Why the UK tips on electric cars
The electric vehicle charging market is at a tipping point in the UK, reckons PwC. “There are now over 130,000 electric vehicles on the roads and 15,000 public charge points installed across the UK – not to mention rising numbers of privately-owned chargers being rolled out.”
And why is the market at a tipping point?
It’s a nascent and fragmented market in evolution with multiple business models providing diverse charging solutions
There are several large players with many new entrants
There are early signs of market consolidation
Venture capital and private equity funding underpin current growth
There’s strong policy support at international and local level in terms of decarbonisation
The successful rollout of low carbon transport will depend on putting the customer in the driving seat, says Lawrence Slade, chief executive, Energy UK.
“EVs will be used as cars first and foremost and customer adoption rests on drivers retaining the choice and freedom they have had with their vehicles to date,” he adds.
PwC believes home charging is a real growth prospect.
“We found 78% of homeowners have access to off-street parking – making home charging the most likely way to charge for EV drivers,” the consultancy says.
And destination charging is an emerging segment, including supermarkets, food outlets or gyms and leisure centres. All of these destinations typically have high levels of footfall and prolonged dwell time, and hence higher utilisation of the charging infrastructure.