Norway: Passenger Car Market 2024

Passenger Car Market Size in Norway

The Norwegian passenger car market dropped significantly to $X in 2023, waning by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a mild shrinkage. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market remained at a lower figure.

Passenger Car Exports

Exports from Norway

For the ninth consecutive year, Norway recorded growth in shipments abroad of passenger cars, which increased by X% to X units in 2023. In general, exports posted a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, passenger car exports soared to $X in 2023. Overall, exports showed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Ukraine (X units), Serbia (X units) and Poland (X units) were the main destinations of passenger car exports from Norway, with a combined X% share of total exports. Bosnia and Herzegovina, Lithuania, Germany, Hungary, Benin, Bulgaria, Slovakia, Sweden, North Macedonia and Slovenia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Slovenia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for passenger car exported from Norway were Serbia ($X), Ukraine ($X) and Poland ($X), with a combined X% share of total exports.

Among the main countries of destination, Serbia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average passenger car export price amounted to $X per unit, picking up by X% against the previous year. In general, the export price enjoyed a slight increase. Over the period under review, the average export prices reached the maximum at $X per unit in 2015; however, from 2016 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sweden ($X per unit), while the average price for exports to Benin ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Serbia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Norway

In 2023, the amount of passenger cars imported into Norway dropped sharply to X units, shrinking by X% on 2022 figures. Over the period under review, imports saw a slight decline. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X units. From 2022 to 2023, the growth of imports remained at a lower figure.

In value terms, passenger car imports shrank dramatically to $X in 2023. Overall, total imports indicated modest growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2022, and then contracted notably in the following year.

Imports by Country

In 2023, Germany (X units) constituted the largest supplier of passenger car to Norway, accounting for a X% share of total imports. Moreover, passenger car imports from Germany exceeded the figures recorded by the second-largest supplier, China (X units), twofold. Japan (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Germany amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Japan (X% per year).

In value terms, Germany ($X) constituted the largest supplier of passenger cars to Norway, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by Japan, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Germany was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Japan (X% per year).

Import Prices by Country

The average passenger car import price stood at $X per unit in 2023, dropping by X% against the previous year. Over the period under review, import price indicated a tangible increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 an increase of X%. The import price peaked at $X per unit in 2022, and then dropped in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Finland ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform