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 gain a competitive edge over nearby 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.

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

The global electric vehicle market is booming

Before diving into how EV charging can benefit your business, it's essential to understand why consumers are gravitating toward EVs. So, what’s driving the rapid rise 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 resonating with your customers and are here to stay:

Almost 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 drivers and manufacturers alike. This means you'll see more EVs pulling into your parking lot.

Thanks to technological advancements, EV prices are becoming increasingly competitive with gas or diesel vehicles. Battery prices—the most expensive component of an EV—have fallen more than 86 percent since 2010. This makes it easier and more affordable for automakers to produce mass-market EVs, and for your customers to purchase them.

3. Extended range

With stronger batteries, EVs can now travel distances comparable to traditional 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 center or along a rural highway, EVs will be arriving at your doorstep.

4. Lower operational costs

Due to having fewer moving parts than standard internal combustion engines, EVs require significantly less maintenance than gasoline-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 vehicle ($0.04/mi for EV vs. $0.13/mi for gas). Regardless of your customers' level of automotive expertise, they will opt for electric vehicles.

5. Attractive incentives

Governments and utilities are increasingly focused on addressing climate change and are offering lucrative tax and purchase incentives to make owning an EV even more affordable. Cash-back on EV purchases and discounted energy rates to charge their vehicles allow EV owners to save even more money on a vehicle that is already cheaper to operate.

6. Sustainability matters

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

Your customers are looking for places to charge—now

Electric transportation is experiencing rapid growth, and there’s no shortage of people eager to drive EVs. However, to meet the needs of this expanding customer segment, more public EV charging locations are needed. That’s where you come in.

This growing number of EV drivers need places to charge their vehicles while they go about their daily activities. Unlike gas cars, which are refueled periodically when the tank is low, most EV drivers seek out charging every time they park, only letting their battery drop below 50 percent during longer trips or when public EV charging isn't available.

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

Moreover, not everyone has easy access to home charging. For instance, renters or apartment dwellers may not own their parking spaces and would need to advocate for charging access at their location. Given that rental properties account for over 30 percent of the U.S. housing stock, these drivers will look for convenient charging options while shopping, eating, or running errands.

A recent study examining EV driver preferences found that they favor 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.

Seize 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 customers a place to charge will soon cease to be a "nice-to-have" amenity. Just like free Wi-Fi in the mid-2000s, businesses without EV charging risks losing customers to those that offer it.

Many EV drivers already decide where they live, work, and shop based on the availability of charging—and this trend is only set to expand. In the near future, any business with parking will need to install charging stations to remain competitive and meet the evolving demands of their customers.

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