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2022 – The Win or Bust Year for the Electric Car

2022 – The Win or Bust Year for the Electric Car

Anthony Wicks

Key Account Manager, Self-Service GSV – Parking & EVC at Worldline

As headlines continue to circulate regarding rules around all new homes containing Electric Vehicle (EV) charging points, Worldline expert Anthony Wicks explains why 2022 will be a critical decider for the trend’s future.

In just a few short years, the concept of electric vehicles has grown from mere interest to an increasingly important component of the automotive sector. This kind of rapid transformation is relatively unheard of within the transport industry, where significant change often takes decades to occur. But, according to recent figures from the Society of Motor Manufacturers and Traders (SMMT), more electric cars are expected to be sold in the UK alone than diesel models in 2022, in what is being described as a defining year.

Fully electric cars have already outsold diesel cars for several months in 2021, but 2022 is now anticipated to be the first time this uptick happens across an entire year. As demand outperforms supply, manufacturer waiting lists grow and consumers wait to be told that fossil-fuelled vehicles are officially off the road – regulators are scrambling to define new legislation and instal enough charging points to keep up the pace.

With pressure and hopes mounting in equal measure…
 

Is the EV bubble in danger of bursting prematurely?

In spite of the current challenges facing the industry, it does not look likely. An important element working in its favour is the change in consumer behaviour towards environmentally friendly buying decisions – not forgetting the added pester power of Gen Z combined with the rising influence of the world’s first fully digital generation, Gen Alpha.

Next year will also signal the arrival of an abundance of new electric models including those from established manufacturers such as Mercedes Benz, BMW and Audi as well as several newer market entrants like Bollinger, Byton and Fisr. Meanwhile, countries around the world have invested billions into infrastructure deployment that has not always hit the mark but that we will start to see on the streets next year.
 

Powering demand

As more consumers get to grips with powering their electric vehicles - reducing the early perception that a dedicated charging infrastructure was essential for each one - many are now discovering that they only need to re-charge a few times a month. Meanwhile a growing understanding of electric vehicle technology and the availability of charging data and apps will only improve engagement. In addition, 2022 is likely to introduce more cross-industry data pooling, thus providing a much more coherent picture around Electric Vehicle Charging (EVC) for consumers.

Market players are increasingly moving towards a collaborative, nuanced approach – including using price to incentivise night-time charging and a more focused approach to upgrading the grid. Recent long-term commitments to charging infrastructure – including China’s $1.4 billion, the US infrastructure bill’s $7.5bn and the UK’s $400m grid investment – have further boosted confidence worldwide. There is even talk of the introduction of on-road charging capabilities in certain jurisdictions.
 

Uncertain times

Of course, we continue to live amidst great disruption. The pandemic has heavily interrupted sales figures with dealerships being closed whilst the chip shortage has made it difficult for manufacturers to meet demand, consequently exacerbating the problem. In the

UK, we also recently experienced a fuel crisis that caused many to question the convenience of the traditional car.

There are still many questions surrounding the future of electrical vehicles, but one thing is for sure - 2022 will be an interesting year for this tech-savvy industry.

 

About the author

Anthony Wicks, Key Account Manager, Self-Service GSV – Parking & EVC at Worldline 

Anthony Wicks is the Key Account Manager, Self-Service GSV – Parking & EVC for GSV at Worldline. With over 20 years of experience, Anthony is an experienced Key Account Manager and Direct Sales professional with a demonstrated history of working in the information technology and services industry.

Having worked with Worldline for over a year and a half, Anthony brings his skills in Sales, Partner Management and Pre-sales activities to deliver payment solutions, Point of Sale (POS) systems, and installation and deployment projects.