EV Charging Index 2024: EV growth slows as attention turns to infrastructure

EV Charging Index 2024: EV growth slows as attention turns to infrastructure

July 10, 2024

The EV sector faces numerous headwinds, while infrastructure growth varies around the globe

After a period of rapid expansion, 2023 saw a slowdown in EV sales and infrastructure growth in some regions, painting a mixed picture in our latest EV Charging Index. Meanwhile, the charging market looks vibrant as OEMs increase their involvement. Infrastructure development is still struggling to match vehicle sales, but consumers believe public charging is improving, with fast DC charging on the rise in all almost markets.

The EV sector currently faces numerous headwinds, including high energy costs, inflation, and reduced subsidies as some governments shift their funding focus from vehicles to charging facilities. Global sales penetration rates continued to rise in 2023, but there was strong variance across countries, influenced by factors in policy, supply, and demand. Asian countries and the Middle East saw the biggest rises, but South Korea and Germany both saw sales penetration rates decline.

Infrastructure development has been mixed, not yet catching up with EV sales which impacts charging sufficiency ; but customer satisfaction improved across the board as more DC chargers are installed.

So what does this mean for our overall rankings?

China is still scoring at the top of the rankings. Its closest competitors – Germany, the United States, and the Netherlands – have all seen their scores either stagnate or decrease, a trend seen across most established markets in 2023. Meanwhile, developing markets in the Middle East and Southeast Asia are showing rapid growth in EV sales and closing the gap to the leading nations.

This fifth edition of the EV Charging Index covers 32 markets in five regions – Europe, China, the Americas, the Middle East, and Asia (other) – and 31 indicators. It is based on industry interviews, primary research, and a survey of more than 15 800 participants, conducted in Q2 2024. In it, we present the overall findings and focus on four main areas: EV penetration, policy, infrastructure, and market dynamics.

In addition to the summary below, you can download the full report here. You’ll also find detailed insights from our local experts in certain markets.

A varied picture for EV sales

While some developing markets showed the strongest growth rates for EV sales, China continued its impressive progress with a 36% sales penetration rate in 2023. With more Chinese OEMs launching new models, pricing is becoming increasingly competitive.

Other established markets fared less well. In Western Europe, some mature markets, such as Germany and the Netherlands, have lowered or removed subsidies, slowing the pace of EV growth. In the United States, plug-in hybrids are proving increasingly popular, comprising 20% of US sales in 2023. This reflects continued skepticism of the public charging infrastructure – a sentiment shared by consumers in Western Europe.

Charger sufficiency still lacking

Overall, our survey shows considerable divergence in infrastructure development. China’s charge point growth has matched its impressive progress in EV sales, for instance, but in the United States public charging growth slowed in 2023. Indeed, despite a growing focus on charge point development, vehicle-to-charger ratios stagnated or declined slightly across all regions except the rapidly evolving Middle East market.

Where things have improved is in fast charging, with the share of DC chargers in public charging infrastructure growing across all regions. On a global level, almost a quarter of all public chargers are now DC.

Market evolution continues

Despite mixed sentiment among investors, the charging market is proving increasingly dynamic. Buoyed by advantages in technology and cost-efficiency, Chinese players are expanding their international footprint, especially in Europe. In Europe and the US, new market participants from adjacent value chains are joining in, including utilities companies and supermarket chains.

While OEMs are yet to be major players in most markets, they are increasing their involvement, where they can help drive EV sales by expanding infrastructure. According to our survey, branded charging networks are an important factor when buying an EV, particularly in China, India, and the Middle East.

Participants continue to test new business models and technologies. A wide range of solutions likely to be appropriate for different use cases are still to emerge, and there is still no clear direction as to where the market will land. For more information on our EV Charging Index rankings as well as the latest developments in EV sales, e-mobility policies, charging infrastructure, and charging market dynamics, please download a copy of the full report.

Our EV Charging Regions insights
Americas

Brazil recorded a slight decline in its overall ranking in this year’s Index. Its EV market is still young, although the sales penetration rate grew from 1% to 3% in 2023. Its public charging network is reasonable but growing at a much slower rate.

Canada’s EV sales penetration is gradually rising but remains low. Ambitious government targets and funding should help vehicle sales and charging infrastructure to grow, although extra support may be required.

Mexico’s e-mobility sector is very much in its infancy, reinforced by its position near the bottom of our 2024 rankings. However, changes in government and the EV portfolio could accelerate growth among consumers and expand charging infrastructure.

The United States remains a leading e-mobility market, despite a slight decline in its overall score. EV sales are growing, driven by rising popularity for plug-in-hybrids. Home charging still dominates and there is work to do to improve public charging infrastructure. Meanwhile, political support for e-mobility rests heavily on the outcome of the US election in November 2024.

