With electric vehicle (EV) sales expected to reach 35% of automotive sales in North America by 2030, according to BloombergNEF, now is the time for businesses to start serving EV drivers — or risk customers taking their business elsewhere. Our years of experience working with leading retailers hav Contact online >>
With electric vehicle (EV) sales expected to reach 35% of automotive sales in North America by 2030, according to BloombergNEF, now is the time for businesses to start serving EV drivers — or risk customers taking their business elsewhere. Our years of experience working with leading retailers have shown us that EV charging can be a huge business opportunity for these organizations, both in terms of revenue generation and customer loyalty. Here are some tips for how companies can attract drivers and grow revenue with EV charging and loyalty programs.
First, let''s review the different EV charging speeds and how they can serve customers at different types of businesses. Level 2 AC charging can add 25 to 40 miles of range per hour, making it a good choice for businesses where drivers stay parked for an hour or more. This can include some retail locations, restaurants, theatres or stadiums, and is especially good for workplaces, residences and hospitality locations where drivers stay parked for eight hours or more.
On the other side of the spectrum, DC fast chargers can add 150 miles of range an hour or even more, making them a good fit for locations where drivers will be parked for under an hour. This includes fuel retailers and convenience locations, as well as other retail locations such as fast food restaurants. Align charging speed with your business model to ensure a great experience for drivers and more revenue for your business.
EV drivers rely on EV charging apps or in-dash systems to quickly find convenient places where they can charge, including businesses that offer charging. EV drivers will look for their preferred charging brand and appealing on-site amenities or shopping they can leverage while fueling. When developing your EV charging strategy, make sure to choose a charging partner that makes your location easy to find through a popular app and the ability to easily integrate with other services drivers use, such as Android Auto, Apple CarPlay and in-vehicle systems.
Providing EV charging is a great business opportunity. Charging not only attracts customers to your store and generates revenue but can also increase the amount of time and money customers spend in the store as they wait for their vehicles to charge, which in turn grows your retail revenue. One major retailer found that adding EV charging tripled customers'' time in their store and increased customer spend proportionately — with the right approach, charging can do the same for you!
Leveraging loyalty programs and special promotions can bring even more drivers into your store. You can advertise special offers on the charging station itself or through the charging apps that drivers already use, giving drivers even more incentive to join your loyalty program and spend money at your business. Connecting EV charging data with your loyalty program shows how EV drivers are engaging with your brand, correlates charging with in-store spending and provides the basis to demonstrate your return on investment in EV charging.
The revolution of electric vehicles has sent ripples across the globe, with markets expanding in traditional strongholds like Europe and the USA and emerging regions.
Europe has seen significant growth in the EV movement, driven by stringent emission regulations, government incentives, and increasing consumer awareness. In countries like Norway, electric cars account for 93% market share. The Netherlands and Germany are rapidly expanding their charging infrastructures to meet the surging demand for EVs.
The USA, particularly California, has been aggressively pushing for zero-emission vehicles. The Biden administration aims to build 500,000 new EV charging outlets by 2030. States like California are targeting all new cars to be zero-emission by 2035.
Traditionally reliant on fossil fuels, the Middle East is transforming. Countries like the UAE are heavily investing in EV infrastructure. Dubai, for example, aims to have 42,000 electric cars on its roads by 2030, demonstrating a significant shift in the region.
Different countries are moving at different speeds when it comes to EV adoption. This needs to be considered when starting an EV charging business or investing in EV charging stations as part of an existing venture.
The global electric vehicle market is expected to grow at an unprecedented rate, with EVs forecasted to make up 60% of all vehicle sales globally by 2030. This surge in demand for EVs will inevitably drive the need for charging infrastructure. Key factors propelling this growth include:
Level 2 chargers are best suited for residential, hotel and workplace locations. These chargers are relatively cost-effective and cater to vehicles parked for extended periods, such as overnight or during work hours. More information on Level 2 charging.
DC fast chargers are essential for public charging stations, particularly along highways and commercial areas. They offer rapid charging capabilities, serving EV drivers on the move who need quick charging options. Public EV charging requires the charging stations to have the capability to accept payments. More information on DC fast charging.
When venturing into the EV charging industry to make money from EV charging stations, choosing a suitable business model and pricing structure is essential for long-term success. Here’s a breakdown of various options:
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