Norway Electric Vehicle Charging Stations Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Vehicle Type (Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicles (PHEV)), By Application (Commercial, Residential), By Charging Type (AC Charging (Level 1 And Level 2), DC Charging) - Forecasts From 2023 To 2028

The Norwegian electric vehicle charging stations market is expected to grow at a compound annual growth rate of 18.48% over the forecast period to reach US$841.021 million in 2028, from US$256.564 million in 2021.

A charging station for electric vehicles (EVs) links an EV to a power source, charging electric cars, neighborhood EVS, and plug-in hybrids.

Norway has established itself as a global leader in adopting electric vehicles (EVs) and developing a robust charging infrastructure. The country has been actively promoting the use of electric vehicles and has implemented various initiatives to accelerate their adoption. One such initiative is its Zero Emission Goal by 2025. On a national goal, the Norwegian parliament has decided that all the cars sold by 2025 should be zero-emissions (electric or hydrogen). It can also be noted that by the end of 2022 in Norway, more than 20 percent of the registered cars were battery electric (BEV).

Market Drivers:

Increasing usage of electric vehicles (EVs) in Norway

The increasing usage of electric vehicles has played a pivotal role in driving the Norway electric vehicle charging stations market. As the number of electric vehicles on the road in Norway has steadily increased, there has been a corresponding surge in the demand for charging infrastructure. EV owners require reliable and convenient access to charging stations to ensure their vehicles have sufficient power for daily use.

Moreover, according to the Organization for Economic Co-operation and Development, no other country than Norway has gone far in decarbonizing its transportation sector, where two-thirds of the new passenger vehicles sold in the year 2021 were fully electric. According to the same source, Norway also electrified a third of its domestic ferries and is a pioneer in electric aviation. Norway had some 470 000 ZEVs, the largest number in Europe and 16% of total stock. This growing demand has spurred the development of more charging stations across the country, both in urban areas and along major highways.

A comprehensive range of government incentives

The Norwegian government has implemented various measures to make electric vehicles more affordable and attractive. These include exemptions from high taxes, tolls, and parking fees, reduced registration fees, and lower road taxes for EVs. Additionally, Norway offers generous incentives for purchasing electric vehicles, such as financial subsidies and VAT exemptions. The 2021 tax expenditure for EV incentives amounted to NOK 18.7 billion (EUR 1.9 billion) annually, translating to approximately NOK 6,200 (EUR 620) per tonne of estimated CO2 savings. In the future, Norway aims to ensure that EV support effectively displaces internal combustion engines while managing budget sustainability.

The PHEV market is growing steadily.

PHEVs offer the advantage of combining electric and gasoline-powered driving modes, making them attractive to consumers with range anxiety or requiring longer driving distances. PHEVs provide the flexibility to switch to gasoline power when needed while benefiting from reduced emissions and improved fuel efficiency compared to traditional internal combustion engine vehicles.

Additionally, automakers have been introducing more PHEV models into the market with improved battery capacities and electric range. For instance, the Volvo XC60 Recharge T8 and Mitsubishi Outlander PHEV, launched in 2022, are popular PHEV models in Norway. These vehicles offer a blend of electric power and internal combustion engine performance, appealing to consumers who desire a balance between sustainable driving and long-distance capability.

Positive outlook for DC charging type

The Norway electric vehicle charging stations market is segmented into AC and DC charging. The growing demand for fast charging stations in Norway has provided a positive outlook on the need for DC charging type. For instance, according to the International Energy Agency, in 2022, EV fast charger stock in Norway stood at 9,000 points, signifying an increase of 34.3% over 6,700 points recorded in 2021. Furthermore, as per the same source, in 2021, fast chargers accounted for 35% of the overall EV charging in Norway.

Market Developments:

• In May 2022, ABB, in collaboration with Norway-based e-mobility company Eviny installed its “Terra 360” DC fast charger, which provides a power output of up to 360kW and can charge two electric vehicles simultaneously in fifteen minutes.
• In December 2020, ABB installed its 1000th DC fast charging station in Bergen, Norway. Furthermore, in April 2022, Norwegian charge point operator Mer signed an agreement with fast-charging equipment maker Kempower to provide DC chargers in Norway to cater to the growing EV adaptation in the country.

Norway Electric Vehicle Charging Stations Market Scope:

Market Segmentation:

• By Vehicle type
  • Battery Electric Vehicle (BEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
• By Application
  • Commercial
  • Residential
• By Charging type
  • AC Charging (Level 1 and Level 2)
  • DC Charging