Electric Car Charging Stations Business Opportunity

People who drive electric vehicles are constantly looking for charging stations as the number of electric vehicles on the road rapidly increases.

At all times, charging services are required by electric vehicle (EV) drivers. They will prioritize using businesses that have available charging outlets. The price of electric vehicles (EVs) is expected to reach parity with that of vehicles powered by internal combustion engines (ICE) within the next couple of years, and new models of electric cars are appearing on the market.

Electric cars present a once-in-a-lifetime chance for businesses constantly looking for growth opportunities. To illustrate, let's consider the necessity of electric vehicle charging stations for EV drivers.

Customer service decisions are significantly influenced by charging convenience. Businesses that do not adapt will experience a decline in business and customer numbers. Charging is rapidly becoming essential to many service industries, from malls and restaurants to hotels and utilities.

Why Electric Vehicle Charging?

The electric vehicle market is booming, and this is just the beginning. This industry has seen a growing need for additional EV charging stations. Because of this, entrepreneurs find installing EV charging stations a practical and lucrative option. 

Now is your chance to make a move and offer electric vehicle charging services. Wondering why?

Here are some stats we have shared for you to make an informative decision.

• Multiple analysts predict that the global market for EV charging stations will experience an expansion of between 40.5% and 48.3% between 2019 and 2026. Electric vehicles accounted for one-third of new car registrations in the UK in 2022.
• Experts anticipate that the demand for residential and commercial charging stations for electric vehicles (EVs) will increase alongside the growth of the EV market.
• Tesla and other companies plan to make some of their electric chargers available to all EVs by the end of next year because the infrastructure law has invested $7.5 billion in EV charging.
• The Biden administration aims to install four times as many public electric vehicle (EV) chargers nationwide by 2030.
• The EV market will experience a 90% CAGR by 2030.
• The PEW Research Center's data shows that 42% of Americans are open to buying an electric vehicle. 

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Electric Car Charging Stations Business Opportunity

Installing electric vehicle charging stations now is about being prepared for the transportation revolution and is guaranteed to attract more customers and boost business. Your business can increase profits and bring in new customers by adding public EV charging stations in various ways, some of which are described below.

Increase Sales Through Electric Vehicle Charging

Today's highly competitive market requires businesses to get creative to attract customers and increase the average value of each sale. You can easily do this by installing an electric vehicle charging station at your location.

Increase The Average Duration of Each Customer Interaction

EV drivers pulling up to charging stations present a clear cross-selling opportunity for add-on products and services. Whether it's a rideshare driver charging up during lunch or a little league coach topping up his battery while getting snacks for the team.

Providing A Charging Station For Electric Vehicles Will Attract And Retain More Customers

An electric vehicle can be charged in a few minutes to a couple of hours, depending on the size of the battery. Retail locations like restaurants and gas stations should choose a fast (direct current) charging solution because it can fully charge even the largest EV batteries in under an hour.

However, most drivers can also use a standard Level 2 (AC) charging solution, which allows them to add around 25 miles per hour to their EV's range. Most EVs visiting your location want to charge from less than 0-100 percent. Charging stations often opt for a combination of AC and DC power sources.

Either way, if you make charging easy for your customers, they will be more likely to hang out and spend money while they wait.

Using Electric Vehicle Charging Stations As A Marketing Tool

Customers who drive electric vehicles will not only spend more money at your business than those who drive gas-powered vehicles but will also stay at your business longer. Additionally, once your company provides this essential service, you can expect a high retention rate among motorists as new customers.

The EY Mobility Consumer Index reports that 52% of consumers consider purchasing an EV as their next vehicle. Securing your location as a place to charge electric vehicles could make your company a popular stop for those on the go, as more and more people are looking for such places.

Enchance Your Company's Image

Installing EV charging stations gives businesses exposure. Interactive maps on popular navigation sites like Google Maps or Waze or dedicated charging apps enable drivers to find public charging stations in their immediate vicinity. By providing charging stations for their users, you can increase your company's exposure on these platforms and gain new customers.

Publicizing your company's commitment to a greener future with branded charging stations that feature your company's colors and logo can do wonders for your company's public image as an added bonus.

Environmental issues are increasingly concerning customers. Installing charging stations on your property demonstrates your commitment to the environment and can assist you in obtaining sustainability certifications such as LEED, GOLD, and WELL for your building.

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Generate EV Charging Station Revenue

Offering EV charging can boost profitability by attracting new customers, fostering brand loyalty, and lengthening the average visit duration. However, vehicle charging is the most direct way for EV charging stations to increase profits.

Are EV Charging Stations Profitable?

Yes, they can be lucrative. Electric vehicle drivers are willing to pay for charging services, especially fast charging. Of course, the lucrativeness of it is subject to the particulars of your situation, location, and enterprise.

You can set up pricing for your charging stations in several ways, each with advantages and disadvantages. You can also try various tactics to determine which ones yield the best results.

Charging Fees to Profit From Your Customers And Visitors

To turn your charging stations into a moneymaker, determine how you will charge customers. You control the pricing structure of your charging station. Initiating or connecting to a session may incur a one-time charge, and the energy consumed will have an ongoing cost.

EV Fees are directly proportional to actual energy use.

Where EV Charging Stations Are Located Now

Experts anticipate that electric vehicles will make up most of the lead by 2030. However, 58% of respondents worry that EVs won't have enough range, which is the biggest deterrent to EV adoption in the US.

Many initiatives currently underway are helping businesses shape the future of transportation and alleviate customer anxiety.

The Biden administration has pledged $5 billion through the NEVI program over the next five years to construct a nationwide network of EV charging stations.

Electrify America, a subsidiary of Volkswagen, is constructing a rapid charging infrastructure across North America.

Automakers like Tesla are constructing their Supercharging networks to give their customers the ultimate mobility. Meanwhile, Younger drivers are interested in commute options that save time and reduce stress.

How To Invest in EV Charging Stations

Providing charging stations can attract more electric vehicle customers. This is something to consider, especially if customers stay longer. For instance, a quick stop (less than five minutes) might not be worthwhile, but longer visits to restaurants, bars, clubs, malls, small businesses, and workplaces might be worthwhile.

Any company should use electric vehicle charging stations as a smart move. Easy access to charging stations becomes increasingly important as the number of electric vehicles on the road increases.

Plugshare and other similar services dedicate themselves to finding charging stations, while other popular digital map services (like Google Maps) now offer solutions to do so as well.

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Conclusion

Investing in the growing EV industry, entrepreneurs can help make the world a better place, make money in the market, and help the environment and transportation. As the world moves toward electric transportation, now is the time to take advantage of this business opportunity and help shape the future of travel.

If you're considering installing EV chargers at your place of business, we can show you how to start your own profitable EV charging station business in no time.