EV take up in Europe bolsters energy industry
20 September 2021
The phenomenal growth in electric vehicle ownership in the UK and Europe, is boosting the energy market, a new report has revealed.
The data, provided in Delta-EE’s State of the Energy Market 2021 report, shows that in 2020, there was a 53% increase in customer expenditure, compared to a 46% growth in the previous year.
Projections suggest that customer spend on new energy services, is set to increase by 32% annually, over the next five years.
The role of Electric vehicles
The report highlighted triple digit year-on-year growth in e-mobility, with the UK, Germany, France and Italy at the forefront of this increase.
It predicts that by 2030, European roads will be hosting 84 million EVs, with an annual market revenue of £123 billion by 2025.
With such growth in EV ownership and sales, Delta-EE forecasts a 29% year-on-year increase in sales of EV chargers, through to 2030, when the UK’s ban of the sales of new diesel and petrol vehicles commences.
Competition in the face of increasing EV demand, is helping to drive EV innovation, such as smart charging, which the UK Government is encouraging, as a pre-requisite for its OZEV grant.
Alix Weil, the New Energy Business Model Service manager in Delta-EE, states: “Charging your electric vehicle inevitably increases your electricity bill and we see that as a motivating factor for the uptake of other new energy propositions, such as smart home management and charging propositions.”
Are you thinking of installing a home EV charger? Get in touch with Romatech today, to discuss your installation needs.