The UK has been ranked the fifth most attractive European country for electric vehicle market potential, according to the Electric Vehicle Country Attractiveness (EVCA) Index. 

The index highlights the differing approaches taken by European countries on incentives and charging rollout

Developed by Cornwall Insight and law firm Shoosmiths, the new index charts the relative attractiveness of major European nations for investment in EVs – in particular, cars – and EV charging infrastructure.

Ratings are based on a range of factors, from purchase subsidies to national EV charging targets, which the firms say can accurately rank European nations on their EV market appeal.

Norway takes the top spot with a score of 7.3, followed by France (6.3), Germany (6.5), the Netherlands (6.2) and the UK rounds up the top five with a figure of 6.18.

Norway has been a leader in EV adoption due to subsidies, tax cuts and a large-scale charging network. Other countries are following suit, with EV market share largely ranging from 10-20% across the index. Year-on-year growth is also an important indicator, with Ireland, Belgium, and Poland emerging as top performers with growth rates of over 50% compared to 2021, including 81.3% for Ireland.

EV Country Attractiveness index scores and rankings:

Source: Cornwall Insight

Jamie Maule, research analyst at Cornwall Insight, said: “The results of the Electric Vehicle Country Attractiveness Index may not come as a surprise, after all Norway is well known for its EV success.

“However, it is the promise for the future across Europe which is the most encouraging. Although the countries leading the Index, including the UK, had an early advantage in implementing EV incentives, a larger market share is not the only indicator of success. Even countries currently lower in the rankings are showing promising year-on-year advancements, indicating a shift in interest towards the EV market.”

Calum Stacey, legal director in Shoosmiths’ Energy and Infrastructure Team, added: “The index highlights the differing approaches taken by European countries and how they wish to incentivise the transition to zero-emission vehicles.

“One of the key drivers for those countries towards the top of the Index is the allocation of public funds to support the rollout of the necessary charging infrastructure to support this transition. However, as can be seen in both Germany and the UK, the public funding model is likely to be time-limited with the private sector needing to step in once a critical mass in relation to EV adoption has been reached.”

To access the EVCA Index, click here.