Norway Electric Vehicle Charging Stations Market Size, Share, Opportunities, 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 2024 To 2029

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 vehicles) 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 plants 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, 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.

Norway Electric Vehicle Charging Stations Market Drivers:

• Increasing Demand for the Electric Vehicle

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.

• Implementation of favorable policies by the government

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 introduced 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 infrastructures.

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.

Norway Electric Vehicle Charging Stations Market Products Offered by Key Companies:

• ABB is among the global leaders in electrification and automation, and it caters to multiple industries, like aluminum, mining, ports, power generation, chemicals, data centers, and solar power, among others. The company's products include control room solutions, PLC automation, robotics, medium voltage products, and industrial software. In the EV charging station market, the company offers multiple EV charging infrastructure solutions, such as AC destination, DC fast, DC high power all-in-one, V2G, and HVC 360, among others.
• Tesla Inc. is among the biggest electric vehicle manufacturers worldwide. It offers various types of electric vehicles, such as the Model S, Model 3, Model X, and Cybertruck. The company also offers energy solutions like Megapack and Powerwall. It operates its charging stations in multiple locations in Mexico, including Aguascalientes, Baja California, and Benito Juarez.

Norway Electric Vehicle Charging Stations Market Key Developments:

• In January 2024, Kempower and Wennstrom partnered to launch Norway's first public charging site for electric trucks, Fastcharge. The charging site in Oslo, Norway, features up to 400kW of power per charge point.

The Norwegian Electric Vehicle Charging Stations Market is segmented and analyzed as follows:

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

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. NORWAY ELECTRIC VEHICLE CHARGING STATIONS MARKET BY VEHICLE TYPE 

5.1. Introduction

5.2. Battery Electric Vehicles (BEVs)

5.3. Plug-in Hybrid Electric Vehicle (PHEV)

6. NORWAY ELECTRIC VEHICLE CHARGING STATIONS MARKET BY APPLICATION

6.1. Introduction

6.2. Commercial

6.3. Residential

7. NORWAY ELECTRIC VEHICLE CHARGING STATIONS MARKET BY CHARGING TYPE

7.1. Introduction

7.2. AC Charging (Level 1 and Level 2)

7.3. DC Charging

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. ABB Ltd.

9.2. Siemens AG

9.3. Tesla Inc.

9.4. Kempower

9.5. Eviny

9.6. Mer Norway AS

9.7. IONITY GmbH

9.8. Fortum Charge & Drive

9.9. Kempower 

9.10. Wennstrom Solutions & Service AS

ABB Ltd. 

Siemens AG 

Tesla Inc.

Kempower 

Eviny 

Mer Norway AS 

IONITY GmbH 

Fortum Charge & Drive 

Kempower  

Wennstrom Solutions & Service AS