Earlier in May, statistics published by Statista gave us a glimpse of what perhaps set the cornerstone for one of the most crucial strategies made by the EU commission to meet its net carbon emissions targets.
The statistics indicate that as of 2020, Europe’s transportation sector, taken collectively, is responsible for 15% of the global transportation emissions. What’s more, 27% of these emissions come from road transportation. To further break it down, passenger cars and light commercial vehicles respectively contribute around 12% and 2.5% to Europe’s total greenhouse gas (GHG) emissions.
The preceding trend of these figures is what likely propelled the commission to establish its CO2 emission performance for cars and light commercial vehicles.
Is it working?
A new study shows that EVs are expected to make up 80% of total vehicle demand in Europe by 2030 and 100% by 2050. In addition to this, the EU transport sector experienced a 7% drop in CO2 emissions between 2019 and 2020.
While these projections indicate the possibility of rapid progress in societal contribution to the decarbonisation of Europe, how grid operators would manage what could eventually be hundreds of millions of EVs had remained shrouded in question until the institution of smart EV charging.
Smart EV Charging in Europe
When the Hivepower Flexo Smart Charge for EVs was introduced, we extensively discussed this trailblazing piece of technology and why it’s centripetal to the sustainability of European national grids. To put it briefly, EV smart charging reconciles clean transport sectors across Europe and minimum-carbon electricity.
However, the interesting part is that beyond the technical relief that smart charging renders to national grids in Europe, its growth comes accompanied by prospective commercial contributions to national economies in Europe— which will be discussed as we progress in this blog post.
Growth and Current Trends of Smart EV Charging in Europe
One of the allotropes of smart charging is vehicle-to-grid (V2G) bidirectional charging. This charge/discharge process transmits electricity from the grid to the EV and unused or excess electricity from the EV back to the grid.
The journey of V2G, and hence of smart charging, goes way back circa 2012 or perhaps long before that. The ultimate goals of V2G are to enhance electricity storage, aid convenient redistribution of electricity, and save both operational costs on the grid and EV charging costs.
These benefits are what prompted the inception of some V2G initiatives in Europe:
- The Parker project in Denmark (2016).
- Re-dispatch project in Germany (2018).
- City-zen Smart City project in the Netherlands (2014).
- Smart Solar Charging project in the Netherlands (2014).
- Grid Motion project in France (2017).
- Network Impact project in the UK (2018).
Cost of EV Charging in Europe
Data obtained from the European Alternative Fuels Observatory (EAFO) and European Automobile Manufacturers Association (ACEA) present an insight into the cost of fully charging an EV as of 2021. Below, we sample the ten most expensive countries and ten cheapest countries.
Most expensive countries for EV charging in Europe
Country - Charging price (euros)
- Germany - 19.02
- Denmark - 17.71
- Belgium - 17.45
- Ireland - 15.08
- Spain - 13.99
- Italy - 13.91
- United Kingdom - 13.77
- Cyprus - 13.33
- Portugal - 13.25
- Liechtenstein - 13.22
Cheapest countries for EV charging in Europe
Country - Charging price (euros)
- Ukraine - 2.91
- Kosovo - 3.78
- Serbia - 4.61
- North Macedonia - 4.81
- Bosnia & Herzegovina - 5.44
- Turkey - 6.22
- Bulgaria - 6.23
- Hungary - 6.44
- Moldova - 6.67
- Estonia - 7.72
Business and Economics of Smart EV Charging in Europe
According to a white paper co-authored by IMPROVED Corporate Finance and P3 Group, the smart EV charging market in Europe had a market value of 29 million euros as of 2021. The bulk of this value came from V1G charging. This figure is expected to grow to 913 million euros by 2025.
With the recent global growth of smart EV charging and Europe being one of the foremost stakeholders in the adoption of this technology, Europe is forecast to witness an incremental annual revenue of 5 billion euros by 2030. These projections bring us to examining the best investment opportunities for smart EV charging in Europe.
Investment Opportunities Bordering Smart EV Charging in Europe
The pace of advancement of eMobility in Europe and the prospective takeover that smart charging promises based on the data we’ve discussed have opened the door of opportunities to intending energy players. Here are a few investment opportunities that investors may consider:
1. Own your V2G Stocks
The global V2G technology market, which was about 1.77 billion US dollars in 2021, is expected to skyrocket to 17.43 billion US dollars by 2027, with Europe experiencing a compound annual growth rate (CAGR) of 46.06%. If there ever existed a perfect moment to invest in V2G stocks and be a part of this boom, now is that moment.
2. Sell Energy Through Your EV Fleet
The white paper mentioned earlier reports that bidirectional charging will be responsible for the largest share of revenue prospects. Smart EV charging in Europe is foreseen to have a market value of 5 billion euros by 2030, with bidirectional charging as the pivot.
With bidirectional charging, you save maintenance costs on your fleet and earn considerable income by utilising your EVs as giant power banks while simultaneously carrying out their specific functions.
3. Invest in Charging Points
Findings by ACEA reveal that for Europe to reach its 55% GHG emissions reduction target by 2030:
- Up to 6.8 million public charging points are needed.
- About 14,000 public charging points need to be installed weekly instead of the current 2,000/week.
- For cars, about 184 charging points will be required for every 100km for cars.
- Buses require 56,000 charging points and trucks require 279,000 charging points.
By investing in these much-needed charging points, you stand to earn a high income and even closely monitor your business remotely from anywhere with smart EV charging.
4. Get the Hivepower Flexo Smart Charge for EVs.
As a fleet manager and/or an automotive manufacturer, you need sustainable ways to help you effectively manage your EVs and protect the integrity of your business in cost-friendly ways.
The Hivepower Flexo Smart Charge perfectly helps you take care of these concerns and hands you an opportunity to earn 1,000 euros per EV annually. As a fleet owner managing about 80 EVs, you can take home 80,000 euros at the end of the year by simply using our smart charging platform.
To Sum it Up
The economic advantage that smart charging comes bearing is a quality seldom discussed in the EU energy sector. And the more interesting aspect of this is zero demand for huge technical expertise from intending energy players.
The EU’s urge to achieve its carbon-neutrality goals in time also makes it easier for anyone financially capable to dive in and capture opportunities with little risk of loss that may arise from competition and government interference.