Updated: Jan 27
Electric vehicles are the future and demand for convenient, reliable EV charging stations is growing faster than ever.
Electric Vehicles will power the future. As this technology has developed, its prevalence has only become more notable, and its market demand is higher. With the number of EVs on the road soaring exponentially, it is all but certain that Electric Vehicles will be the new normal in the future of the automotive world. In fact, over four million new Electric Vehicles are expected in California alone in the next decade, something which also alludes to the inevitable need for infrastructure that will come along with them.
As illustrated above, the growth in EV infrastructure is anticipated to be massive over the coming years. This increase in the implementation and use of EV infrastructure is needed to support the growing number of EVs on the road, which we'll break down through the following.
The Prevalence of Electric Vehicles
All signs are pointing towards a bright future for Electric Vehicles and the infrastructure that will accompany them. Across the board, more and more consumers and companies are adopting electric mobility and everything it has to offer, seeing it as a more sustainable and accessible alternative to today's gasoline cars. Progressive states like Washington and California have each passed bills to accelerate the shift to EVs. Washington state's bill requires that all new vehicles sold be zero-emission vehicles by 2030. Similarly, California's executive order requires that all new cars and passenger trucks sold in California be zero-emission vehicles by 2035. Recent growth in EV adoption has also been exciting and according to the International Energy Agency, nearly 1.8 million EVs were registered in the U.S. as of 2020, which is three times as many as in 2016.
The sector is seeing a rapid explosion in consumer uptake that is only expected to grow. With the increased use of these Electric Vehicles will only come an increased demand for charging them, which is where efforts in EV infrastructure come into play. EV charging stations are critical to keeping electric cars going and increasing EV adoption by helping consumers overcome range anxiety. As the use of Electric Vehicles continues to climb, more and more initiatives to bolster our society with what it needs to maintain the usage of these cars have been undertaken, with the demand and integration of things like EV charging systems becoming much more commonplace in public infrastructure. It's not an effort taken in vain, either. The Electric Vehicle charging stations market itself is also seeing massive forecasted growth and is expected to amass even more momentum as years go on, with an anticipated global size of USD $111 Billion by 2028.
Signs Of Growth
Given how it's pretty clear that Electric Vehicles are here to stay, those at the federal and state levels are also taking initiative on the technology. The Department of Energy (DOE) and the Department of Transportation (DOT) recently announced the launch of a new joint effort to aid in the development of a nationwide electric vehicle charging network with an investment of $7.5 billion in federal funding that has already been earmarked. It's a national initiative that is aimed at bolstering the future of EVs and is set to build public confidence and access in regard to such technology. Furthermore, numerous states have also acknowledged the inevitable dominance of EVs in today's and tomorrow's markets, implementing EV charging building code requirements and making it easier for infrastructure to transition to this new technology.
Even on the local level, Orlando is just one of the latest cities in the U.S. to adopt an ordinance supporting the transition to EVs, mandating that 20 percent of multi-unit and 10 percent of non-residential parking spaces are to be EV capable. Cities in 10 states have already implemented EV charging building code requirements, including Arizona, California, Washington, Georgia, Hawaii, Massachusetts, New York, Oregon, Utah, and now Florida.
These efforts to provide the public with more facilitated access to the resources required to operate an Electric Vehicle aren't the only encouraging news in this respect, either.
A massive forty-five states, along with the District of Colombia, have opted to also provide incentives for the use of certain EVs and/or PHEVs, either through state legislation or a specific utility operating within the region. The federal government is also hopping onto the practice by offering citizens tax credits for the installation costs of EV chargers and hardware.
All in all, the conditions at hand indicate that Electric Vehicles are the way of the future and that their infrastructure and technology will only play a more significant role as we progress forward. Given that much of what Electric Vehicles rely on comes from its charging station infrastructure, it's no surprise that so much emphasis is being placed on making sure such systems are in place for this new era of electric cars.
With initiatives like those of the DOE and DOT, as well as those at the state and local levels, it's clear that such an outlook is only going to grow more prevalent in the coming years.
What remains to be seen, is what organizations will understand the importance of adapting to this oncoming shift, and who will be left in the ways of the past. A world that primarily uses Electric Vehicles is coming and anticipation for it is high. Fleets are transitioning to electric. Governments of virtually all levels are recognizing this incoming revolutionary shift. The demand for electric charging infrastructure is growing exponentially.
Are You Ready?
Electric vehicles are the future, and with the number of electric vehicles on the road rising and demand for convenient, reliable EV charging stations growing, it pays for you and your business to prepare now for the driving needs of the future. As a property owner, contractor, or developer, not meeting the requirements can be costly. This is why it's better to be aware of all the requirements for EV charging infrastructure in your building in advance.
Make sure you’re choosing the right EV charging stations for your business by downloading our EV Charging Buyers Guide. Interested in exploring how EV charging stations can take your business to the next level? Book a free consultation with us to get started on your EV charging journey! Our experts are here to help guide you every step of the way.
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About the Author
Robb Monkman is a mission-driven entrepreneur who is passionate about making the world a better place. Robb is a Managing Partner of Charge Up USA where he is making an impact by accelerating the transition to electric vehicles (EV) and other electric technologies. Robb is a serial entrepreneur with experience launching multiple hardware and software products at early-stage companies. Robb is an active angel investor and advisor helping companies that are making a positive impact in clean energy, electrification, and IoT.