At the end of 2021 there were over 10 million battery electric vehicles on the road worldwide
Since 2010 annual sales of EV’s in the US have grown by over 19,000%. However, as the graph below illustrates, unlike other parts of the world the US has yet to reach this explosive stage and is poised for Rapid Expansion
The chart below shows EV Car Sales, as of December 31st, 2020, according to EVAdoption.com.
The chart below shows EV Charging Station by State, as of September 31st, 2021, according to EVAdoption.com.
The total number of EV Sales in the US is 2,1477,070, while The Total Number of charging stations is at 109,307. That makes approximately 196.5 EV cars sold for every 1 charging port in the US.
There are many factors that will impact the EV Charging Market. EVectrifi needs to understand these factors to ensure maximum profitability and success.
The main factor is the rate of EV Vehicle adoption
– Currently most car companies only offer a few models of electric vehicles, this limits the choices to consumers. When more and more EV models are available to consumers, sales will ramp up significantly, thus Public Charging point will be more valuable
– Most consumers buy a vehicle based on purchase price and the monthly loan or lease payments they can afford or are willing to pay.
– EV Car Range is one of the most impacting factors to the EV Adoption rate and EV charging infrastructure. However, there will always be a need for public EV Charging Stations. Due to the following
– Gas is still a finite resource, and as time goes on prices will continue to rise and consumers will look towards other modes of transportation
– The price of gas and diesel (“petrol”) is impossible to predict but could also have a huge impact on adoption of EVs. A significant increase in gas prices could greatly increase interest in PHEV or BEVs by consumers and see car dealers push consumers toward more efficient vehicles.
– If demand for EVs suddenly exploded, it is possible that the supply of battery packs could not keep up. This is probably unlikely, however, as battery pack production is likely to increase at roughly the same rate or higher than EV demand. If battery production starts to scale significantly and with increased supplier competition, the price of battery packs could decline at a faster rate than many predict leading to more cost competitive EVs.
– Drivers actively seek out your site to use EVectriFi’s charging stations, enabling increased traffic flow at your location
– Drivers spend money locally while their vehicle is charging.
– Having an EV charging unit on your premises shows customers you are committed to green initiatives and reducing pollution
– Shopping center operators, service stations, retail and leisure outlets, and local authorities are just some of the organizations that can reap the financial rewards. – As well as receiving income for up to 30 years, the charging units bring other business benefits.