With the increasingly stringent requirements of economic growth and environmental preservation, EVs are becoming even more popular. Most automakers are willing to transition to predominantly selling electric vehicles (EVs) by 2030, signaling a massive shift in the industry. This shift will undoubtedly create numerous challenges for the transportation industry, including the imperative need for more EV charging stations.
How to Forecast Demand:
The proper planning of charging facilities can increase the popularity of electric vehicles and alleviate their influence on the transportation network. Therefore, it is of great significance to correctly forecast the demand for charging stations. Luckily for all parties concerned, there is an easy metric to help determine the need for EV charging stations.
The demand for charging stations is directly linked to the number of electric vehicles currently on the road. The higher the number of EVs, the greater will be the demand for charging stations.
Electric Vehicle Market Growth – Domestic and International Trends:
According to IEA, after a decade of fast expansion, the worldwide electric car stock reached 10 million units in 2020, depicting a 43% increase over 2019. China had the largest fleet, with 4.5 million electric vehicles, followed by Europe, reaching 3.2 million EVs in 2020.
The United States is also showing tremendous growth. According to Pew Research, the number of electric car registrations in the United States has steadily increased since 2010. In 2020, 1.8 million electric vehicles were registered in the United States, more than three times in 2016. And this was a decline from the previous year, owing primarily to the pandemic.
An encouraging report from the Institute for Electric Innovation and the Edison Electric Institute has estimated that by 2030, the United States will need 9.6 million charge points to support more than 18 million EVs on the road.
The Shift to Electric Vehicles is Inevitable:
Outside of the major metropolitan cities, electric vehicles “aren’t all that popular in the US,” according to Pew Research. However, they remarked that 39% of those polled in the survey were “extremely or somewhat inclined” to consider buying an EV as their next everyday vehicle. The survey indicates that a large number of people will enter the EV market soon.
This trend also coincides with current political maneuvering in the United States. By 2030, President Biden’s “Build Back Better Agenda” expects electric cars to account for half of the entire automobile sales in the US. He’s also committed to replacing the government’s entire fleet of vehicles with EVs, thus enticing more EV charging stations. If this pans out, we can expect a massive increase in the number of electric cars on the road by 2030, a figure that dwarfs virtually every other country on the planet.
Foresee the All-Electric Future and invest beforehand:
Getting from the 22,000 public charging stations today to the 1 million needed over the next decade in the US will require significant investments from businesses and the government. This is not an effort that two or three major market players can lead; therefore, sustained involvement from many different segments is required to fully adapt to the all-electric future.
The EV manufacturers can also play a pivotal role by making it easier for consumers to buy and earn reasonable revenue from EV charging stations. There are countless reasons to believe that the ownership of electric vehicles will rise in the coming years. The surge in demand undoubtedly results in increased prices. So, it may be the wisest thing to invest in EV charging stations now and encourage other people in your locale to buy an electric vehicle.
Vehya is here to help:
Vehya, a turnkey electric vehicle (EV) charging solution, provides market-leading services for installing and upgrading the green power e-mobility infrastructure needed for the mass-market adoption of EVs. We are passionate about the electric future and cannot wait to help you get there. Vehya provide you with a simple three-part solution to EV charging, including an assessment, charger installation, and ongoing service. We have also partnered with the best manufacturers in the industry to ensure quality parts installation and services.
Contact Vehya today and start your journey to owning an electric vehicle.