UK ranks third in Leaseplan’s 2023 EV Readiness Index

The Electric Vehicle (EV) industry is gaining momentum globally, and the UK is not left behind.

According to LeasePlan’s 2023 EV Readiness Index, the UK is more prepared than ever for the emobility transition. The index measures the EV market and infrastructure’s maturity and the total cost of EV ownership in 22 European countries.

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The UK ranks among the top three countries in the index, behind the familiar sight of Norway and the Netherlands, with an overall score of 36 out of 50. 

The maturity of the EV market increased by 19% across Europe, with the UK increasing by one point. EVs make up an impressive 23% of the UK car market, and over 368,000 EVs were registered per population in the past year, second only to Germany.

The index’s third factor, the total cost of EV ownership, slightly decreased by 6%, mainly driven by rising energy prices in 2022. However, LeasePlan noted that EVs remain more affordable than ICE alternatives in most European countries. In a comforting turn, the UK received the highest score for government incentives, which remain an essential catalyst for EV adoption.

Charging infrastructure significantly improved across Europe, with a 43% boost, and the UK has the second-highest number of public and fast-charging locations per population.

One of the most outstanding figures in the report is that European EV charging infrastructure improved by 43%. Accessible charging is a massive boost to EV adoption, and that figure should help to quell the anxiety of some would-be EV drivers. 

Alfonso Martinez, Managing Director at LeasePlan UK, said:  

“It’s great to see a significant improvement this year in the UK – we are more ready than ever before for the shift to EV. It is now essential that we keep this momentum going: this year’s Index shows drivers in the UK are ready and willing to make the switch to electric, and we must keep pressure on governments to ensure a robust public charging infrastructure is available to all drivers – including commercial vehicle fleets, incentives for switching like low Benefit in Kind rates, and OEMs that are able to keep pace with demand.“ 

LeasePlan’s World EV Day research found that 64% of drivers would consider switching to an EV, but 53% found the switching process confusing. 

“To mobilise the next generation of EV drivers we must make it simple, affordable and intuitive. And while there are still challenges to overcome – particularly around charging infrastructure – there are also many positives. The continued investment in chargepoints (including rural areas), electricity prices beginning to fall, and Government’s Budget that announced continued low rates of Benefit in Kind rates for EVs have all helped ensure electric remains cost comparative with a petrol or diesel equivalent.”

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