The mass adoption of electric vehicles and the need to accelerate EV charging infrastructure has opened various business opportunities and attracted many new entrants, from new start-ups to large enterprises. With a common drive for raising ROI and utilisation on charging infrastructure investments, it is imperative for businesses to have reliable data for informed decision-making.
Reducing the use of fossil fuels in transport is vital if the EU is to reach climate neutrality by 2050. To achieve this goal, we need to accelerate the transition to alternatively powered vehicles and vessels. In other words, we need to make sure there is enough supporting infrastructure with adequate coverage across the European Union for cars, trucks, ships, and planes to (re)charge or (re)fuel with alternative fuels.
The rapid development of battery technology, with longer driving ranges and shorter charging times, has made EVs a more cost-effective and environmentally conscious decision for business fleets. Many governments around the world offer incentives to encourage the adoption of EVs, such as tax credits, grants, and access to high-occupancy vehicle (HOV) lanes with dedicated “green stickers”.
Despite supply chain challenges, high commodity and energy prices, and macroeconomic and geopolitical uncertainties, sales of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) saw another record year in 2022, with more than 10 million units sold. The share of electric vehicles sold also increased from 5% in 2020 and 9% in 2021 to 14% in 2022, with China again dominating the market with a share of around 60% of global EV sales.
As the number of EVs increases, so does the need for EV charging infrastructure. However, setting up such infrastructure can come with various challenges, which unfortunately is especially true for residential areas where there is an additional set of questions; who can charge on certain charging points and when, as well as the process of obtaining the appropriate permits and documentation to install the charging station.
The electrification of transportation has the potential to bring numerous benefits to society and the environment. However, this transition to electric vehicles (EVs) poses significant challenges for our current electricity systems. The influx of EVs into the market could lead to a surge in power demand, straining our grids and requiring substantial investments in infrastructure.
Smart charging technology has emerged as a key solution to mitigate these challenges. Intelligently managing EV charging can prevent grid overload and optimize energy consumption. In this article, we will explore the key features and benefits of smart charging and how they manifest for network operators, businesses, and EV owner.