Green Initiatives and EV transformation
The Norwegian government has a significant role in shaping the transportation industry. Within their national transportation plan, they aim to reduce emissions and heavily incentivize electric vehicles (EVs). Norway is the global leader in offering financial subsidies to EV buyers. Considerable EV subsidies led to the dominance of electric vehicles in the Norwegian car market. Almost 80 percent of cars sold were fully electric cars in Norway in 2022 and the country was the fifth-largest electric car market in Europe in that year. The Norwegian Government is also implementing policies such as carbon taxes and investments in clean technologies. However, even though the country has one of the highest carbon tax rates worldwide, its per capita carbon dioxide emissions are still high.
In addition, customer preference is projected to change towards more shared modes of transportation in Norway like e-scooter and car sharing. Norwegians are already the most frequent users e-scooters among Nordic countries.
Maritime Strength
Norway's maritime industry is critical for the nation's economy, especially in the logistics sector, as it has a long coastline. Remote regions are linked by coastal ferries, while cargo ships transport goods both domestically and internationally. Bergen is by far the largest port in Norway based on cargo volume, with more than 67 million metric tons of cargo handled per year. Norway has the ninth-largest merchant fleet and the ninth most valuable fleet in the world. The Norwegian fleet is particularly active in the global tanker, bulk carrier, chemical carrier, gas carrier, car ferry and cruise markets. The total revenue of water transport in Norway is projected to reach 16.66 billion dollars by 2025.
