Battery Electric Vehicles - Sweden

Sweden

Highlights

In 2024, the projected revenue in the Battery Electric Vehicles market in Sweden is estimated to reach US$8.0bn.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 12.82%, resulting in a projected market volume of US$14.6bn by 2029.
By 2029, the unit sales in the Battery Electric Vehicles market in Sweden are anticipated to reach 212.60k vehicles.
The volume-weighted average price of the Battery Electric Vehicles market in Sweden in 2024 is projected to be US$68.5k.
From an international standpoint, China is predicted to generate the highest revenue in the Battery Electric Vehicles market, amounting to US$211bn in 2024.
Sweden's strong commitment to sustainability and innovation has propelled it to the forefront of the Battery Electric Vehicle market, with a growing number of consumers embracing eco-friendly transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in Sweden has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Battery Electric Vehicles market in Sweden is the increasing customer preference for environmentally friendly and sustainable transportation options. Swedish consumers are becoming more conscious of their carbon footprint and are actively seeking out vehicles that have a lower impact on the environment. Battery Electric Vehicles offer a clean and emission-free alternative to traditional combustion engine vehicles, making them an attractive choice for environmentally conscious consumers.

Trends in the market: Another trend driving the growth of the Battery Electric Vehicles market in Sweden is the government's push towards electric mobility. The Swedish government has implemented several policies and incentives to promote the adoption of electric vehicles, including tax incentives, subsidies, and the development of charging infrastructure. These measures have made Battery Electric Vehicles more affordable and accessible to consumers, leading to an increase in demand. Additionally, technological advancements in battery technology have made Battery Electric Vehicles more practical and convenient for everyday use. The range of electric vehicles has improved significantly, allowing consumers to travel longer distances without the need for frequent recharging. Furthermore, the availability of fast-charging stations has made recharging more convenient and efficient, addressing one of the main concerns consumers had regarding electric vehicles.

Local special circumstances: Sweden has a strong commitment to renewable energy and sustainability, which has further contributed to the growth of the Battery Electric Vehicles market. The country has set ambitious goals to reduce greenhouse gas emissions and transition to a fossil fuel-free transportation system. As a result, there is a strong political will and support for the adoption of electric vehicles, creating a favorable environment for the market to thrive.

Underlying macroeconomic factors: The Battery Electric Vehicles market in Sweden is also influenced by broader macroeconomic factors. The country has a high standard of living and a strong economy, which allows consumers to afford the higher upfront cost of electric vehicles. Additionally, Sweden has a well-developed charging infrastructure, making it easier for consumers to own and operate electric vehicles. In conclusion, the Battery Electric Vehicles market in Sweden is experiencing significant growth due to increasing customer preferences for sustainable transportation options, government incentives and policies, technological advancements, and a strong commitment to renewable energy and sustainability. The market is expected to continue growing as more consumers embrace electric vehicles and the infrastructure and technology continue to improve.

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).