The popularity of electric vehicles (EVs) has grown exponentially in the past few years. According to the International Energy Agency (IEA), the yearly sales of EVs are set to hit an all-time high in 2022. With an enhanced focus on reducing the effects of climate change, these numbers are projected to increase over the next few years.
This trend calls for consumers to leave their conventional vehicles behind in favor of EVs. But it also opens doors for established investors and aspiring business owners to benefit from this flourishing sector. One such opportunity is the chance to invest in EV charging stations.
The Current State of EV Charging in the US
Similar to gas stations where conventional vehicles can refuel, charging stations allow EVs to replenish their batteries using dedicated electrical outlets and charging stations. Whether you are out on a road trip or simply going by your daily commute, stopping by a charging station can help you rejuvenate your car for a comfortable trip.
At the time of writing, the United States has around 46,000 network and non-network public charging stations in place. ChargePoint is the biggest name in network-powered charging stations with over 30,000 charging stations to its name, while Tesla trails behind with 6,000 charging stations. On the other hand, around 8,000 non-network charging stations also operate throughout the country. Other providers round off the remainder of these stations.
While EV owners can charge their vehicles at these stations, the scarcity of these facilities creates a challenge. On the other hand, while a Level 1 home connector can charge an EV, it may require your vehicle to charge overnight. In order to charge your EV faster, you will need a Level 2 outlet at home or a DC Fast Charging outlet at a charging station, with the latter being the fastest.
Why Invest in EV Charging Stations?
Since Level 2 outlets need additional investment of around $2,000 and DC Fast Charging Stations are only available commercially, there is a dire need for public charging stations that could allow EVs to completely take over conventional vehicles.
If you are looking for a business investment, you might need to consider the following reasons in order to invest and operate an EV charging station.
- The White House estimates that half of all vehicle sales would include EVs by 2030.
- EV owners taking longer trips need a fast charging option.
- EV owners renting their homes require an outlet that charges their vehicles quicker.
- EV owners on a budget may not have the means to install Level 2 outlets at home right after their EV purchase.
By considering to invest in EV charging stations, you can help fill the void in a rapidly growing space, while also establishing your prowess in what is set to be a thriving sector. This gives you plenty of opportunities to make the most out of your investment, while also establishing a niche for your future investments.
The EV Trend Continues
The EV trend is picking up steam and will continue to be part of a larger push to more sustainable living. More vehicle makers are rolling out electric versions of classic vehicles and presenting new lineups with an emphasis on electric vehicles. Do you see yourself purchasing an electric vehicle over the next several years?