Market Insights Mobility Electric Vehicles

Battery Electric Vehicles - Finland

Finland

In Finland, the revenue in the Battery Electric Vehicles market is projected to reach US$1,061.0m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of 17.64%.
This will result in a projected market volume of US$2,032.0m by 2028.
The unit sales of Battery Electric Vehicles market in Finland are expected to reach 36.02k vehicles in 2028.
The volume weighted average price of Battery Electric Vehicles market in Finland in 2024 is expected to amount to US$56.5k.
From an international perspective, it is shown that the most revenue will be generated in China, with US$208,800m in 2024.
Finland is experiencing a surge in demand for Battery Electric Vehicles, driven by government incentives and a growing awareness of environmental sustainability.

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

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Analyst Opinion

The Battery Electric Vehicles market in Finland has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Battery Electric Vehicles market in Finland is the increasing demand for environmentally friendly transportation options. Customers in Finland are becoming more conscious of the impact of traditional vehicles on the environment and are actively seeking alternative options. Battery Electric Vehicles offer a clean and sustainable mode of transportation, as they produce zero emissions and do not rely on fossil fuels. This aligns with the preferences of environmentally conscious customers in Finland.

Trends in the market: The increasing availability of charging infrastructure is another key trend in the Battery Electric Vehicles market in Finland. As the government and private companies invest in expanding the charging network, the range anxiety associated with electric vehicles is decreasing. This trend is encouraging more customers to consider purchasing Battery Electric Vehicles, as they have the confidence that they will be able to charge their vehicles conveniently and reliably. Another trend in the market is the growing variety of Battery Electric Vehicle models available in Finland. Initially, the market was dominated by a few major automakers, but now there is a wider range of options from both established manufacturers and new entrants. This increased competition is driving innovation and improving the quality and performance of Battery Electric Vehicles, making them more appealing to customers in Finland.

Local special circumstances: Finland has a strong commitment to renewable energy sources, which is driving the adoption of Battery Electric Vehicles. The country has set ambitious targets to reduce greenhouse gas emissions and increase the share of renewable energy in its energy mix. Battery Electric Vehicles play a crucial role in achieving these goals, as they can be powered by electricity generated from renewable sources such as wind and solar. This special circumstance creates a favorable environment for the growth of the Battery Electric Vehicles market in Finland.

Underlying macroeconomic factors: Finland has a high standard of living and a strong economy, which allows customers to afford the higher upfront cost of Battery Electric Vehicles. Additionally, the government in Finland provides various incentives and subsidies to promote the adoption of Battery Electric Vehicles. These factors contribute to the growth of the Battery Electric Vehicles market in Finland. In conclusion, the Battery Electric Vehicles market in Finland is experiencing significant growth due to customer preferences for environmentally friendly transportation options, the increasing availability of charging infrastructure, the growing variety of vehicle models, Finland's commitment to renewable energy, and the country's strong economy and government incentives.

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).