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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.