Get Ready for It: World’s First Fully Electric Car Market Is on the Horizon

Thanks to concerted efforts to encourage its population to purchase electric vehicles (EVs), Norway is on its way to establishing the world’s first fully electric car market.

Today, one in every four cars is either electric or hybrid, and in October 2024, EVs accounted for 94% of new car sales in Norway, a rate double that of China. And way ahead of the rest of Europe.

Norway achieved this feat through its accumulated oil wealth and successive stable policy support to the sector, including eliminating the value-added tax and allowing bus lane access, cheaper parking, and not charging EV drivers for ferries or tolls. Moreover, fuel stations have replaced pumps with EV chargers. There are currently 29,000 public chargers across the country. And finally, a large variety of EVs – some 160 models – accommodate different customer preferences. According to 2023 data from a Bloomberg Green analysis, 31 countries have reached their transition “tipping point”, in which 5% of all car sales are electric, Norway being the first as early as 2013. There are also Norway’s four Scandinavian neighboring countries, Belgium, China, Ireland, Netherlands, Portugal, and Switzerland.