Norway 2024. Auto Market Down By Double-Digits In May

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The 2023 BMW M2 Brooklyn Grau
The 2023 BMW M2 Brooklyn Grau

Norwegian auto market in 2024 falling by double-digits. Sales in May reached mere 12,568 units (-17.9%). Volkswagen is the new market leader (+3.5%) overtaking Tesla (-49.0%).

Market Trend and Outlook

The Norwegian auto market in May put up 12,568 total sales while decreasing by 17.9%. YTD sales up to 53,438 units (-11.0%). 

Looking at cumulative data up to May brand-wise, Volkswagen -up 1 spot- gains leadership with 9,527 total sales (+3.5%) in front of Tesla -down 1 spot- with 6,826 units sold (-49.0%) and Toyota -down 1 spot- in 3rd with 6,706 car registrations (-21.1%).

Volvo ranks 4th with 3,863 sales (+0.8%) followed by Ford -up 1 spot- at 3,110 (+20.1%), Mercedes -down 1 spot- at 2,666 (-21.7%), and Hyundai -up 5 spots- with 2,440 registrations (+33.9%).

Nissan -up 2 spots- ranks in 8th with 2,266 sales (+11.8%), in front of MG -up 5 spots- with 2,155 units sold (+142.4%), and BMW closes the top 10 with 1,896 total sales (-19.2%).

Looking at specific models the Tesla Model Y is on top of the rankings with a 50.6% year-on-year decrease in sales, followed by the Volvo EX30 is up by 129 spots.

Medium-Term Market Trend

The auto market in Norway from 2010 to the start of 2013 maintained a general uptrend, taking sales from 154,158 in 2010 to 165,910 by the end of 2012. In 2013 at 167,013 sales the car market started a 5 year growth, reaching higher all-time highs 3 years in a row. 2018 and 2019 were losing years for the Norwegian market that fell respectively 21.5% and 7.1% culminating 2019 at 142,429.

The arrival of the pandemic didn’t effect sales in Norway that had the best performing market in Europe, falling only 0.2% to 141,467 sales.

The year of 2021 brought a boom in the market, that grew back up to 176,199 sales, but the momentum came to a halt in following year with sales falling 2.3% to 200,840 by the end of 2022. A combination of factors are behind the current industry struggle: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs (by 2025 all cars and light vehicles in Norway must me zero-emission vehicles).

The Norwegian auto market in 2023 fell for the second year in a row. closing with 152,374 cumulative sales (-24.3%).

 

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and Top 10 models.

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