New data just released by the Department for Transport shows that the shortage of electric vehicle infrastructure in the UK is arguably getting worse, with the number of rapid charging points per electric car shrinking. That gap has created an opportunity to invest in e-vehicle infrastructure.
Data shows the total number of rapid charging points in the UK increased by 33% to 2,495 in October 2019. In the same time period, the approximate number of electric vehicles grew by 48% to 80,700.
This means that in the UK there is approximately just one rapid charging point for every 32 electric vehicles and growing!
With electric vehicle numbers expected to really take off over the next decade, those early entrants to the charging device market stand to gain a first-mover advantage.
Whilst London is a hotspot for electric vehicle growth, according to the data there are just 3.6 public rapid charging devices per 100,000 people, behind the UK average of 3.8 per 10,000. This indicates the potential scale of the market in the capital alone, where political support for e-vehicles due to air quality concerns is a very strong tailwind for the sector.
Issues relating to the capacity gap are already beginning to become apparent. Taxis, minicabs and private vehicles pose a key challenge, as in many cases they will need to charge in public at least once a day. Therefore, the slower chargers that currently make up the lion’s share of the market are of very little use to those looking for a quick turnaround.
With 291,800 licensed taxi and private hire vehicles on the road in 2019, and with more and more turning electric, charging devices for fleet vehicles are big business. Sites where fleet vehicles such as taxis congregate, like airports, are prime targets for these changing developments.
The majority of this infrastructure is going to be funded by private companies. Charging stations will move from a niche to a mainstream part of the UK’s transport infrastructure, creating substantial opportunities for investors.
If you would like to find out more about our e-vehicle infrastructure opportunity, then please see the dedicated page on our site - EV Hub.