Electric vehicle sales may not be experiencing the same rapid growth as last year, but the expansion of charging infrastructure is underway at a remarkable pace regardless.
A Bloomberg analysis of information compiled by the U.S. Department of Energy’s (DOE) Alternative Fuels Data Center showed that the country now has nearly 8,200 “quick turn EV stations.”
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Inadequate charging infrastructure hinders wider EV adoption.
That's the perception. But the reality is slowly and quietly changing. Data shows that charging deserts are slowly vanishing in the U.S. as thousands of new publicly available DC fast chargers are getting switched on.
This means there’s at least one DC fast charging station for every 15 gas stations. The report added that Tesla was spearheading this push, accounting for more than a quarter of these EV charging stations.
The network of public DC fast charging stations rose by 7.2% in the first quarter, with 600 new stations switched on across the U.S.
DOE data shows 62,545 level 2 and level 3 charging stations nationwide offering 167,537 EV charging ports, as of April 22, 2024.
This robust growth indicates that initiatives like the National Electric Vehicle Infrastructure Program (NEVI) are effectively laying the groundwork for the wider adoption of EVs for years to come.
The Biden administration announced $5 billion in NEVI funding in 2022 as a part of the broader Bipartisan Infrastructure Law that aims to improve road transport and infrastructure in the U.S.
Convenience store giants are also contributing to this expanding charging station boom. Just to name a few, Buc-ee’s, Wawa, and Flying J’s are among those increasingly installing EV chargers across their locations.
This makes sense because at least one consumer study has revealed that current and potential EV buyers expect charging stations to be equipped with amenities similar to gas stations. Unsurprisingly, charging companies are increasingly headed in that direction.
While their EVs are plugged in, consumers want access to restrooms and Wifi, the option of grabbing a snack and a cup of coffee, and even an indoor place to rest—something that's especially necessary in inclement weather.
Moreover, locating a charging station is on track to become easier, thanks to Google. The tech giant will put artificial intelligence to good use. Google Maps with AI will help users get precise directions to find a charger that’s otherwise hard to navigate.
Research firm BloombergNEF is also expecting companies running charging networks to turn a profit as usage rates hit new records. It estimates that annual global public-charging revenue will increase to $127 billion by 2030—Tesla might account for $7.4 billion of that.
All this should help shrink the number of charging deserts in the U.S. and also improve consumer perception about the availability of chargers.
