Norway's electric vehicle charging stations market is estimated to expand at a CAGR of 19.54% to attain US$1,038.768 million by 2029, from US$425.629 million in 2024.
An EV (electric vehicle) charging station is a hub or center that offers charging solutions to these vehicles. This links an EV to a power source, allowing electric vehicles, like passenger cars, two/three wheel EVs, fleets, and electric transport vehicles, to charge their batteries. The EV charging station market is expected to grow significantly in Norway, mainly with the increasing ownership of electric vehicles and the introduction of new policies and investment plans to boost the nation's EV infrastructure.
The Norwegian electric vehicle charging station market is expected to witness massive growth with the increasing demand for electric vehicles in the nation. The electric vehicle sector witnessed significant growth in its market share compared to hybrid, diesel, and petrol automotive vehicles, which is expected to push the development of electric vehicle charging infrastructure. Similarly, introducing new policies and plans by the nation’s government is also estimated to create new growth opportunities in the market.
One of the major driving factors estimated to propel the Norwegian electric vehicle charging station market forward is the increase in the country's EV demand. Norway is among the biggest consumers of electric vehicles in the European market, and demand will further increase with the introduction of new government policies and development in the electric vehicle ecosystem.
The European Alternative Fuels Observatory, a part of the European Commission, in its April 2024 report, stated that the Norwegian EV market share was recorded at 91.5%. The agency further noted that the battery electric vehicle (BEV) dominates with about 90% of the total EV market share. The Norwegian Electric Vehicle Association, in its report, stated that the market share of EVs has grown significantly over the past few years in Norway. The Association stated that in 2021, the EV market share was recorded at about 64.5%, which grew significantly to 79.3% in 2022. The total market share of electric vehicles in 2023 was about 82.4% in Norway.
The Norwegian government has introduced and implemented multiple policies and measures to expand the nation's market share of electric or zero-emission vehicles. Some of these policies include exemptions from 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 Government of Norway also introduced the "National Charging Strategy", which includes multiple areas for the development of the charging infrastructure in the nation. Under this plan, the government plans to offer additional guidance to the local municipalities and introduce the 'Planning and Building Act' to allocate land areas sufficient to deploy charging infrastructure. Furthermore, the government is also planning to set out the national planning guideline aimed at assisting the local municipalities in allocating areas for the charging infrastructure.
The Local Government of Norway also offers multiple benefits for developing the EV and its charging infrastructure ecosystem. For instance, the Oslo City Council announced a grant of about 20% (or NOK 1,000,000) of the investment cost for establishing or upgrading the charging infrastructure in housing associations and co-owning to operate charging stations.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Norway Electric Vehicle Charging Stations Market Size in 2024 | US$425.629 million |
| Norway Electric Vehicle Charging Stations Market Size in 2029 | US$1,038.768 million |
| Growth Rate | CAGR of 19.54% |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2024 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Million |
| Segmentation |
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| List of Major Companies in Norway Electric Vehicle Charging Stations Market |
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| Customization Scope | Free report customization with purchase |
The Norwegian Electric Vehicle Charging Stations Market is segmented and analyzed as follows: