EV Readiness Index 2023

Delivery

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.