Passenger Cars - Norway

Norway

Revenue in the Passenger Cars market is projected to reach €4.4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.84%, resulting in a projected market volume of €4.8bn by 2029.
The market's largest segment is SUVs with a projected market volume of €1.9bn in 2024.
Passenger Cars market unit sales are expected to reach 151.40k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to €31.11k in 2024.
With a vehicle unit sales share of 23.8% in 2024, Other is expected to have one of the highest market share in the selected region.
The value market share of the make Other in the selected region is expected to stand at 19.6% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (€561bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Norway has been experiencing significant growth in recent years. This can be attributed to several factors, including customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences in the Norwegian Passenger Cars market have shifted towards more environmentally friendly vehicles. Norway has been at the forefront of promoting electric vehicles (EVs) and has implemented various incentives to encourage their adoption. These incentives include tax exemptions, toll exemptions, and free parking for EVs.

As a result, there has been a surge in the demand for EVs in Norway, with electric cars accounting for a significant share of new car sales. This shift in customer preferences towards EVs has also been influenced by the growing awareness of climate change and the need to reduce carbon emissions. Trends in the market further support the growth of the Passenger Cars market in Norway.

The government's commitment to reducing greenhouse gas emissions has led to the implementation of stricter regulations on vehicle emissions. This has prompted automakers to invest in the development of electric and hybrid vehicles to meet the demand for more sustainable transportation options. Additionally, advancements in technology have made EVs more affordable and accessible to a wider range of consumers.

These trends have contributed to the increasing popularity of EVs in Norway and have driven the overall growth of the Passenger Cars market. Local special circumstances in Norway have also played a role in the development of the Passenger Cars market. The country has a well-developed charging infrastructure, with a network of charging stations available throughout the country.

This has alleviated concerns about range anxiety and has made EVs a viable option for everyday use. Furthermore, the Norwegian government has set ambitious targets for the transition to electric mobility, including a goal to phase out the sale of new gasoline and diesel cars by 2025. This commitment to sustainable transportation has created a supportive environment for the growth of the Passenger Cars market in Norway.

Underlying macroeconomic factors have also contributed to the growth of the Passenger Cars market in Norway. The country has a strong economy and high disposable income levels, which have enabled consumers to afford more expensive EVs. Additionally, the government's incentives and subsidies for EVs have made them more financially attractive to consumers.

Furthermore, Norway has a high level of public awareness and support for sustainable transportation, which has further fueled the demand for EVs. In conclusion, the Passenger Cars market in Norway is experiencing significant growth due to customer preferences for environmentally friendly vehicles, trends in the market towards electric mobility, local special circumstances that support the adoption of EVs, and underlying macroeconomic factors such as a strong economy and government incentives. This growth is expected to continue in the coming years as Norway strives to achieve its ambitious targets for sustainable transportation.

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).