The Accelerating Adoption of IoT in EV Charging: Insights from Eseye’s State of IoT Adoption Report

Eseye

IoT Hardware and Connectivity Specialists

The EV charging and smart grid sectors are rapidly evolving, driven by the growing consumer demand for sustainable living and the urgency of meeting the United Nations’ 2030 Sustainable Development Goals (SDGs). The integration of Internet of Things (IoT) technology is significantly transforming these industries, enhancing operational efficiency and profitability.

Eseye’s fourth annual State of IoT Adoption report provides insights into current EV charging and smart grid market trends. This blog explores how these sectors are leveraging IoT to optimize charging processes and enhance the driver experience, while also highlighting future growth and investment plans.

Charging Ahead: How IoT is Fueling Revenue Growth

One of the most significant benefits of IoT in the sector is its impact on revenue growth. The continued implementation of IoT-connected technology and real-time data analytics, companies can optimize charging operations and streamline services. This results in improved customer experiences and, ultimately, increased profits. In fact, 65% of businesses in this sector cited increased revenue as the top benefit of IoT adoption.

In our 2023 report, 80% of respondents anticipated an increase in the number of devices within their estates over the next 18 months. This figure has now risen to 88% who plan to expand their IoT capabilities within the same timeframe, with 60% aiming to increase their budgets by 25-50%. Overall, the EV charging and smart grid sector plans the largest net increase in investment, with 84% of companies preparing to enhance their IoT initiatives. This shift demonstrates a strong belief in IoT’s potential to drive innovation and enhance operational processes, as evidenced by the 7% of respondents planning to quadruple their IoT deployments, indicating a robust growth trajectory.

This increasing investment reflects a broader trend across other sectors surveyed in our report, acknowledging IoT’s crucial role in everyday business operations.

Sustainability is on the Fast Track for EV Charging

Sustainability is at the forefront of the EV charging and smart grid revolution. As international entities and consumers advocate for greener solutions, IoT technology plays a crucial role in facilitating this transition. Our report highlights that 94% of businesses consider sustainability important when designing IoT devices, with the smart vending and EV charging sectors standing out—96% of respondents in each emphasize the importance of sustainability.

This commitment to sustainability aligns with current market trends, as IoT enables better integration of renewable energy sources into EV charging infrastructure. Data from IoT devices provides valuable insights into user behavior and energy consumption, empowering businesses to make informed decisions about infrastructure and resource allocation.

Current Trends: The Grid’s Future is Bright

IoT continues to deliver significant commercial benefits for companies in the EV charging and smart grid sectors. Not only does it enable businesses to optimize their charging processes, but it also enhances the driver experience through a variety of value-added services.

In 2023, 57% of the EV charging and smart grid sector surveyed identified the ability to enter new markets as the primary advantage of IoT adoption. In 2024, 65% of respondents answered that increased revenue has emerged as the most important benefit. Our report also highlighted a broader advantage across all sectors, revealing that 54% of enterprises value the positive social or human impact of their IoT deployments. This trend reflects a growing awareness of the wider implications of their technology investments.

As organizations navigate the complexities of IoT connectivity and data management, many are adopting advanced solutions such as multi-RAT connectivity. This approach ensures robust performance across diverse environments, allowing businesses to future-proof their IoT initiatives. 77% of EV charging and smart grid companies said that achieving near 100% global connectivity is crucial to their business case and 90% are turning to a single eSIM solution to achieve that. 89% also would find value in a single SIM SKU to cut costs, simplify design and control inventory.

A substantial 78% of respondents indicated that their organizations are seeking greater control over network connectivity switching. This aligns with the industry’s shift toward adopting GSMA’s SGP.32 standard, which enables seamless eSIM profile switching across networks. As IoT scales, dynamic connectivity management becomes crucial for optimizing coverage, uptime, and costs.

Roadblocks: Navigating IoT Adoption Challenges in EV Charging and Smart Grid

When asked what was the main device challenge they have had to overcome, EV charging and smart grid respondents revealed that navigating technical device challenges is the number one hurdle (26%). This reflects a broader industry trend of device connectivity concerns.

Out of the 1,200 respondents across six industries and two markets, only 0.4% of companies are achieving resilient and robust connectivity levels of 98% and above. This is a staggering 73% drop compared to findings from 2023 (1.49%) and highlights a clear need for enhanced solutions that ensure reliable performance. Relying on cheap IoT connectivity providers, as 73% of respondents acknowledged, is not a solution—low-cost providers often fail to address security vulnerabilities, leaving businesses exposed to breaches and data loss.

Security also emerged as a key concern for this sector. In the UK, 30% identified device security as the most significant challenge in their IoT projects. Alarmingly, 56% of businesses in the EV charging and smart grid sectors experienced an IoT security breach in the past 12 months. This underscores the urgent need for stronger security measures as the risk of cyber threats continues to rise.

The Future of EV Charging

As the demand for sustainable transportation and smart grid solutions continue to grow, the future looks promising. With 88% of companies planning to enhance their IoT estates and a strong focus on revenue growth, the landscape is ripe for innovation and expansion.

Eseye is dedicated to supporting companies in the EV charging and smart grid industries with our comprehensive IoT connectivity solutions. Our expertise can help organizations like Shell NewMotion, InstaVolt and Park’n Plug navigate the complexities of IoT deployment, enabling them to meet their sustainability goals while enhancing operational efficiency . To learn more about how our solutions can drive your success in this dynamic market, book a meeting with our IoT Solution Specialists

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Ready to accelerate your IoT projects towards a more connected, sustainable future? Discover the insights from Eseye’s State of IoT Adoption report and discover how IoT is transforming the EV and Smart Grid landscape.

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Eseye

IoT Hardware and Connectivity Specialists

Eseye brings decades of end-to-end expertise to integrate and optimise IoT connectivity delivering near 100% uptime. From idea to implementation and beyond, we deliver lasting value from IoT. Nobody does IoT better.

The Accelerating Adoption of IoT in EV Charging: Insights from Eseye’s State of IoT Adoption Report

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