Electric vehicle charging points in the US grow ten-fold since 2011
There are now over 50,000 charging points in the US, according to a report released this week by the Electric Vehicle Charging Association (EVCA) on the state of California’s EV charging industry.
In the wake of increased market demand, there are currently 50,991 charging stations across the US, both public and private, in stark comparison to the 5,070 in 2011.
California leads the country in the technology, in line with its leading position in EV sales.
Source Source Electric Vehicle Charging Association
In “The State of the Charge” report, EVCA projects an annual growth rate of 46.8 percent from 2017 to 2025, reaching approximately $45.59 billion in revenue by 2025.
In the US the revenue has increased by 576 percent over the past 5 years, growing from $27 million in 2011 to $182 million in 2016.
The EVCA cites the ‘Electrify America’ programme, one of VW’s plans to invest in zero-emission vehicles, as one of the main drivers for future growth.
VW’s investment will be $2 billion on EV infrastructure as part of a settlement agreement resulting from the automaker’s use of software that caused its 2009-2016 diesel passenger cars to emit 40 times the allowed amount of nitrogen oxide (NOx).
The expansion of the EV industry is also providing business opportunities in the operation of EV charging stations.
Revenue streams from charging facilities could reach up to $300 million by 2020.
The market is currently dominated by 4 major market players: ChargePoint, EV Connect, EVgo, and SemaConnec that operate 49 percent of public and private charging stations in the US.
The development also favours job creation as companies in the EV charging industry employ over 2,600 workers, with a projected near-term growth rate of 8 percent.
The next challenge for the EV industry will not only be to invest in more charging points but also to developing faster-charging technologies.
Annual sales of plug-in electric vehicles (PEVs) and battery electric vehicles (BEVs) are expected to exceed 1.2 million by 2025, a 7 percent share of total annual vehicle sales.
You can access the full “The State of the Charge: 2017 Report of California’s Electric Vehicle Charging Industry” here.