Large Cars - Norway

Norway

Highlights

Revenue in the Large Cars market is projected to reach US$499m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.58%, resulting in a projected market volume of US$514m by 2029.
Large Cars market unit sales are expected to reach 13.1k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$39k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Norway has been experiencing significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances. Customer preferences in the Large Cars market have shifted towards more environmentally friendly and fuel-efficient vehicles.

This is largely due to increasing awareness of climate change and the need to reduce carbon emissions. Customers in Norway are particularly conscious of the environmental impact of their vehicles, as the country has set ambitious targets to reduce greenhouse gas emissions. As a result, there has been a growing demand for electric and hybrid large cars in the Norwegian market.

Trends in the market indicate that electric and hybrid large cars are gaining popularity in Norway. The government has implemented various incentives to encourage the adoption of electric vehicles, such as tax exemptions, reduced toll fees, and free parking. These incentives have made electric cars more affordable and attractive to customers, leading to a surge in sales.

Additionally, the charging infrastructure in Norway is well-developed, with a high number of charging stations across the country. This infrastructure has further facilitated the growth of the electric and hybrid large car market. Local special circumstances in Norway have also contributed to the development of the Large Cars market.

The country has abundant renewable energy resources, particularly hydropower, which makes electric vehicles a more sustainable and viable option. Furthermore, Norway has a strong commitment to reducing its dependence on fossil fuels and transitioning to a greener economy. This commitment is reflected in government policies and initiatives that support the adoption of electric vehicles.

Underlying macroeconomic factors have also played a role in the growth of the Large Cars market in Norway. The country has a high GDP per capita and a strong economy, which enables consumers to afford large cars. Additionally, low interest rates and favorable financing options have made it easier for customers to purchase large cars.

In conclusion, the Large Cars market in Norway is developing rapidly due to changing customer preferences towards more environmentally friendly vehicles, the growing popularity of electric and hybrid cars, local special circumstances that support the adoption of electric vehicles, and favorable macroeconomic conditions.

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).