Euromonitor International’s survey results on EV readiness

Euromonitor International has released the results of its Electric Vehicle Readiness Index for 2023 survey, which evaluates the most prepared countries which can support widespread EV adoption.

Market research company Euromonitor International is based in London and was founded in 1972. 

Results showed: 

• Norway, Switzerland and Sweden ranked at the top of the index, due to EV market maturity and consumer buying power
• Brazil, South Africa and India were ranked at the bottom, owing to ‘limited government incentives, low incomes and the undersupply of public charging stations’

Q: What are the reasons you are not purchasing an electric vehicle?

EV charging infrastructure: Challenges, opportunities and global insights

So what does this all mean for EV infrastructure? Fransua Vytautas Razvadauskas, Insights Manager Mobility at Euromonitor International, spoke exclusively with EV Magazine to discuss this further. 

“Charging infrastructure is one of the most important drivers of EV adoption. This is because it can directly influence the future vehicle purchasing decisions of consumers. According to Euromonitor International’s Voice of the Consumer: Mobility Survey 2023, the lack of EV charging stations was the second-most popular reason why people are refraining from making the switch to EVs.”

China is an example of a country which has actively invested in EV charging, making it one of the most attractive markets in the world for EV owners. 

“Based on the results of the EV Readiness Index 2023, China performed best in the Infrastructure pillar of the EV Readiness Index thanks to a strong commitment from the government to boosting the charging network. According to Euromonitor estimates, China is anticipated to account for around 65-69% of all public EV charging stations globally in 2023.”

As the EV transition ensues, governments in other countries will need to make sizable investments if they are to succeed in driving the EV transition. 

“Even in countries such as Norway and Sweden where EV adoption has shown immense growth and success over the last 3-6 years, the rate of growth in EV charging stations has generally lagged. For example, according to the International Energy Agency (IEA) over the period 2017-2022, the total stock of EVs in Sweden grew by 851%, yet EV charging numbers only rose by 295%.”

The lack of EV charging is also apparent when measuring the ratio of EVs to charging stations, with the E.U. Alternative Fuel Infrastructure Directive (AFID) mandating no more than ten EVs per 1 EV charger. In Sweden, this ratio stood at 25 EVs to 1 EV charging station. 

“Yet the private sector has an opportunity to move in and deliver on the needs of the growing EV market. In the US for instance, major automotive companies such as GM and Ford have partnered with Tesla’s supercharging network, giving non-Tesla owners a wider choice of the charging network. This is likely to positively influence consumers thinking about buying an EV, as Tesla boasts the largest fast-charging network globally.   

“However, financial challenges will persist, especially with fast-charging stations which generally can cost between US$50,000 - US$100,000 to install, depending on hardware and geographic location.”

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