EVolution Insights

Welcome to the June edition of the ElectrAssure newsletter! As we transition into summer, especially with the general elections coming up in July, we want to ensure that you are up to date with the important news and updates within the EV market.

This month, we're diving into three critical topics:

?? EV Charger Deployment in the UK is Behind

?? The 4th of July General Elections: How will this impact the EV market?

?? Top EV Market Trends for 2024

The UK's EV Charger Deployment Hits a Speed Bump

The UK is facing significant delays in EV charger deployment, with current installation rates far below what's needed to meet the 2030 targets.

From increasing installation rates to addressing planning and grid connection barriers, swift action is essential. This not only impacts the adoption of EV’s but also the broader goal of decarbonisation in the UK.

Installation Rates Must Increase

The UK currently has 75,074 public EV chargers, but needs nearly 225,000 more by 2030 to meet government targets. The current rate of 16,061 new chargers per year means the target will be missed by almost 120,000 chargers if not accelerated.

Contributing Factors to Delays

• Delays in the Rapid Charging Fund, designed for ultra-rapid network development, have slowed progress.
• Planning and grid connection barriers need to be addressed for faster deployment.

Strategic Recommendations

• Increase monthly installations to 2,800 to stay on track.
• Post-election government must prioritize EV infrastructure expansion.
• Swift implementation of policy schemes like the Rapid Charging Fund is crucial.

Implications for EV Adoption

• Slow charger rollout may deter EV adoption due to fears of inadequate charging infrastructure.
• Meeting EV targets is essential for the UK’s decarbonisation goals.

Make sure to read up on our EV charging solutions OR get in touch with one of our experts today.

Forecasting the Evolution of the EV Market Post 4th of July

The upcoming UK elections could significantly impact the EV market through various channels. Let’s take a closer look at what may be in store post election day.

• Policy Direction and Regulatory Environment: Depending on the winning party, there might be shifts in governmental policies and emission regulations. Parties inclined towards environmental protection could prioritise EV adoption, introducing stricter emission standards and favouring EV’s over traditional combustion engine vehicles.
• Investment in Charging Infrastructure: Political parties may differ in their commitments to expanding the EV charging network. Those advocating for green policies could allocate more resources towards building charging stations, making EV ownership more convenient and attractive for consumers.
• Taxation, Incentives, and Industry Support: Election outcomes could influence taxation policies related to EVs, including road tax, congestion charges, and incentives like grants or tax credits. Parties supporting the automotive industry's transition to electric vehicles might offer subsidies to car manufacturers, fostering growth in the EV market.
• Consumer Confidence: A stable government with clear policies supporting EV adoption could boost consumer confidence, leading to increased demand for electric vehicles.

Overall, the results of the UK elections will shape the EV market by determining the direction of policies, regulations, investments, and consumer sentiment towards electric vehicle adoption.

?? For UK-based fleets seeking guidance on addressing challenges like charging infrastructure, our experts are available for consultation.

EV Market Trends to Watch in 2024

The rapid growth of EV’s and advancements in their manufacturing technology continue to dominate the automotive industry, setting the stage for significant developments throughout the year. Let’s take a look at key EV market trends to watch in 2024.

• Surging EV Adoption: Environmental concerns, government incentives, and tech advancements are propelling businesses to choose EVs over ICE vehicles.
• Breakthrough Technologies: Advances in battery technology are extending ranges and reducing charging times. Autonomous driving and enhanced connectivity are making EVs more practical and appealing.
• Infrastructure Expansion: Public and private investments in charging infrastructure are reducing range anxiety, making EVs a more viable option for fleet managers.
• Government Incentives: Generous subsidies, tax breaks, and stricter emissions regulations are promoting EV adoption and supporting sustainable transportation.
• Vehicle Diversity: From affordable compact cars to luxury models and commercial trucks, the expanding range of EVs caters to various business needs and preferences.
• Environmental Benefits: Growing awareness of climate change and the clear environmental advantages of EVs are driving the transition towards greener transportation options.

Stay connected for more updates and innovations from ElectrAssure as we continue to lead the charge towards a greener world.

Feel free to get in touch with our team to discuss any enquiries you might have.