The UK has been ranked the fifth most attractive electric vehicle (EV) market potential in Europe.

With the rapid transition to EV, the UK is a prime location for charge point operators (CPOS). The research, carried out by Cornwall Insight and law firm Shoosmiths, has been published as the Electric Vehicle Country Attractiveness (EVCA) Index.

They took a multitude of factors into account including purchase subsidies, national EV charging targets, and infrastructural demands. Once they pooled all the data, the UK came home in fifth place across all of Europe.

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The top spot is a foregone conclusion, Norway has been ahead of the curve for years, with significant aid from the government and widespread EV purchase support helping their cause. Further proof, as if it was needed, that government involvement and collaboration with private enterprises can form the cornerstone of a modern, future-proof economy.

Year-on-year growth played a significant role in the rankings, according to the report: “the general trend across the indexed nations is a positive one, with most seeing significant year-on-year growth of BEVs as they approach ICE phase-out dates”.

Cornwall Insight

Ireland, Poland, and Belgium are the only three countries to boast over 50% market growth, matching the skyrocketing interest that we’re seeing in EVs and their surrounding markets.

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.”

The evolving index will be a fascinating indicator of our EV readiness as our ICE deadlines approach. It also gives us the opportunity to look at the countries ranked higher than the UK, and ask what they’re doing that we aren’t.

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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