Report: EV Charging Industry is Growing Fast, Needs Strategic Rollout
Ah, electric vehicle charging infrastructure: the dependable go-to talking point on why we aren’t all driving electric cars yet. For plug-in cars to be more accepted we need more charging stations, and many car makers aren’t willing to put into an electric car market hampered by reduced infrastructure.
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However, according to the Electric Vehicle Charging Association’s (EVCA) ‘The State of the Charge’ report, that problem, at least from the charger side, is quickly going away, with the ultimate conclusion that, “Globally, the EV charging infrastructure industry is expected to grow at a compound annual growth rate of 46.8% from 2017 to2025, reaching $45.59 billion in revenue by 2025.”
The report then went on to add that in the US alone, revenue from electric vehicle charging rose by over 500% from 2011 to 2016, and if growth continues at the same rate as it did between 2015 and 2016, then by 2020 the US could see about $276 million in EV charging revenue.
Of course, this is concentrated largely in California, and to a much lesser degree other states which follow its lead on emissions regulations. As a result, the largest players in the charging industry are located in the Bay Area and Los Angeles.
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Interestingly, although the public charger system has been expanding exponentially, the study found that most people with electric cars still just charge at home—a situation that the EVCA calls a “home-dominant charging scenario” that is dominant across the country.
However, the study also said that even with the vast majority of charging happening at houses, it is still crucial to expand public and workplace chargers in order to allay consumer fears of running out of charge. In addition, it said, these should be charging stations that offer quicker charging, with more Level 2 (or 240V) or DC Fast Charging hookups, located strategically around high-traffic areas, increasing consumer confidence and boosting income from the chargers.