Europe

Austria shows strong growth in both its charging network and EV sales. This reflects a harmonious blend of policy-driven support, technological innovation, and strategic collaborations. However, the country must address a lack of fast DC chargers.

Belgium shows impressive growth in EV penetration across all sectors, although the corporate leasing market still dominates sales; among the general public, e-mobility is still seen as expensive.

France moved up to fourth in this year’s ranking. Its EV sales penetration remained stable, while the country’s charging sufficiency is among the best.

Germany remains second in our ranking, despite falling EV sales. The number of chargers in the country is high, but charging sufficiency is below average. Meanwhile, charging infrastructure growth is encouraging, but it must accelerate considerably to hit government targets.

Hungary has shown encouraging growth in EV sales and charging infrastructure to improve its ranking. However, the number of public charge points must grow rapidly if the country is to meet its targets.

Italy’s overall score improved in 2023, after a decline the previous year. EV sales were up, but the penetration rate remained unchanged, still well below the global average. Greater clarity on government incentives is needed to address this. Progress remains solid in public infrastructure development.

The Netherlands maintains its place near the top of the rankings. EV sales are strong and its public charging infrastructure is well established, although growth has slowed. Fast charging remains a weakness: the ratio of DC chargers is among the worst globally.

Norway slips several places in the current Index. Its EV sales are still world-leading, but the country’s public charging infrastructure has not grown at the same pace.

Portugal’s EV sales penetration rate showed healthy growth and is ahead of most other European nations. Its charging sufficiency is less impressive, however, and growth in public charge points must accelerate to meet government targets.

Romania’s score rose by seven points, accompanied by serious improvement in customer satisfaction with the charging experience. However, public charging sufficiency could be improved, along with a swifter increase in EV adoption to fully realize Romania’s potential in e-mobility.

Spain’s EV market is showing encouraging growth, despite uncertainty around the dominant technology and financial viability. Its public charging infrastructure is expanding rapidly, although the availability of fast charging remains an issue.

Sweden fell back toward mid-table in this year’s Index. The EV sales penetration rate is still very high, but there is work to do on its public charger network, particularly in fast charging.

Switzerland’s EV sales penetration rate is healthy, but growth is slowing. And while its public charging sufficiency is comfortably above average, the share of DC chargers in Switzerland is well below par.

The UK EV market experienced moderate growth in 2023, with its EV sales penetration rate falling behind other major European countries. Its public charging sufficiency is among the region’s poorest, but satisfaction among drivers with the charging experience continues to rise.

Middle East

In the GCC (Gulf Cooperation Council) region , the UAE leads the way for e-mobility, ahead of Saudi Arabia and Qatar among the countries covered in this Index. There is still much to do to boost EV adoption and charging infrastructure, but a growing number of private and public stakeholders are boosting market dynamism.

Israel moves up one place in our ranking as its EV sales and charging infrastructure continue to grow, albeit not at the same pace – its charging sufficiency was among the lowest in 2023.

Turkey is showing strong growth in e-mobility, moving into the top 20 of our ranking thanks to a major increase in EV sales and above-average charging sufficiency.

Asia

China maintains its position at the top of our Index rankings, widening the gap to its nearest challengers. EV sales rates continue to grow, although the Chinese government has now phased out subsidies for vehicle purchases and is focusing on improving the quality and coverage of the country’s already impressive charging network.

India improved its score slightly in 2023 but its ranking fell slightly from 12th to 16th. E-mobility is still in its early stages, with India’s EV sales penetration rate rising from 1% to 2%. The number of private charge points is increasing rapidly, with public charging expanding more slowly.

Indonesia slipped back down the ranking in 2023. Its EV sales penetration rate doubled from 1% to 2%, but, despite impressive growth in its public charging infrastructure, its charging sufficiency is among the lowest in the Index.

Japan’s EV sales remain low and the country falls several places in this year’s rankings. Lack of customer satisfaction in public charging is a major factor, but this could change as Japan’s infrastructure expands.

Malaysia has the second-lowest score in this year’s Index after a decline in performance in 2023. EV sales are growing, but the penetration rate is still just 1%, while public charging sufficiency has room for improvement.

Singapore improved its score in 2023 but dropped from 15th to 18th in our latest Index. EV sales grew steadily and while public charging sufficiency failed to keep pace, it still scores highly.

South Korea’s EV sales dropped slightly in 2023, but solid scores elsewhere helped it maintain its above-average ranking. The government is adjusting its subsidy policies for EVs and charging infrastructure in a bid to take Korean e-mobility to the next level.

Thailand’s ranking slipped slightly as it repeated its score from the previous year. EV sales show strong growth, but the country has the worst public charging sufficiency of all nations in our Index.

Vietnam’s EV sales penetration rate shot up from 2% to 10% in 2023. However, the country’s overall score and ranking is restricted by a lack of data on its charging infrastructure.

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