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Norway Electric Vehicle On-Board Charger Market Forecast 2021-2026

KEY FINDINGS

The Norway electric vehicle on-board charger market is anticipated to register a CAGR of 19.48% in terms of revenue and 20.67% in terms of volume during the studied period. Important factors like substantial government investments in terms of charging infrastructure as well as financial incentives and the increased adoption of electric vehicles are mainly accredited to the country's market growth. While the base year considered for the market study is 2020, the forecasting years are 2021 to 2026.

MARKET INSIGHTS

Although unit sales across the United States and China are relatively higher, Norway continues to remain at the forefront of the electronic vehicle revolution. This is predominantly accredited to the presence of more electric vehicles on Norway's roads as a proportion of all vehicles than anywhere worldwide. Moreover, despite the country's reputation as a leading oil industry player, nearly all of Norway's energy is derived from hydropower. Since a considerable amount of the country's electricity is renewable, a shift to electric vehicles is a greener equation compared to countries deriving their electricity from high-polluting coal-fired plants.

Conversely, in place of subsidies and tax cuts, Norway has a purchase tax on new cars based on the amalgamation of weight, CO2, and NOx emissions. As a result, smaller electric vehicles are more affordable. The country significantly invests in public EVSE, also termed as charging infrastructure, as well. Therefore, these drivers are associated with the Norway electric vehicle on-board charger market growth.

COMPETITIVE INSIGHTS

Some of the leading firms operating in the market are Innoelectric GmbH, Eaton, Brusa Elektronik AG, etc.

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Norway Electric Vehicle On-Board Charger Market Forecast 2021-2026
Published By :Inkwood Research
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