Electric vehicles require chargers, and as interest in electric cars is rising, the business surrounding EV charging is booming. Right now, despite electric cars being available to buy and thousands already being on the road, the industry is still in its infancy.
The future of EV charging is one where EV chargers are prominently featured in every major parking lot in North America, with hundreds – if not thousands – of businesses acting as beneficiaries or suppliers.
Let’s learn about the future of EV charging.
Explosive growth in the next two decades
It’s still early days for the electric car and electric vehicle charging. Even if only modest expectations are met, the growth is still set to be extraordinarily high. The EV charging industry will grow to become a multi-billion dollar market by the end of this decade.
It is expected for EV charging revenues and profitability, comparing 2021 to 2030, to grow by approximately 85%.
Massive implementation of EV charging stations
Estimates vary on how many electric vehicle chargers must be publicly available to keep EVs on the road. The ideal charger-to-vehicle ratio is believed to be one public charger for every 10-15 cars.
Using the predicted amount of electric vehicles on the road by 2030, up to 20 million public chargers must be installed and running. By 2040, this number will grow to 490 million public chargers. There is a high demand for fleet charging solutions in the future.
New technologies arriving with importance
New smart energy management solutions, including vehicle-to-grid and vehicle-to-home tech, made by companies worldwide have lots of potential to cut ahead, make millions in revenues, and capitalize on an increased reliance on the power grid from EV charging stations. There will be more effort in tech to stabilize power grids and harness the storage capacity of electric vehicle batteries in response.
Led by automotive manufacturers
Automotive manufacturing technology is leading the way in how EV chargers are developing. A lot of the future of EV charging is reliant upon automotive manufacturing advancements as it pertains to how EVs are charged, what type of batteries they are equipped with, and what additional services Charge Point Operators may be able to offer to their customers.
More charge point operators
Charge Point Operators, or CPOs, are companies that own, operate, and manage electric vehicle charging infrastructure. No one stands to gain more in the future of EV charging than these stakeholders, as electric vehicle owners rely on them. They include small-to-large public and private charging station owners and related infrastructure.
Retailers want to participate
Retailers know if they can attract an EV owner to charge their vehicle at their store, this person is likely to purchase products while they’re there.
Major retailers, such as Walmart and Costco, and major corporate shopping mall owners, have expressed interest in building EV charging infrastructure that brings EV drivers in, allowing them to charge while shopping.
7. Real Estate Investing For EV Charging
Real estate is an unspoken investment area that not many people discuss regarding EV charging. However, real estate investors are expected to buy up parking lots, land to develop into parking lots, and strategic areas to use as EV charging stations.
The maintenance over such land is minimal, near non-existent. For a corporate firm looking to expand its real estate investment portfolio, the future of electric vehicle charging will likely provide many opportunities.
Super-fast charging is the future
Electric vehicle owners do not want to wait longer than they must to charge their EVs. Super-fast chargers are the future of EV charging, without question. These will be the chargers in public EV charging stations, likely to be advertised as faster than home charging and with additional services to attract clientele.
Home charging kits for everyday EV drivers
Most of the revenues and profits in electric vehicle charging will come from public stations, but home charging will never go out of style. EV drivers must be able to plug in their vehicles when they aren’t driving, preferably overnight.
EV home charging kits and home charging technology are expected to grow, especially with the proliferation of smart energy services predicted to come.
Software to process payments and billing
As more public EV charging stations pop up, new services will be built around simple payments and easy-to-use billing systems. These could include monthly passes, subscriptions, and one-time power-ups. Much of this will be built on software and applications, some already designed.
Especially with vehicle fleets, corporate vehicles, taxis, and similar situations, new software will be developed to track EV charging.
11. Key Mapping Of EV Charging Stations
A major reason preventing drivers from switching to electric vehicles is the perception that there could be issues with driving certain distances on a charge. Though every electric vehicle has a range limit, long distances can still be driven with them.
As more CPOs move in, expect to see more strategic mapping of where EV charging stations are placed, particularly as it applies to rural areas and off-highway charging stations.