Electric Vehicles - Denmark | Statista Market Forecast

In 2024, the revenue in the Electric Vehicles market in Denmark is projected to reach US$5.5bn.
It is expected to show an annual growth rate (CAGR 2024-2029) of 15.41%, resulting in a projected market volume of US$11.3bn by 2029.
The unit sales of Electric Vehicles market in Denmark are expected to reach 172.30k vehicles in 2029.
The volume weighted average price of Electric Vehicles market in Denmark in 2024 is expected to amount to US$65.0k.
From an international perspective, it is shown that the most revenue will be generated China with US$376bn in 2024.
Denmark has emerged as a global leader in the electric vehicle market, with a strong focus on sustainable transportation and a comprehensive charging infrastructure.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

Denmark has seen a significant growth in the Electric Vehicles (EV) market in recent years, with a rising number of consumers opting for electric vehicles over traditional gasoline-powered cars.

Customer preferences: One of the main reasons behind the increasing popularity of electric vehicles in Denmark is the growing concern for the environment. Danish consumers are becoming more conscious of their carbon footprint and are actively seeking greener transportation options. Electric vehicles offer a more sustainable and eco-friendly alternative to conventional cars, as they produce zero emissions and contribute to reducing air pollution.

Trends in the market: The Danish government has played a crucial role in promoting the adoption of electric vehicles by implementing various incentives and policies. These include tax exemptions, reduced registration fees, and access to bus lanes and toll-free roads. Such incentives have made electric vehicles more affordable and convenient for consumers, encouraging them to make the switch. Moreover, the infrastructure for electric vehicles has been rapidly expanding in Denmark. The country has witnessed a significant increase in the number of charging stations, making it easier for EV owners to recharge their vehicles. This infrastructure development has alleviated the concerns of range anxiety, which was one of the major barriers to electric vehicle adoption.

Local special circumstances: Denmark's small geographical size and well-developed public transportation system have also contributed to the growth of the electric vehicle market. The average daily commute in Denmark is relatively short, making electric vehicles a practical choice for many residents. Additionally, the availability of public charging infrastructure has made it more convenient for people to own and use electric vehicles.

Underlying macroeconomic factors: Denmark's commitment to renewable energy has had a positive impact on the electric vehicle market. The country has set ambitious targets for reducing greenhouse gas emissions and increasing the share of renewable energy in its energy mix. This commitment has created a favorable environment for the growth of the electric vehicle industry, as it aligns with the country's broader sustainability goals. Furthermore, the Danish government's focus on innovation and technology has attracted investment in the electric vehicle sector. The country has a strong reputation for promoting clean technology and has fostered a supportive ecosystem for startups and companies in the electric vehicle industry. This has led to the development of innovative electric vehicle models and technologies, further driving the market growth. In conclusion, Denmark's Electric Vehicles market has experienced significant growth due to customer preferences for sustainable transportation options, government incentives and policies, expanding charging infrastructure, local special circumstances such as short commutes and a well-developed public transportation system, and underlying macroeconomic factors such as the country's commitment to renewable energy and focus on innovation. These factors have created a favorable environment for the adoption and growth of electric vehicles in Denmark.

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).

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For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.