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The electric vehicle charging industry is experiencing significant growth as the country strives to achieve its ambitious goal of achieving net-zero emissions by 2050.
The latest statistics for 2024 clearly show this change. The UK electric vehicle charging sector is expected to be worth £3.9 billion (US$5.1 billion) by 2030, marking a period of significant expansion this decade.
By April 2024, the UK had 61,232 public electric vehicle charging stations, a significant increase of 53% compared to the previous year.
Meanwhile, the International Energy Agency (IEA) Global EV Outlook 2024 report provides an in-depth analysis of the global Electric Vehicle (EV) market and highlights key trends, statistics and forecasts for the coming years.
Shell Recharge leads the industry with the largest number of public chargers, at 8,698.
This significant infrastructure growth is crucial as Greater London continues to lead the way in terms of the number and density of charging points. The capital alone accounts for almost a third (32%) of all public charging points in the UK, with a density of 221 devices per 100,000 people.
In terms of charger type, around 59% of public charging stations in the UK are slow chargers with power ratings of less than 8kWh.
However, there has been a significant increase in ultra-fast chargers offering more than 150 kWh, with a current total of 4,988 chargers at various prices. In March 2024, the average cost of charging on the public network was 56 pence per kWh for slow and fast chargers, compared with 81 pence per kWh for fast and ultra-fast chargers.
Electric vehicle use is also growing in the UK. There will be around 1.1 million fully electric vehicles on UK roads by April 2024, up 13% on the previous year.
Plug-in electric vehicles, including hybrids, will account for 23.5% of new vehicle registrations by early 2024. Meanwhile, there are around 400,000 electric vehicle charging points in the UK, and 80% of electric vehicle owners use them to power their home chargers. The average cost of installing a home charging station is £1,000 (US$1,311).
Global need for more automotive infrastructure
The rapid development in the electric vehicle sector highlights the urgent need to expand infrastructure and increase the use of electric vehicles.
Fatih Birol, Executive Director of the International Energy Agency, said Governments, businesses and investors must support the green energy transition, not hinder it.
He stressed that policy reforms and financial support are essential to make electric vehicles the most cost-effective option and ensure adequate charging infrastructure to keep up with the growth in the number of electric vehicles.
The IEA’s Global Electric Vehicle Outlook 2024 report highlights that home charging remains the dominant method for electric vehicle owners, with private chargers far outnumbering public chargers.
In the UK, 93% of EV owners can charge at home, and more than half use a smart charger. The report highlights the importance of public charging infrastructure for widespread EV adoption, with public charging points expected to increase by more than 40% globally by 2023. China leads the world in this regard, accounting for 85% of the world’s fast chargers and 60% of the world’s rapid chargers. Slow delivery.
This cooperation is evident in various global initiatives, such as the European Union’s fast-charging regulation that requires fast chargers to be installed every 60 km along major transportation routes. The United States aims to install 500,000 public chargers by 2030, and Canada aims to install 33,500 charging ports by 2026.
As the world evolves, innovative solutions such as battery swapping and electric road systems are being explored. Battery swapping has made significant progress in China, and electric road systems are developing in countries such as Sweden and France.
The IEA also highlighted the need to coordinate the development of electricity networks and the deployment of EV chargers to effectively manage potential increases in demand. As the number of electric vehicles increases, strategies such as subscription packages and smart charging will become increasingly important.
2024 data highlights the dynamic development of electric vehicle charging infrastructure in the UK and wider global trends affecting the sector.
