What is the market scenario of Electric vehicles in Finland?

One of the smallest Scandinavian country with a population of 5.518 million, as recorded in 2019, proved their potentiality in handling a pandemic scenario, COVID-19 efficiently where still half of the world is battling to get the situation under control. So, are they only limited in health line care or do they offer insights into their technological sector?

The total revenue of hybrid and electric cars in Finland was calculated to be $457.8 million, a growth by 90.7% in 2017, and a value of $1, 377.8 million forecasted in 2022 for the Finnish hybrid & electric cars market, projected an increase of 201% since 2017. The market reached a volume of 11,569 units in 2017 and the forecasted volume is 32,645 units in 2022 with an increase of 182.2%.

However, a peculiar interest or I should say choice has been displayed by Finnish people in the selection of vehicles, Hybrid vehicles, capturing 95.7% of the market compare to the pure electric cars. Whether it is due to the lack of charging stations, or the inaccessibility of pure electric vehicles, the reasons are unknown for such a significant choice. Although the growth is rising steadily, it is speculated that due to the shortage of infrastructure, the progress will be hindered and will deteriorate over the next five years. The market size is considered to be smaller compare to other Scandinavian countries, but the government is aiming to achieve its target of 250,000 electric vehicles on road by 2030, even though the current focus of the government is biofuels. One of the initiatives taken by the Government is to pay a minimum rate of 5% for the CO2 based registration tax with a tax being slightly reduced while registering the vehicle.

Even though there is negative speculation about the finish market but by 2022 a rise of 32,645 units is expected, a compound annual growth rate of 23.1% for the time period of 2017-2022.

In my opinion, every country has its own goal and focuses on achieving its target of having an environmentally friendly country whether its by electrical cars or with biofuels. But, is it possible to reduce the CO2 emission with a smaller number of cars per family and a greater number of e-bikes or traditional bikes? The countries are statistically calculating numbers and coming up with a figure, promoting a greater number of electric cars on road, but can it be sized down to per family and not per residents?

Sources:- MarketLine; Statista (Hybrid& Electric Cars in Finland)

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