The energy industry is constantly evolving, and one of the most significant changes is the rise of electric vehicles (EVs). According to CNET, 2024 will be the year America finally figures out EV charging. This prediction comes as BloombergNEF projects a 21% increase in passenger EV sales, including battery-electrics and plug-in hybrids, to 16.7 million vehicles sold in 2024. Here are some of the factors that will lead to increased EV adoption this year.
Standardization
Standardization (or the lack there of) is a major obstacle to EV adoption. Not all EVs have the same chargers, and therefore require different charging stations. This means that, as an EV driver, even if you find a charging station at some point along your drive, you may not be able to charge your car at that station. And even if you find a charging station you can charge your car at, you may not be able to pay for charging without downloading a proprietary app or signing up for a membership.
However, two big standardization initiatives are helping this change. The North American Charging Standard (NACS) is a Tesla charging connector that is becoming standard in the United States which has already been adopted by major motor vehicle companies such as General Motors, Mercedez-Benz, and Honda. According to CNET, in 2024, CCS-to-NACS adapters will be more widely available in the market, so drivers of EVs with CCS (combined charging system) chargers will be able to charge at NACS chargers with ease and helping them transition to a more standard EV-charging world.
Regulators in both Europe and the United States are also pushing for open payment systems which enable EV drivers to pay for charging with their credit cards or mobile phones in a seamless transaction. Companies like Nayax offer payment terminals that are able to accommodate both open and closed payments, offering an easy solution for charging station manufacturers and charge points operators to adapt their solutions to these policies. This will make EV charging much simpler and more convenient for EV drivers, especially when they charge on the road, helping reduce range anxiety and increase adoption.
Ask us about our EV payment solutions
Infrastructure
Another major barrier to EV adoption is the lack of charging infrastructure. While there are some public charging stations available, they are often difficult to find, and the charging process can be time-consuming. However, CNET predicts that by 2024, the EV charging landscape will be vastly improved. This will be due in part to the proliferation of new charging technologies and the continued expansion of charging networks.
New Charging Technologies and Fast Charging
Fast-charging stations are becoming more popular, especially in public environments. These stations can charge an EV to 80% capacity in as little as 20 minutes. This is a significant improvement over current charging times, which can take several hours.
Another factor that will contribute to the growth of EV charging infrastructure is the continued expansion of charging networks. The U.S. Department of Transportation is providing funding to companies to expand their networks of public charging stations, making it easier for EV owners to find a charging station when they need one.
In conclusion, the energy industry is poised for significant growth in the coming years, driven in large part by the rise of electric vehicles. By 2024, America is expected to have a vastly improved EV charging landscape, thanks to the proliferation of new charging technologies and the continued expansion of charging networks. At the same time, the EV market is expected to continue to grow rapidly, making it more important than ever for the energy industry to invest in charging infrastructure.
To about Nayax’s energy solutions, contact us here.
