Sweden Electric Vehicle Market Research Report, 2027

The Swedes place a high value on sustainability and reducing their carbon footprint. Electric vehicles are seen as a means to achieve these goals by significantly reducing emissions compared to traditional internal combustion engine vehicles. Many Swedes view electric vehicles as a responsible choice that aligns with their environmental values. Sweden is generally well informed about the environmental benefits of electric vehicles. There are ongoing public awareness campaigns, educational initiatives, and events focused on promoting electric vehicle adoption. This helps create a positive perception of electric vehicles and encourages more people to consider making the switch. Sweden passed an ambitious renewable energy law throughout 2018 that calls for net-zero greenhouse gases before 2045. The law mandates all government sectors to participate in meeting the aim, not only the environmental, ecology, transportation, and power sectors. Electric vehicles in Sweden are allowed to use bus lanes, even when driving solo. This privilege helps reduce travel time and improve the overall convenience of electric vehicle usage. Sweden is internationally recognised for its emphasis on safety, and this extends to electric vehicles as well. Swedish automakers, such as Volvo, have a longstanding reputation for prioritising safety features in their vehicles. The culture of valuing safety and quality translates to the EV market, where Swedish consumers prioritise electric vehicles that meet high safety standards. According to the research report "Sweden Electric Vehicle Market Research Report, 2027," published by Actual Market Research, the Sweden electric vehicle market was valued at above USD 2.03 billion in 2021. In Sweden, both the passenger car and bus fleets are plug-in electric cars. In Sweden, the increasing expansion of the market share for plug-in electric passenger vehicles, public transport, and distributing trucks appears to be quite good. In Sweden, passenger cars are generally more popular and widely used than commercial vehicles. The majority of vehicles on Swedish roads are passenger cars, as they are primarily used for personal transportation and commuting purposes. Passenger cars are also preferred for family use, daily commuting, and recreational activities. However, it's important to note that commercial vehicles still play a significant role in Sweden's economy and transportation industry. Advancements in battery technology are crucial for improving the range, performance, and affordability of electric vehicles. Swedish companies and researchers are actively involved in developing next-generation battery technologies, including solid-state batteries and lithium-air batteries. These technologies aim to enhance energy density, charging speed, and overall battery performance, making EVs more practical and competitive with internal combustion engine vehicles.

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Swedish automakers like Volvo Cars and Polestar have made significant commitments to electric mobility, with Volvo Cars aiming to transition to fully electric vehicles by 2030. These efforts from both the government and the automotive industry have contributed to the growing popularity of electric vehicles, including BEVs and BHEVs, in Sweden. Hertz and Polestar, a Swedish premium electric performance car manufacturer, have launched a new global cooperation that involves the purchase of up to 65,000 electric cars over the next five years. The collaboration is part of the company’s continued efforts to lead in electrification, shared mobility, and a digital-first customer experience. Furthermore, Protean Electric, an automotive technology firm with its headquarters in the UK, enhances electric passenger cars, light commercial vehicles, and future transportation options with its industry-leading ProteanDrive in-wheel motor (IWM) technology. The Swedish Research Institute, RISE, has also launched several projects focusing on electric vehicles, wireless charging, and how environmentally friendly vehicles can be further implemented in the Swedish market. Other organisations such as MobilityXLab (CEVT, Ericsson, Polestar, Volvo Cars, Volvo Group, Veoneer, and Zenseact) support startups by offering collaborations with the funding companies within the areas of connectivity, electromobility, autonomous enablers, sustainability, and security. The EU CO2 reduction criteria for new cars, which the Swedish legislative framework has achieved at a high allotment compared to other developed countries, are a primary driver of this growth. Future progress in Sweden is dependent on Swedish regulatory frameworks as well as those of many other EU nations, which may impact vehicle supplies to Sweden. The Swedish government has been actively working on expanding the charging infrastructure network throughout the country. Financial support is provided to municipalities and organisations to install public charging stations in various locations, including urban areas, highways, and public parking lots. Furthermore, electric vehicles in Sweden are exempt from both the vehicle weight tax and the annual circulation tax, making EV ownership more cost-effective compared to traditional internal combustion engine vehicles. While the availability of electric vehicle models has increased in recent years, the selection of electric vehicles in Sweden is still limited compared to conventional vehicles. Some popular electric vehicle models may have limited availability, resulting in longer waiting times for customers. Although Sweden has made efforts to expand the charging infrastructure, there are still some gaps, particularly in rural areas and less populated regions. The availability of charging stations in remote areas or on long-distance routes can be limited, causing range anxiety for EV owners. Considered in this report • Geography: Sweden • Historic year: 2017 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027

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Kripa Shah

Senior Analyst

Aspects covered in this report • Sweden market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Passenger Vehicle • Commercial Vehicle By population type • BEV • PHEV

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The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us. we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to organic food and beverage industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.