diff --git a/geoviews/__init__.py b/geoviews/__init__.py
index 96151cf4..ee73c4a7 100644
--- a/geoviews/__init__.py
+++ b/geoviews/__init__.py
@@ -1,6 +1,5 @@
 from functools import partial
 
-import param
 from holoviews import (
     Cycle,
     Dimension,
@@ -23,12 +22,8 @@
     save,
 )
 
-from . import (
-    data,
-    feature,
-    plotting,
-    tile_sources,
-)
+from . import data, feature, plotting, tile_sources
+from .__version import __version__
 from ._warnings import GeoviewsDeprecationWarning, GeoviewsUserWarning
 from .element import (
     RGB,
@@ -60,12 +55,6 @@
 )
 from .util import from_xarray
 
-__version__ = str(
-    param.version.Version(
-        fpath=__file__, archive_commit="$Format:%h$", reponame="geoviews"
-    )
-)
-
 __all__ = (
     "Contours",
     "Cycle",
diff --git a/geoviews/__version.py b/geoviews/__version.py
new file mode 100644
index 00000000..c42d1b46
--- /dev/null
+++ b/geoviews/__version.py
@@ -0,0 +1,44 @@
+"""Define the package version.
+
+Called __version.py as setuptools_scm will create a _version.py
+"""
+
+import os.path
+
+PACKAGE = "geoviews"
+
+try:
+    # For performance reasons on imports, avoid importing setuptools_scm
+    # if not in a .git folder
+    if os.path.exists(os.path.join(os.path.dirname(__file__), "..", ".git")):
+        # If setuptools_scm is installed (e.g. in a development environment with
+        # an editable install), then use it to determine the version dynamically.
+        from setuptools_scm import get_version
+
+        # This will fail with LookupError if the package is not installed in
+        # editable mode or if Git is not installed.
+        __version__ = get_version(root="..", relative_to=__file__)
+    else:
+        raise FileNotFoundError
+except (ImportError, LookupError, FileNotFoundError):
+    # As a fallback, use the version that is hard-coded in the file.
+    try:
+        # __version__ was added in _version in setuptools-scm 7.0.0, we rely on
+        # the hopefully stable version variable.
+        from ._version import version as __version__
+    except (ModuleNotFoundError, ImportError):
+        # Either _version doesn't exist (ModuleNotFoundError) or version isn't
+        # in _version (ImportError). ModuleNotFoundError is a subclass of
+        # ImportError, let's be explicit anyway.
+
+        # Try something else:
+        from importlib.metadata import PackageNotFoundError, version
+
+        try:
+            __version__ = version(PACKAGE)
+        except PackageNotFoundError:
+            # The user is probably trying to run this without having installed
+            # the package.
+            __version__ = "0.0.0+unknown"
+
+__all__ = ("__version__",)