Forecast: Battery Electric Vehicle Registrations in Denmark

The market for Battery Electric Vehicle (BEV) registrations in Denmark has grown significantly, reaching 36.74 thousand in 2023. Registrations have escalated from 4.6 thousand in 2015 to 36.74 thousand in 2023, showcasing notable fluctuating growth rates over the years.

Notably, the year-on-year growth rates reveal substantial variations:

• 2016 saw a stark decline of -71.5%, followed by a further decrease in 2017 at -45.58%.
• A major rebound occurred in 2018 with a 144.4% increase, continuing to surge in 2019 by 217.02%.
• 2020 and 2021 experienced significant growth rates of 158.04% and 75.12%, respectively.
• In 2022, growth moderated to 23.43%, decreasing slightly to 19.06% in 2023.

Analyzing the CAGR from recent past:

• The CAGR from 2019 to 2023 was remarkably high, averaging around 60.53% annually.
• From 2024 onwards, forecasted growth suggests a more tempered average annual rate of 8.9% from 2023 to 2028, translating into a total growth of 53.17% over these five years.

Future trends to watch for include advancements in battery technology, government incentives, charging infrastructure developments, and market shifts. These factors will continue to influence BEV market dynamics in Denmark.