Norway Electric Vehicle (EV) Charging Market is expected to reach USD 2919.4 million by 2030

The increasing government initiatives and presence of key market players in Norway are driving up demand for the Norway Electric Vehicle (EV) Charging market during the forecast period.

Norway Electric Vehicle (EV) Charging Market was valued at USD 317.74 million in 2022, and is predicted to reach USD 2919.4 million by 2030, with a CAGR of 32.6% from 2023 to 2030, according to new research by Next Move Strategy Consulting.

The Norwegian government has taken significant measures to combat air pollution and enhance the safety and well-being of its citizens. The national objective set by the Norwegian Parliament mandates that all new vehicles sold by 2025 must be emission-free, which includes electric or hydrogen-powered vehicles.

As of February 2022, Norway already had more than 470,000 registered battery electric vehicles (BEVs). The current administration has decided to extend the incentives for zero-emission vehicles until the end of 2022. These incentives will be adapted and revised according to market developments beyond 2022. Additionally, by June 2022, 90% of all new passenger car sales in Norway were new plug-in electric vehicles (PEVs), highlighting the remarkable shift towards eco-friendly transportation.

However, expanding the EV charging sector faces challenges due to missing incentives and concerns about high charger installation costs. One significant problem is the initial expenses for level 3 and ultra-fast chargers, which can be substantial.

In contrast, level 1 and level 2 chargers take 6 to 16 hours for a full charge, much longer than the 5 to 7 minutes it takes to refuel conventional fossil fuel vehicles. This difference in charging times has increased the demand for fast chargers that can recharge EVs in under 30 minutes.

Additionally, setting up a level 3 charging station requires a significant initial investment, which can be intimidating. This cost may discourage people considering the switch to EVs, as longer charging times can disrupt their busy schedules.

On the other hand, the introduction of vehicle-to-grid (V2G) technology for electric vehicles (EVs) allows them to exchange energy bidirectionally with the power grid. With V2G, EVs can store excess electricity and give it back to the grid, improving their components and providing value for EV owners. This technology simplifies the charging process, making EVs a preferred mode of transportation. The entire charging station market plays a crucial role in connecting EVs to the grid efficiently and creating ample opportunities in future.

Enel Energia S.p.A. has set up two V2G EV charging stations at the Italian Institute of Technology's Genoa headquarters as part of the MOV-E project, sponsored by Nissan for corporate electric car-sharing trials. Nissan provided two battery electric vehicles (LEAF models) and the Glide app management platform. This collaboration represents a significant shift in sustainable transportation technology.

Manufacturers stand to gain significantly from V2G technology, which is poised to revolutionize the EV industry and change how EVs are charged. However, it's important to note that the initial cost of installing V2G charging stations can be substantial. Manufacturers of EV connectors have an opportunity to develop advanced connectors capable of meeting the anticipated electrical demands of V2G technology's expansion.

Request for a sample here: https://www.nextmsc.com/norway-electric-vehicle-ev-charging-market/request-sample

According to the report, leading players in the Norway Electric Vehicle (EV) Charging market include ABB Ltd., ChargePoint, Inc, Tesla Inc, Shell Recharge Solutions, Star Charge, TELD, Siemens, BYD, EVgo, and Hyundai Motor Company.

Key Insights from the Norway Electric Vehicle (EV) Charging Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Norway Electric Vehicle (EV) Charging market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the Norway Electric Vehicle (EV) Charging market is provided in the report along with their competitive analysis.

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