UK ranked “one of Europe’s top countries for EVs”
The UK is the fifth most attractive European country for Electric Vehicle (EV) market potential, according to the Electric Vehicle Country Attractiveness (EVCA) Index.
The study, developed by Cornwall Insight and law firm Shoosmiths, considers various factors, including purchase subsidies and national EV charging targets, to accurately rank European nations on their EV market appeal. Norway was ranked number one on these metrics.
The transition to EVs has been a “mixed bag amongst nations” though, the index stated, with “some being enthusiastic supporters and others having been more hesitant”.
The index highlighted bans on new ICE vehicles by 2035 as “positive” though – and most countries were ensuring an EV market share of 10-20% across the index.
Year-on-year growth was also an important indicator, it said, with Ireland, Belgium, and Poland having the highest growth rates of more than 50% compared to 2021. Ireland was particularly strong at 81.3%.
Jamie Maule, Research Analyst at Cornwall Insight, said: “The results of the Electric Vehicle Country Attractiveness Index may not come as a surprise, after all Norway is well known for its EV success, however it is, the promise for the future across Europe which is the most encouraging. Although the countries leading the Index, including the UK, had an early advantage in implementing EV incentives, a larger market share is not the only indicator of success. Even countries currently lower in the rankings are showing promising year-on-year advancements, indicating a shift in interest towards the EV market.
“As the Index evolves, it will be interesting to see how countries move up the ranks through the implementation of new policies, targets, subsidies, and investment incentives, hopefully resulting in a surge of EV adoption throughout the continent.”
Calum Stacey, E&I Legal Director in Shoosmiths Energy and Infrastructure Team, said: “The index highlights the differing approaches taken by European countries and how they wish to incentivise the transition to zero-emission vehicles.
“One of the key drivers for those countries towards the top of the Index is the allocation of public funds to support the rollout of the necessary charging infrastructure to support this transition. However, as can be seen in both Germany and the UK, the public funding model is likely to be time-limited with the private sector needing to step in once a critical mass in relation to EV adoption has been reached.”
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