Household expenditure on vehicle purchases in Norway is projected to experience steady growth from 2024 to 2028. In 2023, the expenditure stood at 91.04 billion Norwegian Krones. From 2024 to 2025, the expenditure is forecasted to increase by 2.12%. Similarly, from 2025 to 2026, it is expected to grow by 2.06%, and from 2026 to 2027, by another 2.00%. The projected increase from 2027 to 2028 is 1.94%. Overall, the Compound Annual Growth Rate (CAGR) for the period from 2024 to 2028 is approximately 2.02%.
Future trends to watch for include potential impacts of environmental regulations, advancements in electric vehicle technology, shifts in consumer preferences towards sustainable transport options, and macroeconomic factors such as interest rates and inflation that could influence disposable household income and expenditure patterns. Additionally, evolving trends in shared and autonomous vehicles may also affect household expenditure on vehicle purchases in the long term.
