Why your business should invest in EV charging stations now

Businesses have a unique opportunity to tap into this expanding market, generate additional revenue streams, and gain a competitive edge over neighboring competitors. Establishing your location as a charging hub now will allow you to capitalize on the rising number of EVs on the road—and that number is only set to increase further.

Even amidst a global pandemic, electric mobility demonstrated impressive resilience. In 2020, global EV sales reached 3.2 million units, compared to 2.3 million in 2019. By 2025, global EV sales are projected to surpass 12.2 million. By 2040, it's anticipated that 58 percent of global passenger vehicle sales will come from EVs.

The Global EV Market is Thriving

Before diving into how EV charging can benefit your business, it's crucial to understand why consumers are switching to EVs in the first place. The reason is straightforward: EVs are more appealing, accessible, and affordable than ever before. Here are six reasons why EVs are gaining popularity among consumers and are here to stay:

Almost every major automaker now offers at least one EV model. By 2022, it’s expected that over 500 models will hit the market. This shows that electric mobility is rapidly becoming the preferred choice for both drivers and manufacturers. Consequently, you'll see more EVs arriving at your business.

Thanks to technological advancements, EV prices are becoming increasingly competitive with traditional gas or diesel vehicles. Battery costs—the most expensive component of an EV—have dropped more than 86 percent since 2010. This makes it easier and cheaper for automakers to produce mass-market EVs, and EV ownership is becoming more affordable for consumers.

3. Extended Range

Battery improvements mean EVs can now travel distances comparable to conventional vehicles. Affordable models like the Hyundai Kona Electric can cover 239 miles on a single charge. Whether your business is located in a bustling urban area or along a rural highway, EVs will soon frequent your parking lot.

4. Lower Maintenance Costs

With fewer moving parts than a standard internal combustion engine, EVs require significantly less maintenance than gasoline-powered cars (no oil changes, spark plug replacements, or timing belt adjustments). Additionally, the cost of driving an EV is over 3X cheaper than a comparable gas vehicle ($0.04/mile for EV vs. $0.13/mile for gas). Regardless of whether your customers are automotive enthusiasts or not, they will opt for electric vehicles.

5. Attractive Incentives

Government agencies and utility companies are increasingly concerned about climate change and are offering lucrative tax incentives and purchase rebates that make owning an EV even more affordable. With cash-back offers on EV purchases and discounted energy rates for charging, EV owners are saving even more money on a vehicle that is already cheaper to operate.

6. Environmental Responsibility

Environmental sustainability is a key consideration for many consumers, who actively seek out eco-friendly options. Tailpipe emissions are among the leading contributors to greenhouse gases, prompting environmentally conscious drivers to switch to EVs. By embracing these changing consumer habits, your business can become more sustainable and attract new, returning customers.

Your Customers Need Charging Solutions Now

This is an exciting period of growth for electric transportation, and there’s no shortage of people ready to drive an EV. To meet the needs of this expanding customer base, more public EV charging stations are needed—and you can play a vital role in fulfilling this demand.

More and more EV drivers need places to charge their vehicles while going about their daily routines. Unlike gas cars, which are refueled periodically when the tank is low, most EV drivers seek out charging opportunities every time they park, only letting their battery dip below 50 percent during longer trips or when public charging isn't readily available.

Think of it like recharging your smartphone—whenever the opportunity arises, you charge it. Many drivers may install a charging station at home, but they’ll still want to charge up wherever possible—and they’re willing to pay for it.

Moreover, not everyone has easy access to home charging. Renters or apartment dwellers, for instance, might not own their parking spaces and would need to negotiate access to charging at their location. With rental properties accounting for over 30 percent of the U.S. housing stock, these drivers will look for convenient places to charge while shopping, dining, or running errands.

A recent study examining EV driver preferences revealed that they favor locations that are easily accessible, secure, and staffed. They also prefer sites with food and beverage options, restrooms, and other amenities—features that many businesses like yours already offer.

Capitalize on the Growing Demand for EV Charging

For businesses of all sizes, providing on-site EV charging is becoming increasingly essential. As more drivers switch to EVs, offering your customers a place to charge will no longer be an optional perk—it will soon become a necessity to stay competitive and meet the evolving needs of your clientele.

Many EV drivers already choose where they live, work, and shop based on whether charging is available—and this trend is only going to expand. Soon, every business with parking will need to install charging stations to remain competitive and serve its customers effectively.

Instead of worrying about keeping pace with competitors, solidify your position in the community as the go-to destination for EV charging today—and with 1.7 million EVs already on the road in America, there has never been a better time to get started.