The Norway electric vehicle charging stations market was evaluated at US$209.040 million for the year 2020, growing at a CAGR of 9.48%, reaching a market size of US$394.069 million by the year 2027.
A charging station for electric vehicles (EVs) is a device that links an EV to a power source, allowing electric cars, neighbourhood EVS, and plug-in hybrids to be charged. While some charging stations include advanced capabilities such as smart metering, cellular connectivity, and network connectivity, others are more basic. The electric vehicle business is quickly expanding around the world, particularly in Norway.
The market for electric car charging is a fast-paced business with a wide range of applications. Norway is the world’s leader in electric vehicles. The growth of automobile charging stations there is aided by government programs in several nations throughout the world. Norway's parliament adopted a non-binding target in 2017 to ensure that all new automobiles sold by 2025 are zero-emission vehicles. Furthermore, Norway has been providing tax breaks for completely electric vehicles, making them more affordable to purchase than comparable internal combustion (IC) engine types. Norway likewise levies a higher tax on cars with internal combustion engines than the majority of European countries. These reasons have resulted in a surge in electric vehicle sales and manufacturing around the world.
To ensure that the rising fleet of electric automobiles runs properly, charging stations and established power infrastructure are required. As a result, these factors are linked to the market's expansion over the forecasted period. Furthermore, tight government car emission rules have encouraged consumers to switch to electric vehicles, which will help the electric charging station industry grow in the coming years. Moreover, the market expansion would be aided by advances in communications technology such as real-time information on all-electric automobile charging stations for smart connectivity.
However, in Norway, the hefty expense of switching to wireless charging technologies could limit industry expansion. Furthermore, the growing number of electric cars may have an impact on charging station functionality, such as the quantity of power generated, the transformer load level, and the load curve.
Because of the rising use of electric vehicles, the AC Level 1 and Level 2 sectors are likely to dominate the electric vehicle charging station market. Charging with alternating current (AC) is often referred to as level 1 or level 2 charging. An in-car inverter converts alternating current (AC) to direct current (DC), which subsequently charges the battery at either level. The majority of electric car drivers in the country charge their vehicles at home or work using AC power. As more EVs enter the market, this is projected to stimulate demand for AC charging, which will be aided by government restrictions.
By type, the HEV category dominates the market, accounting for a sizable revenue share. The HEV provides a dual-fuel and electric driving option, which is particularly beneficial in locations where charging infrastructure is limited. The demand for electric battery vehicles is increasing as private companies and governments seek to build a global network of charging infrastructure to encourage the use of renewable energy. Furthermore, the PHEV market is growing steadily. The demand for these vehicles is expected to increase in future years as their prices fall.
This market is divided into commercial and residential segments depending on the application. The residential usage segment dominates the electric car charging stations market and is expected to continue to do so over the forecast period. This is due to the growing popularity of EVS, as well as the expanding number of charging stations. Furthermore, the commercial market is anticipated to see significant expansion, aided by increased government financing for the development of public charging stations, in coming years.
Over the projected period, Norway is expected to develop significantly in this market. Norway has served as a test platform for widespread electric vehicle adoption in Europe. According to data issued by the Norwegian Road Foundation, the market share of BEVs increased to 54% last year, up from 42% in 2019. (OFV). A decade ago, BEVs accounted for only 1% of the whole market. Renewable energy sources such as hydropower provide for 98 percent of Norway's domestic energy. This implies that, unlike many other countries, it produces virtually no carbon dioxide throughout the manufacturing process. Norway's electric vision has required a significant amount of government funding. Norway has one of the highest rates of electric car ownership in the world, owing to the many government incentives. For instance, a parking tax for electric vehicles was imposed locally, with a maximum of 50% of the full price. If demand continues to rise, the government will be on track to meet its 2025 objective of eliminating fossil fuel vehicles.
The market for electric vehicle charging stations in Norway has gained from COVID-19. According to the Global EV Outlook 2021, large expenditures by state and local governments, as well as utilities, had enough of an impact on the EV charging market. Countries with the highest EV adoption rates, such as Norway, have the lowest EVSE per EV ratio (0.03). In early 2020, purchase incentives rose, particularly in Norway. As a result, electric vehicle sales in Europe increased by 55% in the first half of 2020 when compared to the same period in 2019. Fast chargers are being installed at a quicker rate in Europe than slow chargers. More than 38 000 public fast chargers are readily accessible. As the popularity of electric vehicles (EVs) has grown, so has the infrastructure for charging them on interstate highways, at businesses, and in public parking lots.
Fortum, a clean-energy firm, stated in March 2019 that it is working with the City of Oslo and Momentum Dynamics, an American company, to construct a wireless fast-charging infrastructure for cabs in Oslo.
Bosch Automotive Service Solutions Inc.
Delta Electronics Inc.
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.