Make the Trend Your Friend: Changes in Electric Vehicle (EV) Ownership and the Implications for Your Business
- July 28, 2021
THE FIRST QUESTION that many business owners and management companies ask about adding electric vehicle (EV) charging stations to their properties relates to the percentage of EVs currently on the road. “EV owners constitute a relatively small minority,” they correctly say. “What’s the point of catering to such a small minority?” It is true that in each of the previous three years, according to Pew Research, EVs accounted for approximately just 2% of the U.S. new-car market.
This single data point—as relevant as it is—however, is trumped by others. According to The New York Times, EVs could make up a full 25% of new sales by 2035, with the figure reaching 60% by 2050.
In the U.S., Deloitte predicts that more widespread adoption of EVs will be due to several factors, including: (1) greater driving range (as battery technology improves), (2) the declining cost of purchasing and owning an EV and (3) the time required to charge. As more of the people that consumers know—friends and family—own EVs, acceptance will snowball, contributing to steadily increasing numbers of EVs on the roads. Favorable government policies such as rebates for the purchase of EVs, as well as growing environmental consciousness, will also contribute to the increase in ownership of EVs.
But why is it in your best interests to add EV charging stations to your property? Aside from the point made above, to the effect that the percentage of EV ownership will increase exponentially during the years ahead—and you want to be prepared for that, we can point to three other important reasons:
First, EV owners as a group tend to be more loyal than many other consumer groups. They will spread word about the availability of your charging stations, driving customers to your property through the best kind of advertising there is: word of mouth! Word of mouth advertising is not only the most credible and powerful. This “organic” type of advertising also has the advantage of not costing anything.
Second, EV owners as a group tend to have more discretionary income than many others. This means that what they spend at your property will likely be disproportionate to members of other groups.
Third, even for those without EVs themselves, your image as a forward-thinking, environmentally friendly business will be advantageous in terms of how those other consumers perceive your business or property. Everyone respects “thought leaders” and businesses on the cutting edge, even if they themselves have not yet reached that edge. For all of these reasons, it makes sense for you to consider adding EV charging stations to your parking facilities.
In selecting an EV charging station company, a major consideration that many have naturally relates to
EV charger installation cost. National EV—with website at NationalEV.com—is a leader in the industry, with an attractive turnkey solution that adds charging as either a service or an amenity (a shared mode is the most flexible, providing multiple users and groups with the ability to set hourly rates). In very real ways, which the team members at National EV can explain to you in greater detail, the upfront costs of adding EV charging stations are far outweighed by the numerous benefits, as outlined above.