Why your business should invest in EV charging stations now

Businesses have a unique opportunity to tap into this expanding market, generate additional income, and gain an edge over competitors in their area. Locations that position themselves as convenient EV charging spots today will be well positioned to benefit from the increasing number of electric cars on the road—and this number is only expected to grow.

Even during the global pandemic, electric mobility showed strong resilience. In 2020, global EV sales reached 3.2 million, up from 2.3 million in 2019. By 2025, it's projected that EV sales will exceed 12.2 million. And by 2040, electric vehicles are expected to account for 58% of all passenger vehicle sales worldwide.

Global Electric Vehicle Sales Are Booming

Before diving into how EV charging can benefit your business, it’s important to understand why consumers are switching to electric vehicles. The answer is simple: EVs are more appealing, accessible, and affordable than ever before. Here are six key reasons behind the surge in EV adoption:

1. More Model Variety

Major car manufacturers now offer at least one EV model. With over 500 models expected to hit the market by 2022, electric mobility is becoming the go-to choice for both drivers and automakers. This means you’ll see more customers arriving in electric vehicles.

2. More Affordable

Thanks to rapid technological progress, EV prices are becoming more competitive with traditional gas vehicles. Battery costs—often the most expensive part of an EV—have dropped over 86% since 2010. This makes it easier and cheaper for automakers to produce mass-market EVs, and for your customers to buy them.

3. Improved Range

Modern EVs can now travel distances similar to conventional cars. For example, the Hyundai Kona Electric can go up to 239 miles on a single charge. Whether your business is in the city or along a highway, EVs will be coming your way.

4. Lower Operating Costs

With fewer moving parts, EVs require less maintenance than gas-powered cars. Plus, driving an EV costs about three times less per mile compared to a gas car ($0.04/mi vs. $0.13/mi). This makes EVs attractive to all types of drivers, regardless of their technical knowledge.

5. More Incentives

Governments and utilities are offering financial incentives to encourage EV ownership. These include tax credits, rebates, and discounted electricity rates. As a result, owning an EV is not only better for the environment but also more cost-effective.

6. Sustainability Matters

Many consumers are making eco-friendly choices, and EVs are a top priority for environmentally conscious drivers. By supporting EVs, your business can become more sustainable and attract new, loyal customers who care about the planet.

Your Customers Need Charging Stations—Now

The EV industry is growing rapidly, and there are plenty of drivers ready to make the switch. But to meet their needs, more public charging stations are essential. That’s where you come in.

Unlike gas cars, which are refueled when the tank is low, most EV drivers look for a charging station every time they park. They typically keep their battery above 50% unless they’re on a long trip or no public charging is available. Think of it like recharging your phone whenever you get the chance.

While many drivers may install a home charger, they still want to charge whenever possible—and they're willing to pay for it. What’s more, not everyone has access to home charging. Renters or apartment dwellers, for example, often don’t own parking spaces and must rely on public options. With over 30% of U.S. housing being rental units, these drivers are looking for places to charge while they shop, eat, or run errands.

A recent study found that EV drivers prefer charging locations that are easy to access, safe, and well-maintained. They also value places with food, restrooms, and other amenities—features that your business likely already offers.

Take Advantage of the Growing Demand for EV Charging

For businesses of all sizes, providing on-site EV charging is becoming more important. As more drivers choose electric, having a charging station won’t just be a nice-to-have—it’ll be a necessity. Like free Wi-Fi in the early 2000s, businesses without EV charging may soon lose out to those that do.

Many EV drivers already choose where they live, work, and shop based on the availability of charging stations. This trend is only going to grow. Soon, every business with parking will need to offer EV charging to stay competitive and meet customer expectations.

Instead of trying to keep up with others, take the lead in your community by becoming the go-to spot for EV charging. With over 1.7 million EVs already on the road in the U.S., now is the perfect time to start.