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July 3, 2024
5 Minute Read
EV Charging

Myth-Busting the EV Charging Market: Positive Growth Insights

A look at the current state of the Electric Vehicle Charging market and the positive growth trajectory expected (and busting myths along the way!)

Myth-Busting the EV Charging Market: Positive Growth Insights

Developed in collaboration with ChargePoint

EV Charging: State of the Market

Electric vehicles (EVs) have been the focus of a lot of attention recently. You’ve probably heard that EV demand is down or that charging stations are hard to find.

The reality is a bit more complex. While growth in EV sales slowed down at the start of 2023, more EVs were sold in the U.S. in December 2023 than in any other month in history.

In fact, the last time gas-powered cars had as high of a growth rate as EVs was back in 2017.

In Canada, ZEV’s had an 11.7% market share in 2023, up from 8.9% in 2022.

EV Growth Forges Ahead

EV sales in the U.S. and Canada reached 1.6 million in 2023, a 49% increase from 2022. More than 154,000 EVs were sold in December 2023 — the highest volume of monthly EV sales to date in the region. In North America, EV penetration reached 10% last year.

Globally, BloombergNEF predicts there will be nearly 60 million passenger EVs on the road by the end of 2024 and that commercial EV sales will top 1 million.

EV Charging is Scaling in North America

Today, there are more than 170,000 publicly available charging ports across the United States and Canada, according to the Alternative Fuels Data Center (AFDC). At ChargePoint, we saw year-over-year port growth in North America increase by 31% in 2023.

Mythbusting: Pushing Back on Misinformation

Myth #1: There’s not enough Charging

In the U.S., the average driver only uses 16-18% of their battery range per day, giving them ample time (and miles) to top up with a Level 2 AC charger while they’re sleeping, working or running errands.

Aside from charging at home, workplace charging is the second most common location. A recent report from CBRE and ChargePoint found that commercial property owners and large occupiers are installing EV charging stations as a crucial amenity. 

Last year, workplace charging sessions grew twice as fast as new installations, indicating an inability to keep pace with rising demand. 

Myth #2: EVs aren’t practical in the cold

Don’t tell this one to Norwegian, Icelandic, Danish, Swedish, Dutch or Finnish EV drivers. Their countries — not exactly known for the warm weather — all have the highest BEV adoption rates in the world.

Norway leads the pack with nearly 80% of all passenger vehicle sales in 2023 being all electric. Iceland was second with over 58%market share. None of the top 5 countries fell below 35%.

Myth #3: Hydrogen is better than electricity

In the U.S., it costs between $4-6 to drive 100 miles in an EV vs. $30 in a hydrogen fuel cell vehicle. Today, there are fewer than 60 hydrogen fueling stations, most of which are located in a single state (California).

Unlike hydrogen fuel, electricity is safe, reliable, cost-effective and everywhere. With megawatt charging now a reality, electricity looks to be the future of fueling for most kinds of vehicles.

Myth #4: Fast Charging is the best way to fuel an EV

EV drivers know that charging a car is more like plugging in a device than going to a gas station. Over 80% of all EV charging happens at home or at work, providing ample time to top up with Level 2 AC charging, which provides around 25 miles of range per hour. 

Also, aside from being more expensive, DC fast charging delivers a lot of power and heat, which can stress batteries more than AC charging. Besides, charging while you live your life is almost always the most convenient way to fuel an EV.

EV Charging is good for business

Companies across multiple sectors can benefit by providing EV charging for their customers.

Because electricity is inexpensive (compared with gas), pervasive, safe, and can be distributed wherever there is a plug, it's available to virtually any business that wants to sell it or give it away to their customers, employees or the public.

Retail, fueling & convenience and hospitality

By offering EV charging, businesses can attract customers to their locations. Custom branding and integration with an organization’s loyalty programs can promote customer engagement and encourage repeat visits, helping to put a business on the map for millions of EV drivers across North America and Europe. 

Residential and commercial real estate

EV charging is a valuable amenity that helps attract and retain residents while increasing property values at multifamily communities. Developers can benefit by achieving green certifications and complying with the latest building codes.

EVs can benefit all of us

Greenhouse gas (GHG) emissions from transportation account for 21% of all GHG emissions in Canada, and 29% of all GHG emissions in the U.S., making the sector the single largest contributor to GHGs.

Over their lifetimes, EVs produce less than half the carbon pollution of traditional gasoline vehicles, even considering the higher emissions from manufacturing their batteries.

This reduction is primarily due to the elimination of tailpipe emissions and the increasing reliance on renewable energy for charging.

As the electricity grid becomes greener and battery production becomes more efficient, the environmental benefits of EVs will only increase, making them a crucial component in the fight against climate change.

If your business has begun to explore EV Charging, our team can assist with helping you select your chargers, assisting with getting an EV ready plan prepared, and looking into available provincial rebates.

Please don't hesitate to reach out to our team to discuss your requirements.

Looking to prepare an EV Ready Plan?

We can help! Reach out to start a conversation today.

Ready to get your EV Infrastructure up and running?

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