UK Electric Vehicle (EV) Charging Market is expected to reach USD 4986.0 million by 2030

The rising acquisition among the companies and increasing government initiatives in UK are driving up demand for the UK Electric Vehicle (EV) Charging market during the forecast period.

UK Electric Vehicle (EV) Charging Market was valued at USD 612.42 million in 2022, and is predicted to reach USD 4986.0 million by 2030, with a CAGR of 30.7% from 2023 to 2030, according to new research by Next Move Strategy Consulting.

The UK government is actively backing the development of electric vehicle (EV) charging infrastructure to accelerate the adoption of EVs, aligning with its ambitious goal of achieving net-zero emissions by 2050. As a significant step in this direction, in August 2022, the UK government announced a substantial funding injection of $21 million through the chargepoint scheme. This funding initiative aims to meet the rising demand for EV chargers, resulting in the installation of over 1,000 new electric vehicle chargepoints across the country. This strategic move is part of the broader Ten-point plan, signaling the UK's commitment to sustainable transportation and environmental goals.

However, the growth of the EV charging sector could face obstacles due to the absence of incentives and concerns regarding the high installation costs of EV chargers. A significant hurdle in expanding this industry is the substantial initial expense associated with level 3 and ultra-fast chargers. In contrast, level 1 and level 2 chargers may take anywhere from 6 to 16 hours to complete a full charge, while consumers are accustomed to the quick refueling of their conventional fossil fuel vehicles, typically taking just 5 to 7 minutes.

This disparity in charging times has fueled demand for fast chargers capable of recharging EVs in under 30 minutes. However, the initial investment required for establishing a level 3 charging station can be somewhat daunting. This cost factor has the potential to deter individuals considering the transition to EVs, as the extended charging durations may disrupt their already busy schedules.

On the other hand, the introduction of vehicle-to-grid (V2G) EV charging technology empowers plug-in EVs to engage in bidirectional energy exchange with the power grid. V2G allows electric vehicles (EVs) to store surplus electricity and contribute it back to the grid, enhancing the functionality of their electrical components and delivering added value to EV owners.

This technological advancement has streamlined the charging process for electric vehicles, making them a preferred mode of transportation. Consequently, the entire market for charging stations plays a crucial role in bridging the connection between EVs and the grid, ensuring efficient charging.

Enel Energia S.p.A. has taken the initiative to install two V2G EV charging stations at the Italian Institute of Technology's Genoa headquarters as part of the MOV-E project, sponsored by Nissan for corporate electric car sharing trials. Nissan has provided the Italian Institute of Technology with two battery electric vehicles (LEAF models) and the Glide app management platform. This collaboration between Enel and Nissan marks a transformative shift in sustainable transportation technology.

Manufacturers stand to benefit significantly from V2G charging technology, which is poised to revolutionize the EV industry and reshape the way EVs are charged in the future. While V2G infrastructure offers numerous advantages compared to smart charging, it's important to note that the initial cost of installing V2G charging stations can be substantial. Consequently, manufacturers of EV connectors have the opportunity to develop advanced connectors capable of withstanding the electrical demands expected to arise from the expansion of V2G technology.

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According to the report, leading players in the UK Electric Vehicle (EV) Charging market include ABB Ltd., ChargePoint, Inc, Tesla Inc, Shell Recharge Solutions, Star Charge, TELD, Siemens, BYD, EVgo, and Hyundai Motor Company.

Key Insights from the UK Electric Vehicle (EV) Charging Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the UK Electric Vehicle (EV) Charging market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the UK Electric Vehicle (EV) Charging market is provided in the report along with their competitive analysis.

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