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The Benchmark for EV Adoption
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The automotive industry is rapidly evolving in terms of technology and tackling environmental issues. Electric vehicles (EVs) have been introduced as a clean energy initiative as they have low or zero emissions and are becoming an integral part of the OEMs’ business strategies. Automakers are creating separate EV business units to prepare for the expected EV boom in the future. However, the surge in EV demand will create a huge need for charging infrastructure and safety regulations and standards. Norway is the world leader in terms of EV adoption and sales penetration. 2019 was another big year, with nearly 13% YoY growth and 71% new PC sales penetration. EV sales in Norway crossed the 100K mark for the first time, getting closer to 100% penetration. The success of EVs is being driven by strong incentivization, which makes EVs more economical than ICE vehicles and a vast charging network. The EV market in Norway is highly advanced; in fact, the Government and regional administrative bodies have to contend with the backlash against the aggressive incentives affecting revenue streams due to high EV adoption rates. However, the incumbent Government remains resolute as EV incentives are a strong political stimulus. 2019 also saw the launch of the Tesla Model 3, which provided a boost to the already thriving BEV market. Norway has a surplus demand for EVs and imports secondhand EVs from neighboring countries. The used EV market represents almost 15% of the xEV car parc. The charging infrastructure is well established and Norway is now looking to upgrade to faster charging and newer standards. The study provides a detailed analysis of the EV market scenario with charts based on annual sales (2019) and historical sales. PEVs and HEVs have separate sections.
Data is compiled and presented in the form of:
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