26th January 2024
Written by Mitchell LakinEVs: The 2024 Forecast
2023 was a year of significant growth for electric vehicles and the industry that supports them. A decline in battery material costs meant further edgeway could be made by prolific brands such as Tesla, Ford and Fisker. According to SMMT data, the UK saw a 27.5% surge in battery electric vehicles (BEVs) by the end of 2023 compared to the previous year. Alongside the rise in vehicle numbers, there have been advancements in associated technologies. Most notably Ford’s Mach-E, Tesla’s Model Y and Fisker’s Ocean are pushing range boundaries and hitting remarkable distances from a single charge.
2024 Forecast – New Registrations
Euromonitor’s Mobility forecasts anticipate that electric vehicles will account for 25% of all new passenger car registrations in 2024 and according to S&P Global, nearly 100 battery electric vehicle (BEV) models will be available by the end of the year, doubling the figure of 2022. S&P have estimated that the global share in BEVs for 2024 will sit at 16.2%, a year-on-year change of 39.5% from 2023.
Despite significant increases, there are fears for the slowing of sales as EVs still remain far more expensive than their internal combustion engine (ICE) counterparts. Euromonitor’s Voice of the Consumer: Mobility Survey highlights that 65% of respondents worldwide chose not to purchase an EV due to their price.
Development in Batteries
Tesla and Chinese OEMs are at the forefront of using thermal components to enhance the performance of BEVs. This trend is anticipated to extend globally, with an aim of optimizing range by keeping the battery within its ideal operating temperature. This is between 20 and 40 degrees Celsius, according to TheEngineer.
The International Energy Agency (IEA) claim that batteries can make up to 40% of an EV’s cost. In 2024, the goal is to use new battery materials that are less expensive, reducing the use of costly metals such as lithium, nickel and cobalt.
Tesla is moving towards lithium iron phosphate (LFP) batteries and plans to use them more in future semi-trucks. Meanwhile, BYD is exploring cheaper sodium-ion batteries as an alternative to regular lithium-based ones.
Growth in Charging Infrastructure.
In November 2023, the introduction of new Public Charge Point Regulations (PCPR) marked a significant milestone in EV charging infrastructure. These regulations aimed to enhance the reliability of EV charging and ensure transparent pricing across various charging networks.
As of 2024, ZapMap’s Head of Insights Jade Edwards states that ‘while there will be growth across all types of charge points, there will be different dynamics in play’. She claims that charge point installations will continue at considerable pace, predicting the UK will hit 15,000 new charge points, with 3,000 of these capable of ultra-rapid technology.
2023 saw the growth of many charging hubs and forecourts. Sun-to-wheel infrastructure has been in action since the start of the decade, with GRIDSERVE launching their first “Electric Forecourt” in Essex back in 2020. However, last year witnessed a substantial increase in the adoption of this technology, as GRIDSERVE alone constructed 43 Super Hubs and Retail Hubs in 2023. Among these is London Gatwick Electric Forecourt, boasting 30 available charging points.
As for 2024, GRIDSERVE is set to deploy more forecourts as they continue construction of their Stevenage site. This is due to be open in the fourth quarter of the year with 34 charge points. Meanwhile, just this month, Gatwick’s opened its doors to the public as early as the 9th. User experience is improving too, with on-site charging attendants being available at each major GRIDSERVE site. At Car Charged UK, we are heavily invested in developing new charging infrastructure as last year saw us design and install our first on-site solar carport and, later, a 12-bay carport for a commercial client.
Last year, growth in charge point infrastructure was not limited to just GRIDSERVE. BP Pulse did more than double its available ultra-rapid charge points across the country and holds a significant portion of the UK’s charging hubs. September 2023 saw BP Pulse cut the ribbon to the UK’s largest public EV charging “Gigahub” to date, located at Birmingham NEC. BP Pulse’s targets are looking just as ambitious heading into 2024 – their latest venture is a collaboration with The Galliard Apsley Partnership to secure more prime locations for Gigahubs.
Although we are seeing growth in new, expansive sights, one of the major obstacles in the way of an all-EV future is the accessibility of on-street charging, with 40% of households lacking access. This January, it has been revealed that BT Group has plans to repurpose up to 60,000 old green street cabinets to accommodate for the demand of on-street charging. Currently, these boxes house outdated tech in the light of the new full fibre broadband. With this solution, these boxes will become hosts for on-street charge points whilst still providing their existing broadband services as the original power source remains.
Overall…
2024 is heading to be another major year of development for EV and EV-adjacent industries. With the UK government’s ambitious demand for an all-electric fleet now pushed back to 2035, the extra breathing room makes time for more innovations optimising the range of batteries as well as equipping our streets with infrastructure to suit a rapidly growing audience.
