The Norwegian market declines by 27.2% in 2023 compared to 2022
- The Norwegian passenger cars market experienced a sharp fall in 2023, of around 27.2% compared to 2022, with a volume of 126,955 units compared to 174,329 in 2022, 176,276 in 2021 and 141,412 in 2020. The Norwegian market thus fell to a level it had not seen since 2010. This severe drop is due to the end of subsidies for BEVs which had already been reduced in 2022. The Norwegian market is mainly made up of BEVs (more than 83% of the market in 2023), encouraged by the local government, and customers used to driving electric do not plan to return to thermal cars. The Norwegian market has effectively become the most electrified European country in a short period of time, even if Norway remains a large oil producer.
- The Norwegian market is expected to be stable in 2024 at a low level, since subsidies will not be implemented again and the market will have to continue to develop without these subsidies.
- By carmaker, the Volkswagen group remains the Norwegian market leader in 2023, with 21% market share, but the Tesla brand is close behind, with 20% market share. Note that Tesla sold 25,408 BEVs in Norway last year, while the Volkswagen group only sold 23,547 units.
- Behind Volkswagen and Tesla, we note the good performance of Toyota (14% of the market) which is ahead of Volvo (7%) and the Chinese carmakers (7%) who mainly market BEVs.