Norway’s petrol- and diesel-powered engine car market shares have been declining. Now with only a few sales per month, leading the way as the rest of the world follows its footsteps.
The country has been lauded as it leads in its shift to electric vehicle usage for the past years. Keeping track of its goal to totally shift to electric vehicles by 2025. For this reason, the engine car market shares have gone down significantly. On the other hand, the electric vehicle has slightly increased its market shares.
In 2020, all-electric cars have dominated the car industry. It takes a record of over 50% market share of the total new car sales in Norway. One of the reasons behind Electric Vehicle’s increasing share is the declining market of engine cars.
Engine cars market shares have gone down significantly
Last March 2021, petrol and diesel engine passenger cars had a combined sale of 1,453 units. With petrol and engine car sales of 730 and 723 units respectively, taking a combined 9.5% market shares. Down by 46% from the previous year’s combined market share of 17.7%. Comparatively, around 8,618 electric cars were sold last March 2021 comprising about 56.2% market share for passenger electric cars. Overall EVs market share has slightly grown by around 5.4% from the previous year.
With more automakers shifting to all-electric vehicles, Norway expects to attain its goal of electric-only sales by 2025. However, this is doable for Norway since it is a small and rich country with robust EV incentives. Not sure though how soon other countries can follow in Norway’s footsteps.
Most analysts project that the World’s EV market share will not exceed 30% by 2030. BloombergNEF (BNEF), a respected industry research company, projects the all-electric market shares to just be around 28%. This projection is based on the passenger car category in 2030.
The world follows Norway’s trend faster than analyst’s projection
Fred Lambert of electrek, however, believes differently than most analysts. Believing that the rest of the world will be able to follow Norway faster than the projection of most analysts. Conversely, Lambert admits that Norway may not be the best representation for the whole world.
Nevertheless, the data from Norway can be indicative of the trend. The rise of EV taking more of the market share, while the engine gas cars’ market share is declining. With the rising trend of EV sales, it is not difficult to see it as the future for the car industry.
Buyers are getting worried about buying new engine gas vehicles, even when they feel unprepared to make the shift to electric vehicles yet. The resale value for the petrol and diesel engine vehicles has remarkably gone down, which can affect the buying behavior of the customers.
Clearly, the trend for engine cars is going down. Plus, the growing concern over environmental degradation. It will not be hard to think the market shares for the EVs will continue to grow while the engine gas vehicles’ market share will continue to decline faster than expected.