EV Readiness Index 2023

September 2023

In its second edition, the EV Readiness Index 2023 indicates the best prepared markets for the electric vehicle (EV) transition. This follows growing EV take-up, with new electric passenger car registrations set to reach 20% of total registrations globally in 2023. The report also includes a discussion of the EV landscape in 2023, and analyses the long-term prospects for EV readiness.

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This report comes in PPT.

Key Findings

Norway is the most EV friendly country for the second year running

For the second year running, Norway was the best prepared EV market in 2023. With 89% of new passenger car registrations being electric, it is the most mature and advanced country for EV adoption. Its strong performance also reflects the continued dominance of Western European economies in the EV Readiness Index 2023, with eight countries featuring in the 10.

China rises seven places, thanks to its strong EV charging infrastructure

China was one of the most improved markets for EV readiness, rising seven places relative to the 2022 EV Readiness Index. It recorded the highest score of any country in the Infrastructure Maturity pillar. This is largely thanks to the country’s strong investment in public charging infrastructure, which has encouraged the EV transition.

Some countries are reducing EV incentives

While incentives have boosted demand for EVs, several countries are beginning to reduce them. This has been most prevalent in countries with high market maturity, such as Norway and Sweden, with governments citing the increasing price parity between EV and ICE (internal combustion engine) vehicles.

Global EV sales predicted to grow 19% in 2023

New electric passenger car registrations (BEVs and PHEVs) are forecast to expand by 19% globally and reach 13 million units in 2023. A set of positive factors, including increased supply and availability of electric vehicles, government subsidies and improving charging infrastructure, are helping to sustain growth.

Long-term EV readiness needs to be considered

In rising EV markets, governments need to develop clear national policies and targets that promote the EV transition. As EV take-up grows, governments need to consider strategies that prioritise grid capacity upgrades, modernise electricity transmission and develop electricity storage infrastructure.

Key findings
EV Readiness uncovers the best prepared markets to welcome EVs
Changes to the 2023 EV Readiness Index
EV Readiness Index pillars
Top 20 EV Readiness Index 2023 performers: Key highlights relative to last year’s results
Bottom 20 EV Readiness Index 2023 performers: Key highlights relative to last year’s results
Norway is the most EV-ready again, as Western European economies maintain their lead
China’s robust EV charging infrastructure drives its strong EV Readiness performance in 2023
Several countries are capping EV incentives for light vehicles amid rising market maturity
Most leading EV Readiness countries deliver weaker results in the cost of ownership pillar
Countries can be segmented into 4 groups based on EV readiness
New EV registrations to hit 20% market share in 2023, but sales growth is slowing
China to account for 61% of new EV registrations in 2023 as domestic competition intensifies
Competition in the emerging markets to intensify as incentives attract new players
Governments need to formulate long-term EV targets and goals to drive electrification
Long-term EV readiness will require investment in grid capacity and infrastructure
EV readiness will need to go beyond passenger cars and include larger-duty vehicles
Improving EV supply chains remains a top priority for manufacturers
Summary 1 key points
Key commercial takeaways
How was the EV Readiness Index constructed?
Market Maturity: Top 20
Market Maturity: Bottom 20
Definition of data points: Market maturity
Infrastructure Maturity: Top 20
Infrastructure Maturity: Bottom 20
Definition of data points: Infrastructure maturity
Cost of ownership: Top 20
Cost of ownership: Bottom 20
Definition of data points: Cost of ownership
Consumer spending power: Top 20
Consumer spending power: Bottom 20
Definition of data points used: Consumer spending power


All vehicles captured by Euromonitor's vehicle volume sales data, i.e. light vehicles -passenger cars and light commercial vehicles combined. Medium and heavy-duty trucks and buses are not covered.

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