Introducing the EV Index from Sophus3
Introducing the EV Index from Sophus3
How ready is the world for electric vehicles?
The purpose of the Sophus3 EV INDEX is to provide an objective measure of the readiness of the vehicle market to enable and encourage the mainstream adoption and ownership of electric vehicles (EVs).
The EV INDEX is formed from three pillars each measuring distinct factors that help or hinder electric vehicle acquisition. First of these is the consumer appetite to buy electric, the second is the capability of the automotive companies to supply those cars, and the third is the availability of suitable infrastructure to allow an expanding EV fleet to function effectively to meet buyers’ mobility needs.
The three pillars
Using data from car brands’ digital platforms – which they share through the Sophus3 eDataXchange project – we measure the proportion of the huge online audience to automotive sites who visit an EV model page compared to those who visit pages for conventional ICE (internal combustion engine) powered cars. We also analyse, then factor in, search activity to understand the split between interest in EV and ICE vehicles.
An index score of 100 for consumer interest means that curiosity in both powertrains is the same.
Affordability and choice
Here we measure, firstly, the proportion of electric models on offer from manufacturers compared to ICE cars as an indication of the choice consumers have. We then compare the pricing of the two types of vehicle to calculate any premium that an EV buyer must pay. Pricing is central to differentiating how accessible electric cars really are to consumers, rather than being halo products that a manufacturer expects to sell only in small numbers. ( ‘On the Road’ pricing is used in the calculation which includes all taxes, delivery and other charges. Where a central government subsidy is offered on purchase of an EV, this is included within the price calculations.)
An index score of 100 for affordability and choice means that an equal number of electric and ICE models are offered, and that the pricing of equivalent models is the same.
This pillar measures the availability of public charging points for EVs relative to the size of the road network and compares this to the availability of fuel pumps to support ICE cars. The calculation considers the charger network density compared to the established petrol pump density.
An index score of 100 represents a parity between the ease with which the driver of either type of vehicle can refuel/recharge.
Combining the data
The three separate indices are combined mathematically to give a single number that represents the readiness of a market to go electric. However, in publishing the index we show the contribution of each element because significant shortcomings in one area could effectively stymie progress in other areas. The three pillars are therefore displayed in traffic light colours. Green indicates a good performance where conditions positively encourage EV adoption. Orange indicates limitations in provision where some of the drivers for adoption are just satisfactory. Red indicates that a set of conditions exist that actively discourage or even block consumers from wanting or being able to buy an EV.
(Any index scoring below 16% is shown as red, between 16–75% as orange, whilst a value above 75% is shown as green.)
Index frequency and coverage
- The Sophus3 EV INDEX is published quarterly.
- The Sophus3 EV INDEX currently measures performance in the European ‘Big 5’ markets and Norway.
To find out more
Sophus3 makes the EV INDEX available for free to the many and varied interest groups following or promoting the growth of the electric vehicle sector, be they vehicle manufacturers, environmental groups, marketeers or governmental agencies.
In that spirit of openness we welcome comments and feedback, as well as suggestions as to how the index could be enhanced and used more effectively.
Forthcoming white paper
Sophus3 will be releasing a full white paper on the EV INDEX in the near future.