China leads the world in EV infrastructure but lags behind in consumer spending power: Euromonitor
- China ranks seventh among 40 countries in an index evaluating the most prepared markets for EVs, improving seven places from 2022, Euromonitor report shows
- China’s EV infrastructure is top class, but ranked 36th in consumer spending power, just ahead of Indonesia, Bulgaria, Thailand and India
China leads the world in developing infrastructure to support the growth of electric vehicles (EV), but trails major European countries in consumer spending power on battery-powered cars, according to a report by Euromonitor International.
The country ranked seventh among 40 countries in an index evaluating the most prepared markets for EVs, improving seven places compared with 2022, according to the report by the market research company published on Monday.
The 40 countries together account for about 90 per cent of the total car market globally, according to Euromonitor. Their EV readiness is measured across four pillars: market maturity, infrastructure maturity, cost of ownership and consumer spending power.
“Importantly, China has seen a swift rise in fast charging stations, which has helped fuel greater consumer confidence in buying an EV,” said Fransua Vytautas Razvadauskas, insights manager of mobility at Euromonitor.
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China recorded the highest score of any country in the infrastructure maturity pillar, largely because of the country’s strong investment in public charging stations and fast chargers, which encouraged the adoption of EVs, according to Euromonitor.