Sweden Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. Under the Swedish government action plan for sustainable development, the government intends to halt the sales of all fossil-fueled cars by 2030 to cut emissions from transport by 70%. To fulfill this intention it is counting on considerable electrification of private cars by further increasing subsidies for purchase and manufacturing of electric vehicles in the country.
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Moreover, in 2016, the Government implemented the subsidy mainly for electric buses. Under the subsidy scheme, both battery-electric and plug-in hybrid buses can be granted a variable rebate. A total of $6.3 million were allocated for this purpose and proposed for 2017-2019 as an annual budget of $12.6 million. The regulation specifies the size of the rebate and varies with the maximum transport capacity. The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth in the country. The country has a considerable amount of electric vehicles however, the lack of charging stations to power these electric vehicles to affect its market growth in the country.
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The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology, the market is sub-segmented into battery electric vehicles and plug-in hybrid electric vehicles. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on the battery type, the Li-ion battery market segment is anticipated to witness considerable growth during the forecast period.
Sweden Electric Vehicle Market Segmentation
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
By Battery Type
- Audi AG
- BMW AG
- Daimler AG
- Jaguar Land Rover
- Mitsubishi Motors Corp.
- Nissan Motor Co.
- Porsche AG
- Renault Group
- Volkswagen AG
- Volvo Group
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