The electric vehicle charging station market is poised for a takeoff, according to a new report, with the dollar worth in the next 6 years equally around $109 million nationally.
The report by the Data Bridge Market Research, was is based in Prune, India, says the primary reason for the station is growth is simple: “the increasing demand for electric vehicles.”
But also animating the market are the “incentives and subsidies by government for electric vehicles,” as well as environmental concerns prompting more drivers to purchase such vehicles.
The report comes as the Biden Administration is proposing the construction of around 500,000 new electric vehicle charging stations nationally in the next 5 years.
While Washington is preparing to launch an electric vehicle station directive, private industry is stepping in, with the Shell Oil Company announcing plans to build around 440,000 new stations between now and 2025.
But finding the funding to build such stations, according to industry analysts, may prove challenging. The fact that many believe an investment from Washington may be needed, notes the Wall Street Journal, “shows just how little faith many industry insiders have in the ability of private enterprise to solve this problem.”
Currently, according to the site Statista, there are currently around 40,500 charging stations in the U.S., along with a significantly larger 97,000 charging outlets.
But other analysts contend that the growth of the electric vehicle market will essentially determine how many and where the new charging stations go up.
Another research group called The Brattle Group, which is based in Boston, is now predicting that the number of electric vehicles on the road by the year 2030 will exceed 40 million.
That means at least 2 million or more stations will be needed to keep up with demand.
According to the Department of Energy, the states with the greatest density of electric vehicle charging stations are located in New York, Florida, and California.
The states with the least density are primarily in the West, and include Colorado, New Mexico, and Texas.
By Garry Boulard
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