Title: 2024 Auto Industry Recap: Tesla’s Reign Slips, Elbils Surge, and Used Cars Boom
The Norwegian car market in 2024 was characterized by intense competition and a shift towards affordability. As the year draws to a close, let’s examine which car brands increased their market share and who ended the year in the red.
Electric Vehicles Dominate
The total number of new passenger cars registered in 2024 stood at 128,691, a 1.4% increase from the previous year, but still markedly lower than the decade’s average of 150,000 vehicles. The electric vehicle (EV) market share soared to 89%, up from 82.4% in 2023. To meet the 2025 goal of all new cars being zero-emission, the EV market share needs to grow by another 10% this year.
Shrinking Purses Drive Demand for Affordable Vehicles
OFV Director Øyvind Solberg Thorsen predicts that the average vehicle value sold in 2024 has decreased. He attributes this to increased demand for smaller, more affordable cars and expects this trend to continue in 2025. Despite the predicted average price decrease, OFV anticipates a 1.2% increase in new registrations in 2025, with an estimated 135,152 new vehicles hitting the roads.
Model Y’s Reign is Notabsolute, Volvo EX30 Makes a Strong Debut
Breaking down sales by model, Tesla Model Y maintained its suzerainty at the top, but its market share dropped from 18.5% to 13.1%. A notable entry was Volvo’s EX30, which debuted in the top three.
Tesla Tops Brands but Faces Stiff Competition
When considering brands, Tesla leads with a 18.9% market share, boosted by a tripling of Model 3’s market share. Despite Tesla’s dominance, competitors like Volkswagen, which overtook Toyota, and MG, which penetrated the top ten, are giving Tesla a run for its money. Rumors suggest that Tesla will launch an updated version of the Model Y in 2025, which could help it retain its crown.
Half a Million Cars Changed Hands
2024 concluded with approximately 500,000 passenger cars changing ownership, a 1.4% decrease from 2023. This dip reflects consumers’ preference for keeping their current vehicles or opting for used cars over new ones.
Considering a used car? Click here for five essential tips before you buy.
Stay tuned for more automotive news and trends in 2025.
