European Dominance in Euromonitor’s 2023 EV Readiness Index

Euromonitor International’s 2023 Electric Vehicle (EV) Readiness Index highlights significant progress in the EV sector, forecasting that 20% of global new vehicle registrations will be electric in 2023. Key findings include Norway, Switzerland, and Sweden leading, with the UK showing notable decline.

Norway, Switzerland, and Sweden Lead the Way

These nations top the index, with Norway recording an impressive 89% in new EV registrations in 2022. Their success reflects a blend of robust environmental policies and substantial infrastructure support.

Rise of Asian Markets

China and South Korea have made considerable strides, with significant investments in charging infrastructure, crucial for supporting the rapid growth of EVs in these economies.

UK’s Decline

A 49% increase in electricity costs in the UK underscores the economic challenges in transitioning to EVs, leading to a significant drop in the rankings.

Challenges in Emerging Economies and European Predominance

Brazil, South Africa, and India face major hurdles, such as the lack of government incentives and insufficient purchasing power, hindering EV adoption.

Europe stands out for its commitment to EVs, with eight of the top ten countries in the index. This trend is a testament to the effectiveness of regional policies favoring EVs.

China’s Rise

With 1.8 million public charging stations, China shows rapid progression towards electrification, solidifying its position as a global leader in the EV market.

Global EV Outlook for 2023

Despite a slowdown, the growth in EV registrations remains significant, with a forecast of 13 million units in 2023, marking a further step towards sustainable mobility. Euromonitor International’s 2023 report illustrates a changing global landscape with clear leaders and laggards in the transition to electric mobility.

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