Finland electric car market is projected to grow at a CAGR of more than 20% during the forecast period, 2019-2025. The country has witnessed a growth of 38% YoY in 2019 and electric car sales have reached nearly 7,900 in 2019. Government support, well-developed charging infrastructure, and high disposable income of the people are some of the major factors for the significant growth in the market. An individual can have a subsidy up to $2,200 for the new battery-electric car for a vehicle price up to $54,500. The government also offers $2,200 for scrapping the old fossil car model and purchasing a new electric car. In addition, the country has a minimum registration tax on electric vehicles and has imposed high taxes on diesel and petrol to demotivate fossil fuel cars in the country.

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Finland electric car market is divided on the basis of vehicle type, propulsion technology, and battery type. On the basis of vehicle type, the market is further segmented into hatchback, sedan, and SUV. Some of the electric car models in the country include Volvo XC60 T8, Volvo S/V60, T8, Tesla Model 3, Mitsubishi Outlander PHEV, BMW 530e, Nissan LEAF, and others. On the basis of propulsion technology, the market is bifurcated into the battery-electric cars and plug-in-hybrid electric car. As per the European Automobile Manufacturers Association, more than 1,900 battery-electric cars were registered in the country in 2019 at an exponential growth rate of 145% YoY. Moreover, around 6,000 plug-in hybrid cars were registered at a growth of 21% YoY. By battery type, the market is segmented into NiMH, Li-Ion, and others. Li-ion battery vehicle is expected to cover a major market share in the near future.

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Finland Electric Car Market Segmentation

By Vehicle Type

• Sedan
• Hatchback
• SUV

By Propulsion Technology

• Battery Electric Car
• Plug-in Hybrid Electric Car

By Battery Type

• NiMH
• Li-Ion
• Others

Company Profiles

• AB Volvo
• Audi AG
• BMW AG
• Daimler AG
• Ford Motor Co.
• Hyundai Motor Co.
• Jaguar Land Rover Ltd.
• Kia Motors Corp.
• Mitsubishi Motors Corp.
• Renault Group
• Tesla, Inc.
• Toyota Motor Corp.
• Volkswagen AG

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