerns about charging accessibility and range anxiety, making BEVs more practical for consumers.

Local special circumstances: Denmark has a unique advantage in the BEV market due to its small size and relatively short average driving distances. The compact nature of the country makes it easier for BEV owners to find charging stations and navigate the limited range of electric vehicles. Additionally, the availability of renewable energy sources in Denmark, such as wind power, makes charging electric vehicles even more sustainable and cost-effective.

Underlying macroeconomic factors: The growth of the BEV market in Denmark can also be attributed to broader macroeconomic factors. The country has a strong economy and high disposable income levels, which allows consumers to afford the higher upfront costs of electric vehicles. Additionally, the government's commitment to sustainability and reducing carbon emissions has created a favorable regulatory environment for the adoption of BEVs. In conclusion, the Battery Electric Vehicles market in Denmark is experiencing significant growth and development due to customer preferences for environmentally friendly vehicles, the increasing range and performance of electric vehicles, the expansion of charging infrastructure, local special circumstances such as the country's small size and renewable energy sources, and underlying macroeconomic factors such as a strong economy and government support.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).