In this blog, our Founder and CEO Philip Shadbolt OBE provides insights into key trends he anticipates in the EV space in 2024 and how EZ-Charge will continue to deliver for its customers.
The year ahead presents a unique blend of challenges and exciting opportunities for our industry.
The UK exceeding the 50,000 public charging point milestone last year was a momentous achievement and marked a critical moment in the UK’s transition to EV.
However, this was tempered by a change in government environmental policy which saw the deadline for the ban on the sale of new petrol and diesel cars pushed back by five years.
With a question mark hanging over central government’s continued enthusiasm for supporting the adoption of EVs, the onus is on industry and the public to keep up the momentum.
New releases and the growth of the second hand market
At the top end of the market, there are a number of developments and new electric car models we expect to be released in the coming year.
These including the Polestar 4 with a claimed range of over 370 miles, new models from BMW, Volvo and Porsche, and the first fully-electric model from Range Rover which will be available for pre-order.
2024 will mark the start of EVs truly becoming mainstream with greatly expanded choice for consumers in more affordable price ranges.
More exciting, possibly, is that the EV market has reached a point of maturity whereby a sizeable second-hand market will start to emerge.
A significant barrier to entry into the EV market for many people is the fear that the range on EV batteries drops significantly after several years of use.
However, for many models, this is simply not the case. For instance, if we take the Tesla Model 3 as an example, after 50,000 miles, batteries retain 95% of their original capacity, equating to a fall of just 20 miles in range.
Yet, the effects on price are remarkable. While new models of the Tesla Model 3 go for just over £50,00, a 2019 Tesla Model 3 with 27,000 miles retails at around £25,000.
Savvy consumers now have the opportunity to scan the nascent second-hand market and secure a good deal on their first EV.
The second tranche of LEVI funding
Another positive development in the sector will be the second tranche of Local Electric Vehicle Infrastructure (LEVI) funding released by central government.
This will allow more Local Authorities across the country to partner with Charge Point Operators to prepare compelling bids for central government funds.
READ MORE – How Local Authorities can seize the opportunity of LEVI funding
This will see continued progress towards meeting the government target of 300,000 public charging points by 2030.
Local Authorities understand the needs of their local populations and so are uniquely placed to benefit their constituents by delivering community-focused charging networks designed with accessibility in mind.
Our work on the flagship Park and Charge Oxfordshire network taught us that publicly owned car parks are ideal sites for community charging hubs. Conveniently located in residential areas, they extend charging access to those who may be unable to charge at home.
Energy price rises
While wholesale electricity prices remain high, looking to public car park charging sites that offer the possibility of overnight charging is one way that consumers can make savings this year.
Thanks to dual band tariffs, EV users have the possibility of unlocking lower cost charging at night.
At EZ-Charge we are pleased to offer a dynamic pricing model to ensure our driver can take advantage of these lower prices. Our EZ-Charge app allows those using our network to initiate charging sessions, access real-time data on charger availability and pricing. This means our users can be confident of an ultra-reliable charging experience delivering value for money.
Conclusion
Despite some challenges and setbacks, I believe that the UK has reached a turning point.
With continued determination from the public and private sector, the year ahead will see a surge in uptake of electric vehicles by individuals and the national roll-out of public charging infrastructure continue apace.