Industry Trends

Electric Vehicles Are Here to Stay

3 min read

Electric cars are no longer a phase, they are here to stay. Sure, they’ve been around in some capacity since the 1830s, but today, they’re not just popular; they’re THRIVING. In fact, 1.7 million battery, plug-in, and hybrid electric vehicles were sold in 2020. Compare that to just 16,000 sold in 2011.[i] Case in point, this year’s Super Bowl commercials.  Every automobile maker, but one,  spent an average of $6.5 million for a 30-second spotlight on their electric vehicles. That is a huge investment of advertising dollars for such a brief glimpse.

Need for Electric Vehicles

And as the country continues to trend toward electric vehicles, the need for charging stations is exponentially growing as well. Today there are just over 47,000 public charging stations spread across the U.S. [ii] But is this enough? The increase of EV drivers across America needs to be combated with fast charger stations. With the recent goal of having half of all car sales be electric in under 10 years, it’s been predicted that at least 1 million fast-charging stations will be required, especially since 30% of American’s today don’t have access to home chargers. [iii]

So, what does that mean for the electric car sector? It means the EV charging business is growing, and it’s growing FAST. And it doesn’t just benefit those who are installing these stations. It can also benefit every business around them.

A recent article by EV Connect explains it best: Whether you are trying to attract long-distance travelers or locals, adding EV chargers to your property can encourage people to make your store or shopping center a stop on their route. [iv]

With over 64% of all U.S. adults having received at least one vaccination. More people are beginning to venture out to eat, shop, and run errands. There couldn’t be a better time for property managers to invest in charging stations (especially for those who choose to monetize their chargers).

Market Expansion

Restaurants and Retail aren’t the only markets to benefit from EV charging stations. The hospitality industry is making a big comeback. Although, with many hesitant to fly or take public transportation, there will certainly be plenty of people driving to their vacation destinations this year.

Then there’s the need for EV charging stations at apartments and condos. Installing commercial stations will set the property apart from others, reducing your vacancy rate and improving your cash flow. Plus, the tax credits given can help lower the up-front investment cost.

Rogers Electric in the EV Charging Space

From where we’re standing, it seems pretty clear that EV charging stations can offer a whole host of benefits for multiple markets and players – from property managers to retailers to apartments. And with Rogers Electric’s experience in the game, we feel just might be that missing piece for you and your company. Rogers Electric is here for all your EV charging solution needs.  Reach out to us today, and together, we will get the job done!