Why your business should invest in EV charging stations now

Businesses have a unique chance to tap into this expanding market, generate extra revenue, and secure a competitive edge over similar establishments in your area. Places that position themselves as charging hubs now will be able to capitalize on the increasing number of EVs on the road—and that number is only set to rise.

Even amidst a global pandemic, electric mobility has proven remarkably resilient. In 2020, global EV sales reached 3.2 million, up from 2.3 million in 2019. By 2025, global EV sales are expected to surpass 12.2 million. And by 2040, it's predicted that 58 percent of all global passenger vehicle sales will be EVs.

The global EV sales boom is here

Before we explore how EV charging can benefit your business, it’s essential to understand why consumers are making the switch to EVs. So, what’s driving this rapid increase in EV adoption? The answer is straightforward: EVs are becoming more appealing, accessible, and affordable than ever before. Here are six reasons why EVs are gaining popularity among your customers and are here to stay:

Nearly every major automaker now offers at least one EV model. By 2022, it’s estimated that there will be over 500 models on the market, clearly indicating that electric mobility is swiftly becoming the preferred choice for both drivers and manufacturers alike. This means you’ll see more customers arriving at your business in electric vehicles.

Owing to rapid technological advancements, EV prices are becoming increasingly competitive with gasoline or diesel vehicles. Battery prices—the most costly component of an EV—have fallen by more than 86 percent since 2010. This makes it easier and cheaper for automakers to produce mass-market EVs, and it’s becoming more budget-friendly for your customers to purchase them.

3. Extended range

With stronger batteries, EVs can now cover distances similar to those of conventional vehicles. Affordable models like the Hyundai Kona Electric can travel 239 miles on a single charge. Whether your business is located in a bustling city center or along a rural highway, EVs will be frequenting your location.

4. Lower operating costs

Due to having fewer moving parts compared to traditional internal combustion engines, EVs require significantly less maintenance than gas-powered cars (no oil changes, no spark plug replacements, no timing belt adjustments). Additionally, the cost of driving an EV is over 3 times cheaper than a comparable gas car ($0.04/mi for EV vs. $0.13/mi for gas). Regardless of whether your customers are automotive enthusiasts or not, they will opt for electric vehicles.

5. Enhanced purchasing incentives

Both governments and utilities are increasingly concerned about climate change and are introducing lucrative tax and purchase incentives to make owning an EV even more affordable. With cash-back on EV purchases and discounted energy rates for charging, EV owners are saving even more money while driving a vehicle that’s already less expensive to operate.

6. Sustainability matters

Sustainability is often a key factor for consumers, prompting many to actively seek out the most eco-friendly options. Tailpipe emissions are among the leading causes of greenhouse gases, driving environmentally conscious drivers to make the switch to EVs. By embracing these changing consumer habits, your business can become more sustainable and attract new, returning customers.

Your customers are looking for charging stations—now

It’s an exciting period of growth for electric transportation, and there’s no shortage of people eager to drive an EV. However, to meet the needs of this rapidly expanding customer base, more public EV charging locations are necessary. That’s where you come in.

This growing number of EV drivers needs places to charge their vehicles while they go about their daily activities. Unlike gas cars, which are refueled periodically when the tank is almost empty, most EV drivers look for charging opportunities every time they park, only letting their battery dip below 50 percent during long trips or when public charging stations aren’t available.

Think of it like your smartphone—you charge it whenever you can. While many drivers may install a charging station at home, they’ll still want to charge up wherever possible—and they’re willing to pay for the convenience.

Moreover, not everyone has easy access to home charging. For instance, renters or apartment dwellers might not own their parking spaces and would need to advocate for charging access at their locations. With rental properties accounting for over 30 percent of the housing stock in the U.S., it’s evident that these drivers will instead be searching for convenient charging spots while they shop, eat, or go about their daily routines.

A recent study examining the attitudes of EV drivers found that they prefer locations that are easily accessible, safe, and manned. They also prefer sites with food and beverage options, restrooms, and amenities—all features commonly provided by businesses like yours.

Capture the growing demand for EV charging

For businesses of all sizes, providing on-site EV charging is becoming increasingly crucial. As more drivers switch to EVs, offering your customers a place to charge will no longer be just a nice-to-have perk. Just like free Wi-Fi was in the mid-2000s, businesses without EV charging will soon lose customers to those that do.

Many EV drivers already choose where they live, work, and shop based on whether charging is available—and this trend is only going to grow. Soon, every business with parking will need to install charging stations to remain competitive and meet the evolving needs of their customers.

Instead of worrying about keeping up with the competition, cement your reputation as the go-to destination for EV charging today—and with 1.7 million EVs already on the road in America, there’s never been a better time to get started.