While some automakers in the United States may be slowing down electric vehicle (EV) production, a significant advancement in charging infrastructure is rapidly unfolding, addressing a key hurdle to widespread EV adoption.
According to an analysis by Bloomberg Green of federal data, nearly 600 public fast-charging stations were activated for U.S. drivers in the first quarter of this year, marking a 7.6% increase from the end of 2023. Presently, there are close to 8,200 rapid-charging EV stations nationwide, equating to approximately one station for every 15 gas stations. Tesla accounts for slightly over a quarter of these stations.
Chris Ahn, head of electrification consulting at Deloitte, remarked, “EV demand has slowed, but it hasn’t stopped. There aren’t many areas left without charging infrastructure. Many location challenges have been resolved.”
Partially driving the first-quarter surge in infrastructure development is the Biden administration’s National Electric Vehicle Infrastructure program, a $5 billion initiative aimed at addressing remaining gaps in the charging network. Recently, federal funding enabled the activation of a fast-charging station at the Kahului Park & Ride in Maui and another outside the Hannaford Supermarket in Rockland, Maine.
As states begin utilizing the allocated funds, U.S. drivers can anticipate a wave of similar charging station openings. Currently, however, the growth in charging stations is primarily fueled by market forces. The increasing prevalence of electric vehicles on the roads is enhancing the economic viability of charging network operators. Consequently, these operators are expanding their infrastructure and nearing profitability.
BloombergNEF predicts that global annual revenue from public charging will reach $127 billion by 2030, with Tesla expected to account for $7.4 billion of that sum.
“We are approaching the point where many of these charging stations become profitable,” noted Philipp Kampshoff, leader of McKinsey’s Center for Future Mobility. “Now, there’s a clear path forward, making further scalability sensible.”
Kampshoff anticipates that the next wave of EV buyers will include more apartment dwellers who heavily rely on public charging stations rather than home charging solutions.
Retailers are also contributing to the surge in charging infrastructure by installing chargers at their locations, offering customers the convenience of charging while dining. In the first quarter alone, ten chargers were installed at Buc-ee’s convenience stores, and another nine at Wawa outlets.
Thanks to these efforts, the public charging landscape in the U.S. is expanding beyond coastal regions. Indiana, for instance, added 16 new fast-charging stations between January and April. Similarly, Missouri and Tennessee each inaugurated 13 new stations, while Alabama introduced 11 additional charging points.
Despite the growth in public charging infrastructure, EVs still contend with the perception of inadequate charging availability, according to Samantha Houston, senior vehicles analyst at the Union of Concerned Scientists. “There’s often a delay between when charging infrastructure is established and visible, and when public perception aligns with it,” she explained. “In certain regions of the country, visibility of charging infrastructure remains a challenge.”
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Post time: May-04-2024
