The UK is ranked fifth in terms of global markets best prepared for electric vehicles.
According to EY’s latest EV Country Readiness Index, it is behind China, Norway, the US and Sweden.
It fell from seventh to eighth in terms of supply and third to fourth in regulation issues, but despite this EV penetration is still predicted to rise from 21% of all sales last year to 26% this year. This means the UK is ranked sixth in terms of EV demand.
Meanwhile, 71% of all new vehicles released between now and 2027 are expected to be electric.
However, a lack of fast charging infrastructure remains a critical challenge, as does a shortage in battery production capabilities, while upfront costs was cited as a deterrence for 36% of potential consumers.
Maria Bengtsson, EY’s UK Electric Vehicle Lead, said, “It’s encouraging that the UK remains one of the frontrunners in pursuit of an effective transition towards EV adoption, but there is still scope for significant improvement. As the clear global leader according to the Index, China has demonstrated the impact that appropriate regulation along with a localised supply chain and robust infrastructure implementation can have. There are lessons to be learned from that for the UK market, and the onus will continue to be on Original Equipment Manufacturers (OEMs) and the government to collaborate on this challenge going forward.
“Potential delays to and a lack of clarity on the Zero Emissions Vehicle (ZEV) Mandate, along with uncertainty around plans and progress on the supply side are particular challenges the UK continues to navigate, while regulatory incentives have room for improvement, particularly when compared with legislation brought about in other competing markets.
“However, there are positives to take into account, including recent encouraging sales growth, particularly for new EVs, driven by increasing popularity among consumers and businesses.”
