Plug-in Hybrid Electric Vehicles - Norway

Norway

Highlights

In 2024, the projected revenue in the Plug-in Hybrid Electric Vehicles market is estimated to reach US$879.5m.
It is expected that the revenue will exhibit an annual growth rate of 18.92% (CAGR 2024-2029), resulting in a projected market volume of US$2.1bn by 2029.
By that time, it is anticipated that the unit sales in the Plug-in Hybrid Electric Vehicles market will reach 26.99k vehicles.
Furthermore, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in the segment is expected to be approximately US$77.6k in 2024.
When considering the international market perspective, it is evident that China will generate the highest revenue, amounting to US$166bn in 2024.
in Norway, being a prominent player in the Plug-in Hybrid Electric Vehicles market, can expect significant growth and potential revenue in the coming years.
Norway's strong commitment to sustainability is driving a surge in demand for plug-in hybrid electric vehicles.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

Norway has emerged as a global leader in the adoption of Plug-in Hybrid Electric Vehicles (PHEVs), with a rapidly growing market that is driven by strong customer preferences, favorable trends, and local special circumstances.

Customer preferences: Norwegian consumers have shown a strong preference for PHEVs due to their environmental benefits and cost savings. The country has a strong commitment to reducing carbon emissions, and PHEVs offer a more sustainable transportation option compared to traditional internal combustion engine vehicles. Additionally, PHEVs benefit from generous government incentives, including tax exemptions and reduced toll fees, making them an attractive choice for cost-conscious consumers.

Trends in the market: One of the key trends driving the growth of the PHEV market in Norway is the increasing availability of charging infrastructure. The government has invested heavily in expanding the charging network, making it easier for PHEV owners to charge their vehicles and travel longer distances. This has alleviated range anxiety, a common concern among potential PHEV buyers. Another trend that has contributed to the market growth is the expanding range of PHEV models offered by automakers. As technology advances, automakers are introducing new PHEV models with longer electric ranges and improved performance. This has broadened the appeal of PHEVs to a wider range of consumers, including those who previously may have been hesitant to switch from traditional gasoline-powered vehicles.

Local special circumstances: Norway's unique geography and transportation needs have played a significant role in the development of the PHEV market. The country has a relatively small population and a high proportion of urban dwellers, making it well-suited for electric vehicles. Additionally, Norway has a high proportion of renewable energy sources, which further supports the adoption of PHEVs as a greener alternative to conventional vehicles.

Underlying macroeconomic factors: Norway's strong economy and high disposable income levels have also contributed to the growth of the PHEV market. Consumers in Norway have the financial means to invest in more expensive PHEVs, which often have a higher upfront cost compared to traditional vehicles. Additionally, the government's favorable tax policies and subsidies have made PHEVs more affordable for a wider range of consumers. In conclusion, the Plug-in Hybrid Electric Vehicles market in Norway is experiencing rapid growth due to strong customer preferences for environmentally-friendly and cost-effective transportation options. The availability of charging infrastructure, expanding range of PHEV models, unique local circumstances, and favorable macroeconomic factors have all contributed to the market's development. As Norway continues to prioritize sustainability and invest in green technologies, the PHEV market is expected to further expand in the coming years.

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).