Future Predictions for the EV Industry

by | Nov 6, 2023 | Editorial

The United Kingdom is one of the leaders in the electric vehicle (EV) revolution, and as I’m sure you’re aware. These is no sign of this growth slowing down anytime soon. As a business it is important that you understand the industries around you and their future predictions. So, in this blog we will be exploring our top 10 predictions for the future of the EV industry in the UK.

 

1.Charging Infrastructure Expansion

The expansion of EV charging infrastructure can be a blessing and a curse for businesses. If you were not looking to install EV charge points your business can consider integrating electric vehicles into your fleet with ease using the available public charging. But if you were looking to utilise this technology, getting in early may be important for your success in this endeavour. As with this growth customers may become accustomed to utilising a pre-existing charge point at a location they have built a relationship with.

 

2. Government Incentives and Support

Currently the UK government is actively promoting the transition to EVs for businesses. Incentives, grants, and subsidies are available to encourage the adoption of electric vehicles in commercial fleets. These incentives are to be put under review in March 2024 and our prediction is that overtime these grants will become more specialised for different industries. While currently most businesses are eligible we predict a shift with more requirements being added reducing the number of businesses eligible. See the current grants available here.

 

3. Fleet Electrification

Our third prediction is surrounding transitioning to electric fleets. We believe there will be a large increase in fleet electrification, as well as better technology for fleets with a wider variety of vehicles for businesses to choose from, with better range and more features that can help businesses. This will in turn require faster charging for these larger vehicles to run effectively.

 

4. Sustainable Business Practices

With the growth of EV and the growing importance of sustainability with the doomsday clock ticking down rapidly. We believe there will be a stronger emphasis on sustainability and sustainable practices becoming an expectation for consumers. We predict that alongside EV charging there will and equal growth of solar and other sustainable energy adoption. Making chargers that are solar compatible the standard.

 

5. Collaboration and Partnerships

With the necessity of charging alongside the limited space and parking for businesses, we see collaboration and partnerships becoming a larger focus for business in the coming years. Whether with local councils, charging providers or other businesses close to you. Partnering with these entities can open new doors for installing charging stations on your premises/ shared parking allowing for charging solutions for employees and customers and expanding your network together within the EV industry.

 

6. Employee Attraction and Retention

Offering EV charging solutions for employees will start to become the standard. We predict that many workers will expect charging or other solutions at their place of work. Ensuring that they can have a stress-free workday without range anxiety. This will be especially true for businesses that promote sustainability as one of their ethos.

 

7. Data-Driven Decision-Making

Similar to most decisions businesses make data is king. And as time goes on the data you can receive from EV charging will become smarter and smarter. Utilizing this data in the future will help businesses make more informed decisions (Even more than currently). Currently you can monitor vehicle performance, charging patterns, and operating costs. But who knows what can be obtained in the future.

 

8. Charging at Business Premises

There is already a slight expectation for places like supermarkets to have EV charging available to their customers. But as time progresses this expectation will move further toward most businesses that serve the general public that has sufficient parking.

 

9. Long-Term Cost

As time progresses there will be cost-savings to be had with EV charging maintenance and running costs. But our prediction is that while overtime the cost of chargers may be reduced most other areas of the installation cost will go up, with grants stopping, less power available and markup on installations increasing. This is because currently there is a push for EV charging and investing in this infrastructure there is more incentives to do so and more spare power to utilise overall. As we see more installs happening it will become harder to upgrade your supply with less power available, no grants and we predict a raise of installation costs due to the necessity of them at that time. After this we believe that the cost will drop drastically as energy production raises and there is less and less of a requirement for new EV ChargePoint installations.

 

10. Sustainability

Currently there is a bit of a connotation around EVs and EV charging around their lack of sustainable values and it not being as sustainable as it could be. This is due to the lack of current resources making it difficult to make EV charger installations truly sustainable. As time goes on more there will be more technology advancements and clean energy solutions that will help maker EV charging more sustainable for everyone. Until then check out our guide about being sustainable with EV charging here.

Conclusion:

The future of electric vehicles in the UK holds great promise for businesses, and while no one can be sure on what’s to come and how it may affect the UK. Staying informed in one of the best ways you can stay in the loop about technology advancements, staying sustainable and ensuring your charge points are successful. Ready to jump into EV charging click here.

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