Sophus3 Quarterly Insights Event: Introducing the EV Index
Patrick Fuller | Head of Insights, Sophus3
Speaking to the Sophus3 EV Digital Marketing webinar, Patrick Fuller emphasised the need for objective measures to track the progress of Electric Vehicle adoption.
(4 minute read)
“The Sophus3 EV Index is designed to provide an objective measure of how each European market is promoting the adoption of electric vehicles. The Index is published quarterly and provides a snapshot of the progress, or otherwise, towards the goal of electrification.
“Our analyst team has aggregated data from three different perspectives. The first one measures the consumer appetite to buy electric, the second one looks at the availability and choice of competitively priced electric cars, and the third assesses the quality of the public charging infrastructure, which remains a key barrier to purchase.
“A score of 100 would represent parity with a conventionally fuelled vehicle and you will see that there is a long way to go to achieve that aim. Currently the EV Index covers the UK and collects relevant data for the European Big 5 Markets as well as Norway — the ‘best in class’ EV market — to benchmark UK performance.
“So how does it work? There are three pillars to the index, consumer interest, affordability and choice, and infrastructure.
“First, the consumer interest score, which comes from the eDataXchange platform and measures how many car buyers are researching EV compared with non-EV. It is based on analysis of more than 20 million visits a month to more than 30 car brand sites. We also factor in data from Google, which shows the balance of search interest between EV and ICE vehicles.
“Our second metric assesses choice and affordability by comparing the ratio of electric to non-electric derivatives, then analysing the differential in pricing between the two fuel types.
“Finally, we consider the public charging network. Here we compare the density of the EV network to that of petrol and diesel fueling points, where an index score of 100 would mean it was equally easy to refuel a conventional car or recharge an EV.
“All three metrics are then combined into an overall score shows how ready a market is to go electric.
“Our latest EV Index calculation for the UK during the last quarter of 2020 reveals an overall score of 48, in other words less than the halfway point for widespread acceptance and adoption.
“However, this was a big improvement over the previous quarter – up six points – thanks to a surge in consumer interest. The ‘affordability and choice’ metric is in most need of improvement. The UK car market remains dominated by popular petrol fueled superminis, such as the Ford Fiesta and Vauxhall Corsa, where entry level prices start at little over £15k. Compare that with £25,000 plus for an entry level EV. On the infrastructure side there was also some progress during the quarter but, while the EV driver in the UK is relatively well served by the charging network, our index score of 50 means that, effectively, it is twice as difficult for them to access a public charger as it would be to refuel an ICE powered car.”
The EV Index is published every quarter to highlight the practicalities of EV adoption and the latest edition can be viewed here. A fuller explanation of the index, and links to previous editions of the EV Index, are available here.
Access to the complete recording of the Sophus3 EV Digital Marketing webinar — of which Patrick’s presentation is a part — has now been opened up and it can be viewed here.
For more information about Sophus3 and eDataXchange, please email email@example.com.