Electric vehicles (EVs) are shaping how we think about transportation. Companies like Tesla (NASDAQ:TSLA) are innovating the way forward, with fuel cell technology further rocking the boat. These developments have led to EV charging trends for investors to pay attention to.
These trends paint a picture of how our future transportation landscape will look. They broadly reflect the impact of EVs and fuel cell vehicles powered by hydrogen and other compounds as a replacement for fossil fuels.
Here are the EV charging trends to remember as we enter next year.
Public Charging Infrastructure Expansion
According to an International Energy Agency (IEA) report, at the end of 2022, there were 2.7 million public charging points worldwide, with more than 900,000 installed in that year alone, marking a 55% increase from the previous year. This is a significant expansion of the charging infrastructure needed for EVs to thrive.
In 2022, China significantly bolstered its public EV charging network by adding 360,000 slow chargers, surpassing a million in total, and installing 330,000 fast chargers, while the U.S. expanded its fast charging capacity with 6,300 new installations, primarily Tesla Superchargers, reaching a total of 28,000. The U.S. is poised for further growth with the National Electric Vehicle Infrastructure (NEVI) program’s allocation of $885 million to enhance the charging infrastructure across its highways.
The continued rollout of infrastructure is one of those EV charging trends investors should keep on their radar.
Fast Charging Development
In 2022, the IEA stated that the global fast charger count rose by 330,000, with China installing 90% and reaching 760,000 units, mainly in 10 provinces.
Europe’s tally hit 70,000, a 55% jump, led by Germany’s 12,000, while the EU aims to boost these numbers in the future with a €1.5 billion fund.
The IEA report stressed the need for advanced public charging infrastructure to keep pace with EV adoption, citing Norway’s successful charger-to-EV ratio as a model. It also underscores the role of fast chargers in meeting power capacity needs.
Heavy-Duty Vehicle Charging Solutions
A large part of the report also focused on the development of charging solutions for heavy-duty electric vehicles such as trucks and buses.
Heavy-duty EVs are set to rely on off-shift depot charging, necessitating new depots and grid upgrades. At the same time, the Milence joint venture by significant manufacturers aims to deploy over 1,700 fast and ultra-fast charging points across Europe, underscoring the push for infrastructure to support long-haul electric trucking.
Multiple charging standards are currently in use, and specifications for ultra-fast charging are under development. The International Organization for Standardization (ISO) and other organizations are developing the CharIN Megawatt Charging System (MCS), with a potential maximum power of 4.5 MW, with final specifications expected in 2024.
The EV charging landscape is rapidly evolving, with a surge in public charging points and significant advancements in fast charging technology. It’s these EV charging trends that investors should continue to pay attention to.
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