To keep updated on our latest news regarding installations, EV developments and more articles like this, follow us on:
Facebook: Car Charged UK
Instagram: Car_Chargeduk
Twitter: CarChargedUK
Linkedin: car-charged-uk
EVs: The 2024 Forecast
2023 was a year of significant growth for electric vehicles and the industry that supports them. A decline in battery material costs meant further edgeway could be made by prolific brands such as Tesla, Ford and Fisker. According to SMMT data, the UK saw a 27.5% surge in battery electric vehicles (BEVs) by the end of 2023 compared to the previous year. Alongside the rise in vehicle numbers, there have been advancements in associated technologies. Most notably Ford’s Mach-E, Tesla’s Model Y and Fisker’s Ocean are pushing range boundaries and hitting remarkable distances from a single charge.
2024 Forecast – New Registrations
Euromonitor’s Mobility forecasts anticipate that electric vehicles will account for 25% of all new passenger car registrations in 2024 and according to S&P Global, nearly 100 battery electric vehicle (BEV) models will be available by the end of the year, doubling the figure of 2022. S&P have estimated that the global share in BEVs for 2024 will sit at 16.2%, a year-on-year change of 39.5% from 2023.
Despite significant increases, there are fears for the slowing of sales as EVs still remain far more expensive than their internal combustion engine (ICE) counterparts. Euromonitor’s Voice of the Consumer: Mobility Survey highlights that 65% of respondents worldwide chose not to purchase an EV due to their price.
Development in Batteries
Tesla and Chinese OEMs are at the forefront of using thermal components to enhance the performance of BEVs. This trend is anticipated to extend globally, with an aim of optimizing range by keeping the battery within its ideal operating temperature. This is between 20 and 40 degrees Celsius, according to TheEngineer.
The International Energy Agency (IEA) claim that batteries can make up to 40% of an EV’s cost. In 2024, the goal is to use new battery materials that are less expensive, reducing the use of costly metals such as lithium, nickel and cobalt.
Tesla is moving towards lithium iron phosphate (LFP) batteries and plans to use them more in future semi-trucks. Meanwhile, BYD is exploring cheaper sodium-ion batteries as an alternative to regular lithium-based ones.
Growth in Charging Infrastructure.
In November 2023, the introduction of new Public Charge Point Regulations (PCPR) marked a significant milestone in EV charging infrastructure. These regulations aimed to enhance the reliability of EV charging and ensure transparent pricing across various charging networks.
As of 2024, ZapMap’s Head of Insights Jade Edwards states that ‘while there will be growth across all types of charge points, there will be different dynamics in play’. She claims that charge point installations will continue at considerable pace, predicting the UK will hit 15,000 new charge points, with 3,000 of these capable of ultra-rapid technology.
2023 saw the growth of many charging hubs and forecourts. Sun-to-wheel infrastructure has been in action since the start of the decade, with GRIDSERVE launching their first “Electric Forecourt” in Essex back in 2020. However, last year witnessed a substantial increase in the adoption of this technology, as GRIDSERVE alone constructed 43 Super Hubs and Retail Hubs in 2023. Among these is London Gatwick Electric Forecourt, boasting 30 available charging points.
As for 2024, GRIDSERVE is set to deploy more forecourts as they continue construction of their Stevenage site. This is due to be open in the fourth quarter of the year with 34 charge points. Meanwhile, just this month, Gatwick’s opened its doors to the public as early as the 9th. User experience is improving too, with on-site charging attendants being available at each major GRIDSERVE site. At Car Charged UK, we are heavily invested in developing new charging infrastructure as last year saw us design and install our first on-site solar carport and, later, a 12-bay carport for a commercial client.
Last year, growth in charge point infrastructure was not limited to just GRIDSERVE. BP Pulse did more than double its available ultra-rapid charge points across the country and holds a significant portion of the UK’s charging hubs. September 2023 saw BP Pulse cut the ribbon to the UK’s largest public EV charging “Gigahub” to date, located at Birmingham NEC. BP Pulse’s targets are looking just as ambitious heading into 2024 – their latest venture is a collaboration with The Galliard Apsley Partnership to secure more prime locations for Gigahubs.
Although we are seeing growth in new, expansive sights, one of the major obstacles in the way of an all-EV future is the accessibility of on-street charging, with 40% of households lacking access. This January, it has been revealed that BT Group has plans to repurpose up to 60,000 old green street cabinets to accommodate for the demand of on-street charging. Currently, these boxes house outdated tech in the light of the new full fibre broadband. With this solution, these boxes will become hosts for on-street charge points whilst still providing their existing broadband services as the original power source remains.
Overall…
2024 is heading to be another major year of development for EV and EV-adjacent industries. With the UK government’s ambitious demand for an all-electric fleet now pushed back to 2035, the extra breathing room makes time for more innovations optimising the range of batteries as well as equipping our streets with infrastructure to suit a rapidly growing audience.
To keep updated on our latest news regarding installations, EV developments and more articles like this, follow us on:
Facebook: Car Charged UK
Instagram: Car_Chargeduk
Twitter: CarChargedUK
Linkedin: car-charged-uk