The market for public EV charging is predicted to more than double by 2030, according to a new analysis of the sector.
Property firm Rapleys says public charging is currently worth £799m, but estimates that figure will rise to £1.9bn over the next four years as the government targets a huge expansion in the number of available sockets.
There are currently 122,724 public chargepoints in the UK, with ministers tasking industry and local authorities to have 300,000 up and running within the decade.
Rapleys acknowledges, however, that there are challenges and pitfalls for firms considering EV charging as a revenue stream.
Long lead times and expensive installation costs for grid connections are among the barriers to bringing new sockets on stream, while the fact that 80% of EV charging happens at work or at home indicates the customer base for public sockets will be far smaller than the market for petrol and diesel.
The report highlights, though, that “the rise of retail-led charging as the dominant model” could work in forecourt operators’ favour, as “drive thrus, service stations and other roadside offers” are often renting out land to chargepoint operators, being paid for hosting the service while also gaining footfall in their stores.
The property firm says, however, that grid capacity is “arguably the single biggest practical obstacle” for installing EV chargers, and advises operators considering adding this facility to engage with Distribution Network Operators and other authorities at the earliest opportunity to offset potential difficulties.
