18 Sep, 2023: According to EY’s latest EV Country Readiness Index, the United Kingdom has earned the fifth position in global rankings out of the world’s top 20 markets, as one of the most well-prepared markets for transitioning to Electric Vehicles (EVs).
The UK's position in the supply category slipped from 7th to 8th, and in terms of regulation, it dropped from 3rd to 4th in the year-over-year assessment. However, the UK's overall position in the rankings remains stable, primarily due to a strong demand for new Electric Vehicles (EVs) and the upcoming 2030 prohibition on the sale of new Internal Combustion Engine (ICE) vehicles. This has spurred a growing number of consumers and businesses to make the switch to electric vehicles, preserving the UK's overall standing.
Also sales of Electric Vehicles (EVs) including Battery EVs (BEVs) and Plug-in Hybrid EVs (PHEVs) are projected to increase to 26% this year, up from 21% in the previous year, surpassing the average of 19% across all 20 markets. Moreover, it is anticipated that 71% of new vehicle sales in the UK between this year and 2027 will be electric, marking an 11% increase from the figures observed in 2022.
Maria Bengtsson, EY’s UK Electric Vehicle Lead, said in the EY’s official press release: “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.’’
The UK government has significantly increased its backing for the transition to electric vehicles, channelling £1.6 billion into the expansion of the country's charging network. This financial commitment encompasses a substantial £950 million grant designated for the Rapid Charging Fund (RCF), which aims to facilitate the installation of Direct Current (DC) chargers, according to insights from EY.
The United Kingdom's remarkable ascent into the top 5 most EV-ready nations in 2023 underscores the nation's commitment to sustainable transportation. This achievement reflects not only the tireless efforts of government initiatives and private sector investments but also the growing awareness among citizens of the urgent need for cleaner and greener mobility options. As the UK continues to pave the way for electric vehicles and infrastructure development, it sets a commendable example for the world to follow. With a clear focus on reducing emissions and embracing innovative technologies, the United Kingdom is poised to play a pivotal role in shaping the future of sustainable transportation on a global scale.