Who’s Leading the Charge of the EV Charging Gold Rush?

It’s undeniable now in 2022, the EV gold rush is not coming, it’s already here. According to CarBuzz, more than 30 new electric car models will be released in 2022. There are a lot of good reasons to switch to EVs. With all of the new EV models popping up, the need for EV charging stations has exploded as well.

The 22nd Annual Global Automotive Executive Survey of 2021 by KPMG stated that “Every facet of the automotive industry, from product development to manufacturing and distribution, is likely to undergo profound changes.” The survey found that on average, automotive executives expect 52% of new vehicle sales to be all-electric by 2030, surpassing President Biden’s goal of electric vehicles to make up half of U.S. auto sales by 2030.

Disruption of the auto industry on a massive scale

To use a popular buzzword these days, “disruption”, the automotive industry is staring down disruption on a massive scale. With that, providing fuel to all of the new EVs hitting the American market will be the sibling to that incredible disruption. The question is now, which companies will leverage that disruption most successfully and really profit from it?

Because of frequent advances in EV battery technology, EV range is increasing with every year that passes. Because of this, range anxiety is becoming a thing of the past. Most EV drivers are finding that charging at home is sufficient to power their driving needs. However, the need to increase the number of public charging stations is undeniable, and the Biden-Harris administration outlined this on their Electric Vehicle Charging Action Plan. Programs providing charging for lower income families and renters are handled by nonprofits such as the Center for Sustainable Energy.

EV charging standardization

A lack of standardization plagued the early days of the EV charging network. Unfortunately, government didn’t step in and create standards for companies to follow. The current state of the network includes chargers produced by OEMs, as well as the EV charging companies. Fortunately, adapters have been developed to allow EV drivers to use chargers from different companies.

Who are the major EV charging players now?

The US Department of Energy states that there are now over 22,000 EV charging stations across the U.S. with more than 68,800 connectors. According to MYEV.com, some of the major players in the EV charging space are ChargePoint, Blink, Electrify America, EVgo, Tesla and Volta.

Who will be the next EV charging Leader?

Nearly everyone now admits Elon Musk took them by surprise with the disruption of the automotive industry caused by his cool-looking and high performance Tesla electric cars. Will similar figures rise to prominence in the EV charging world? It will be interesting to see what happens. New EV charging startups are popping up on a seemingly daily basis.

Gasoline sellers seeing the writing on the wall

Oil companies Shell and BP are the early adopters as far as the supply chain switching from gas to electric. Which of the other gas producers will make the switch and when? Only time will tell. I believe they better make the move soon, or risk joining the ranks of those who sold hay and water to passing horse and buggy drivers.

Gas stations won’t be where most new EV charging stations will be placed

Entrepreneurs and investors are seeing the opportunities that come from their business being near a new EV charging station. Since even the fastest charging currently happens between 15-45 minutes, it still doesn’t compare to the few minutes it takes to fill a gas tank. EV drivers will have some time to kill while charging their vehicles. That means profit to be made.

Supermarkets are just one of the many businesses taking advantage of this new opportunity to capture EV driver dollars. Some of these are Giant Food, Albertsons and Stop & Shop partnering with Volta, and Whole Foods, partnering with Blink and EVgo.

Lots of incentives exist for EV charging station owners

According to EV charging industry leader Chargepoint, “Investing in EV charging is more affordable than you think. Governments and utilities offer an array of tax credits, rebates and grants that can help put you on the road to a more sustainable future.” A handy list of all the current incentives for charging station owners in each state is listed on the Chargepoint website.