Electric Vehicles - Sweden

Sweden

In 2024, the projected revenue in the Electric Vehicles market in Sweden is expected to reach US$12.4bn SEK.
This projection indicates a promising growth potential for the market.
Furthermore, it is estimated that the revenue will continue to grow at a compound annual growth rate (CAGR) of 11.80% from 2024 to 2028.
This growth trajectory is expected to result in a market volume of US$19.4bn SEK by 2028.
In terms of unit sales, it is anticipated that the Electric Vehicles market in Sweden will reach 288.90k vehicles units by 2028.
This indicates a growing demand for electric vehicles in the country.
Additionally, the volume weighted average price of Electric Vehicles market in Sweden is expected to be US$66.7k SEK in 2024.
This figure represents the average price at which electric vehicles are sold in the market.
It is worth noting that from an international perspective, in China is projected to generate the highest revenue in the Electric Vehicles market, with an estimated revenue of US$319,000m SEK in 2024.
This highlights the significant market presence and potential of in China in the global electric vehicles industry.
Sweden, known for its green initiatives, is experiencing a surge in electric vehicle adoption driven by government incentives and a well-developed charging infrastructure.

Key regions: United States, Germany, Netherlands, China, United Kingdom

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Analyst Opinion

Sweden, known for its commitment to sustainability and environmental consciousness, has seen a significant growth in the Electric Vehicles (EV) market in recent years.

Customer preferences: In Sweden, customer preferences for EVs have been driven by several factors. Firstly, the country has a strong emphasis on environmental protection and reducing carbon emissions. As a result, many consumers are choosing EVs as a more eco-friendly alternative to traditional gasoline-powered vehicles. Additionally, the government has implemented various incentives and subsidies to encourage the adoption of EVs, such as tax breaks and reduced parking fees. This has further incentivized consumers to choose EVs over conventional vehicles.

Trends in the market: One of the key trends in the Swedish EV market is the increasing variety of EV models available to consumers. Major automakers have been expanding their EV offerings, providing consumers with more options to choose from. This has helped to attract a wider range of customers who may have previously been hesitant to switch to EVs due to limited model choices. Furthermore, advancements in battery technology have improved the range and performance of EVs, addressing concerns about limited driving distance and charging infrastructure. Another trend in the Swedish EV market is the growing popularity of plug-in hybrid electric vehicles (PHEVs). PHEVs offer the flexibility of both electric and gasoline power, providing consumers with a transitionary option as they become more comfortable with EV technology. This has appealed to consumers who may have range anxiety or limited access to charging infrastructure.

Local special circumstances: Sweden's cold climate presents unique challenges for EV owners. Cold temperatures can reduce the efficiency of batteries and affect the driving range of EVs. However, automakers have been addressing this issue by developing EVs with improved cold weather performance, such as advanced battery heating systems. Additionally, the Swedish government has been investing in expanding the charging infrastructure across the country, making it more convenient for EV owners to charge their vehicles.

Underlying macroeconomic factors: Sweden's strong economy and high standard of living have contributed to the growth of the EV market. With a high disposable income and a focus on sustainability, Swedish consumers are more willing to invest in EVs. The government's commitment to reducing carbon emissions and promoting renewable energy sources has also created a favorable environment for the EV market to thrive. Furthermore, Sweden's advanced infrastructure and technological capabilities have supported the development and adoption of EVs. In conclusion, the Electric Vehicles market in Sweden has experienced significant growth due to customer preferences for eco-friendly vehicles, the availability of a wider range of EV models, and government incentives. The market has also been influenced by local special circumstances, such as the cold climate, which has prompted automakers to develop EVs with improved cold weather performance. Underlying macroeconomic factors, including Sweden's strong economy and commitment to sustainability, have further contributed to the growth of the EV market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).