The electric car and EV charger network industry is a dynamic one and has become an important driver of growth. A shift in consumer preference, coupled with an increasing number of incentives and new regulations, should drive growth.
Many countries have introduced campaigns to support the adoption of EVs. These include the United Kingdom, France, Germany, and the Netherlands. They have introduced tax credits, rebates, and other incentives to make zero-emission vehicles more affordable.
In the United States, 64% of all EVs sold in the country qualify for the newly introduced EV tax credit. As a result, the EV fleet will grow by 20 percent by 2030.
Despite the market’s growth, the number of charging points is still relatively low. The country needs to install over 20 times more public chargers than it currently has. This is not an unrealistic goal, but the federal government’s funding guidance for the BIL suggests that only a limited amount of public charging stations are being built.
However, the federal government’s Bipartisan Infrastructure Law, which provides $5 billion to build a national EV charging network, can help. It is intended to serve both rural and urban areas, and to ensure that EVs are accessible to a wide range of consumers.
States may also consider subsidizing the installation of public chargers in less profitable locations. Governments can also consider establishing offtake agreements to buy a specific amount of charging for services each month. By doing this, they can rely on a revenue model that doesn’t depend on a user’s payment.
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