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Around the globe, an increasing number of drivers are transitioning to electric vehicles (EVs) daily. As EV adoption continues to accelerate, people are beginning to base their shopping, dining, and parking decisions on the availability of charging stations. Are you prepared to cater to this growing demographic?
### Capturing the EV Market
Businesses have a golden opportunity to tap into this expanding market, generate extra income, and outpace competitors in your area. 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 grow.
Even amidst a global pandemic, electric mobility demonstrated impressive resilience. In 2020, global EV sales reached **3.2 million**, surpassing the **2.3 million** sold in 2019. By 2025, global EV sales are expected to exceed **12.2 million**, and by 2040, it’s predicted that **58 percent** of global passenger vehicle sales will come from EVs.
### Why EVs Are Gaining Popularity
Before diving into how EV charging can benefit your business, it’s essential to understand why consumers are gravitating toward EVs. The reasons are straightforward: EVs are becoming more appealing, accessible, and affordable than ever before. Here are six compelling factors driving the EV revolution:
#### 1. Diverse Model Range
Nearly every major automaker now offers at least one EV model. By 2022, over **500 models** are projected to hit the market, signaling that electric mobility is rapidly becoming the preferred choice for both drivers and manufacturers. This trend ensures that you'll see more EVs parked at your business.
#### 2. Competitive Pricing
Advancements in technology have made EVs increasingly cost-effective. Since 2010, battery prices—the most expensive component of an EV—have plummeted by more than **86 percent**. This reduction has made it easier and cheaper for automakers to produce mass-market EVs, and customers can now afford them more easily.
#### 3. Extended Range
Improved battery technology allows EVs to cover distances comparable to traditional vehicles. Affordable models like the Hyundai Kona Electric can travel up to **239 miles** on a single charge. Whether your business is in a bustling city or a remote area, EVs will continue to frequent your location.
#### 4. Lower Maintenance Costs
With fewer moving parts than internal combustion engines, EVs require significantly less maintenance—no oil changes, spark plug replacements, or timing belt adjustments. Additionally, the cost of driving an EV is over **three times cheaper** than a comparable gas vehicle ($0.04/mile vs. $0.13/mile). Regardless of your customers' technical knowledge, they'll opt for EVs due to these savings.
#### 5. Attractive Incentives
Governments and utilities are prioritizing sustainability and are offering lucrative incentives to make EV ownership even more affordable. Cash-back offers on EV purchases and discounted energy rates for charging are making EVs even more appealing to budget-conscious drivers.
#### 6. Environmental Awareness
Sustainability is a top priority for many consumers, influencing their purchasing decisions. Tailpipe emissions are a significant contributor to greenhouse gases, prompting eco-conscious drivers to switch to EVs. By embracing this shift, your business can align with consumer values and attract loyal customers.
### Meeting the Charging Demand
As the EV market expands, the need for convenient public charging locations is greater than ever. This is where you come in. EV drivers require charging opportunities while they go about their daily routines. Unlike gas-powered vehicles, which are refueled periodically, most EV drivers aim to charge their vehicles every time they park, maintaining their battery levels above **50 percent**.
Imagine your cell phone—you charge it whenever possible. Similarly, many EV drivers will seek out charging stations wherever they can, even if they already have home charging setups. Additionally, not all drivers have easy access to home charging. Renters and apartment dwellers, for instance, may lack control over their parking spaces, making public charging a necessity.
Recent studies reveal that EV drivers prefer charging locations that are easily accessible, secure, and staffed. They also value amenities like food, beverages, restrooms, and other conveniences—features that your business likely already provides.
### Position Your Business for Success
For businesses of all sizes, providing on-site EV charging is becoming non-negotiable. As more drivers make the switch, offering charging will evolve from a "nice-to-have" feature to a critical requirement. Just as free Wi-Fi became essential in the mid-2000s, businesses without EV charging risk losing customers to competitors who offer it.
Many EV drivers already prioritize charging availability when choosing where to live, work, and shop. This trend will only intensify. To stay competitive, every business with parking should consider installing charging stations to meet evolving customer demands.
Don't wait to join the EV movement. Cement your reputation as the go-to charging destination today. With **1.7 million EVs** already on American roads, now is the perfect time to act.
### Start Making Money with EV Charging
Ready to capitalize on this growing opportunity? Download our free ebook to learn how you can transform your location into an EV charging destination and increase your revenue in the process!
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