The US electric vehicle (EV) market is continuing to see growth, especially in areas where the infrastructure can meet consumer demands. As the electrification of the US vehicle market continues, questions about the infrastructure necessary for charging are being asked. How many charging stations are needed across the country to support the growing market and does it make sense to invest in the EV charging market?
Creating Infrastructure for the US Electric Car Market
Even though drivers charge their vehicles at home, it still makes sense to install vehicle charging stations at work and in other public places. Drivers can take advantage of the time their vehicle is parked to ensure the battery is fully charged for the trip home. Analysis shows that as of 2017 out of the 100 major U.S. cities, only 12 are on track to meet the predicted EV charging market in 2025. The data also points to three conclusions concerning the need for a nationwide EV charging infrastructure.
Additional Charging Stations Are Needed to Keep Pace with the U.S. EV Market
The U.S. electric car market is growing across most major cities and this means the charging infrastructure needs to keep pace with consumer trends. In 2017, only a quarter of the EV charging stations drivers need to keep their electric vehicles charged have been installed in public places. To meet the expected growth in the electric car market by 2025, charging station installation needs to increase by 20%. Cities like Boston, Portland, New York, Washington D.C, and other major metropolitan areas are expected to see the largest increase in electric vehicle usage.
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Planned Deployment of Charging Stations is Unequal Across the U.S.
As various state and local governments work on creating a charging infrastructure, gaps in the planned deployment are appearing. States like California with established electric vehicle markets have an advantage over other regions that are still primarily focused on fuel. States that are just entering the EV charging market can look to areas that have deployed charging stations. State and local governments along with the auto and electric industries must work together to fill the gaps in the country’s charging infrastructure.
The EV Charging Market Brings Investment Opportunities
The U.S. EV market is expanding, and analysis indicates a greater need for charging stations by 2025. As the technology on charging stations advances, there are investment opportunities for businesses. The number of electric vehicles a charging station can support is expected to increase by 35% for level 2 public chargers and 65% for the faster charges by 2025. Charging infrastructure is a low-risk investment with a high yield.
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The Future of the U.S. Electric Vehicle Market
The future of the U.S. electric vehicle market is showing a strong charging infrastructure across the country, and not limited to a few states. The conclusion of the analysis shows there are profitable opportunities for businesses that install electric vehicle charging stations. With the goal of having a nationwide charging infrastructure in place by 2025, governments, utilities, automakers, and businesses need to work together to create and implement a plan. To speak with an Apogee Charging Solutions expert about EV charging stations, call 484-816-2076 or email firstname.lastname@example.org.