Latest News
Norway, Switzerland, and Sweden lead electric vehicle uptake
News Highlight
Norway, Switzerland, and Sweden rank at the top of the index comprising 40 countries, which is largely due to the countries’ EV market maturity and the overall buying power of consumers.
Euromonitor International, a market research company, has released its annual Electric Vehicle Readiness Index for 2023 indicating the best prepared global markets for the electric vehicle (EV) transition.
Norway, Switzerland, and Sweden rank at the top of the index comprising 40 countries, which is largely due to the countries’ EV market maturity and the overall buying power of consumers.
According to the report, the EV transition remains a challenge for many emerging and developing economies including Brazil, South Africa, and India.
All three countries ranked at the bottom of the 2023 index as limited government incentives, low incomes, and the undersupply of public charging stations have discouraged businesses and consumers from making the transition. In 2022, new EV registrations in the three countries collectively averaged less than 1%.
Germany improved its position by seven places in the EV Readiness Index 2023. The UK had the biggest drop in the top 10 list. The country slipped five places to 9th, mainly due to the rising cost of electricity in the country. China reached seventh place, improving by seven places compared to 2022.
Related News
Latest Blogs
- Expansion of broadband access will drive Nigeria's economic advancement
- Old lessons for new banking recapitalisation
- Africa or its nation states
- Lagos cholera outbreak and what to do about it
- Transforming Nigeria’s health sector: The SWAp advantage
Most Popular News
- AfDB has invested $1.44bn to support infrastructure development in Nigeria
- CBN raises interest rate by 50bps to extend hiking cycle
- IMF Deputy Managing Director Antoinette Sayeh to retire from the Fund
- Swedfund invests $30mn in Access Bank for MSMEs financing in Nigeria
- Nigerian inflation rate climbs to 34.19 percent
- ADIPEC Technical Conference receives record-breaking submissions