Monday, October 2, 2023

The UK is in the top 5 global electric vehicle (EV) market

According to EY’s latest Electric Vehicle (EV) Readiness Index, the UK ranks fifth in the global electric vehicle market, after China, Norway, the United States and Sweden. This index measures electric vehicle market size, supply chain performance and regulatory support in different countries.

Although the UK has fallen one place in terms of supply and policy compared to last year, its overall ranking remains unchanged due to significant demand for electric vehicles and a future ban on sales of new internal combustion engine (ICM) electric vehicles in 2030. Maria Bengtsson, Head of EV at EY UK, highlighted the need for improvement: “It is encouraging that the UK continues to be at the forefront of finding an effective transition to electric vehicle adoption, but there is still room for “significant improvement” .

The index predicts that UK battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) sales will reach 26% of total car sales in 2023, surpassing the global average of 19%. However, the UK lags behind leading countries such as Norway (81%), Sweden (53%) and the Netherlands (35%). Additionally, it is estimated that 71% of new vehicles launched in the UK by 2027 will be electric vehicles.

China is expected to dominate the world in the production of electric vehicles with a market share of 55%, followed by the USA (11%) and Germany (10%). In comparison, the UK is expected to contribute less than 1% of global EV production this year. However, the UK government has outlined plans to increase domestic production, with a particular focus on increasing battery production capacity from 2GWh in 2022 to 41GWh by 2027.

With high fuel prices and punitive measures on internal combustion engine vehicles, the UK is steadily positioning itself as a frontrunner in the global shift to electric vehicle adoption, but there is still a lot of work to do to catch up.

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Nation World News Desk
Nation World News Desk
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