UK electric vehicle market ranks among top 5 most attractive in Europe. Subscribe to Electric Vehicle News Bitesize Podcast for FREE to hear more!
The UK has been rated as the fifth most attractive country in Europe in terms of market potential for electric vehicles, according to the Electric Vehicle Country Attractiveness Index.
The new index, developed by Cornwall Insight and law firm Shoosmiths, relies on a range of factors to make the decision, from purchase subsidies to national Electric Vehicle charging targets.
Ireland, along with Belgium and Poland, is one of the top countries for electric vehicle growth of over 50%.
According to Cornwall Insight, Norway is considered a leader in Electric Vehicle adoption thanks to its subsidies, tax breaks and large-scale charging network.
“The results of the Electric Vehicle Country Attractiveness Index may not come as a surprise, after all Norway is well known for its Electric Vehicle success, however it is the promise for the future across Europe which is the most encouraging,” said Jamie Maule, research analyst at Cornwall Insight.
“Although the countries leading the Index, including the UK, had an early advantage in implementing Electric Vehicle 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 Electric Vehicle 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 Electric Vehicle adoption throughout the continent.”
The UK Electric Vehicle market continues to grow, with some of the UK’s leading car manufacturers recently reporting that a quarter of all car sales are electric.
However, there is still a lot of work to be done if the UK is to continue to develop its Electric Vehicle market, and early warning signs are emerging.
Earlier this month the Society of Motor Manufacturers and Traders warned that UK’s ability to compete as an Electric Vehicle production leader is “at risk” due to increasingly attractive international Electric Vehicle schemes and policies.
Charging station operator Liberty Charge has also warned that authorities’ unrealistic expectations could jeopardize the UK government’s target of 300,000 public charging points for electric vehicles by 2030.
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