EV Charging Trends 2024: Rapid Growth and New Challenges

The electric vehicle (EV) charging industry is experiencing remarkable growth as the country steadfastly works towards its ambitious target of achieving net zero emissions by 2050.

The latest statistics for 2024 paint a vivid picture of this transformation. The UK’s EV charging sector is forecast to be valued at £3.9bn (US$5.1bn) by 2030, highlighting a period of substantial expansion throughout this decade. 

As of April 2024, the UK boasts 61,232 public EV charging points, which represents a remarkable 53% increase from the previous year.

Meanwhile, the Global EV Outlook 2024 report by the International Energy Agency (IEA) provides an in-depth analysis of the electric vehicle (EV) market globally, highlighting significant trends, statistics and projections for the coming years. 

Shell Recharge leads the field with the largest number of public charging devices, with 8,698.

This significant growth in infrastructure is crucial as Greater London continues to lead in terms of the number and density of charging points. The capital alone accounts for nearly a third (32%) of all public chargers in the UK, with an impressive density of 221 devices per 100,000 residents.

In terms of charger types, nearly 59% of the UK's public charging points are slow chargers with a power rating of under 8kWh.

However, there has been a marked increase in ultra-rapid chargers, those offering 150kWh or more, which now total 4,988. The cost of using these chargers varies; as of March 2024, charging on a public network costs an average of 56p per kWh for slow and fast chargers, while rapid and ultra-rapid chargers average 81p per kWh.

The uptake of electric vehicles in the UK is also on the rise. By April 2024, there were approximately 1.1 million fully electric cars on UK roads, reflecting a 13% increase from the previous year.

Plug-in electric vehicles, including hybrids, represented 23.5% of new car registrations early in 2024. At the same time, there are about 400,000 home EV charging points in the UK, with 80% of EV owners using these at-home chargers. The average cost of installing a home charging point stands at US£1,000 (US$1,311).

The global need for further EV infrastructure

This rapid development in the EV sector highlights not only the increasing adoption of electric vehicles but also the urgent need for expanded infrastructure.

As Fatih Birol, Executive Director of the International Energy Agency (IEA), points out: "Governments, companies and investors need to get behind clean energy transitions rather than hindering them.

"There are immense benefits on offer, including new industrial opportunities and jobs, greater energy security, cleaner air, universal energy access and a safer climate for everyone."

He stresses that policy reforms and financial support are crucial for making EVs the most affordable option and ensuring sufficient charging infrastructure to keep pace with the growing number of electric vehicles.

The IEA’s Global EV Outlook 2024 report highlights that home charging remains the dominant method for EV owners, with private chargers vastly outnumbering public ones.

In the UK, 93% of EV owners have access to home charging, with over half utilising smart chargers. The report underscores the importance of public charging infrastructure for broader EV adoption, with global public charging points increasing by over 40% in 2023. China leads globally in this regard, accounting for 85% of the world’s fast chargers and 60% of slow chargers.

"Every country needs to find its own pathway, but international cooperation is crucial for accelerating clean energy transitions," Fatih adds.

This cooperation is reflected in various global initiatives, such as the European Union's AFIR regulation, which mandates fast chargers every 60km along major transport routes. The United States aims to install 500,000 public chargers by 2030, while Canada targets 33,500 charging ports by 2026.

As the world moves forward, innovative solutions like battery swapping and electric road systems (ERS) are also being explored. Battery swapping is particularly advanced in China, while countries like Sweden and France are making progress with ERS.

Additionally, the IEA emphasises the need to coordinate EV charger deployment with power grid developments to manage potential surges in demand effectively. Strategies such as time-of-use tariffs and smart charging are becoming increasingly important as the number of electric vehicles grows.

The data from 2024 highlights the dynamic progress within the UK’s EV charging infrastructure and the broader global trends influencing this sector. 

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