The adoption of electric vehicles (EV) is growing rapidly. New, exciting models are coming on to the market in greater numbers and buyers are no longer just the early adopters and tech enthusiasts; now, they include regular commuters and families looking for a more efficient and environmentally responsible vehicle.

As this adoption grows, more people have a need to charge their vehicle while shopping, at work, on holiday – or anywhere they park their car.

As a parking business, how do you evolve with this rise of electric vehicles? Let’s have a closer look at what’s driving this evolution and the opportunities it presents to your business.

Three key factors to the growth in adoption of EV

1, Policy announcement

Policies are key in accelerating the electric-vehicle rollout years, including zero-emission vehicle mandates and fuel economy standards, as well as subsidies and incentives for vehicle owners. In the UK, for example, some cities are now enforcing ultra-low emission zones (ULEZ). Most vehicle, including cars and vans, need to meet ULEZ emissions standards or their drivers must pay a daily charge to drive within the zones.

2. Technology improvements with battery ‘energy density’

‘Non-luxury’ EV vehicles now have a driving range of up to 150 – 175 miles from a single full charge whereas 10 years ago, you would not achieve a quarter of that distance. The luxury models (e.g. Tesla, Porsche, Audi, Jaguar, Merceded0 offer up to 300 miles of range per charge, which is not far off what you expect from a tank of petrol. Battery costs have also decreased by more than 85% since 20101

3. Release of new EV car models

A much wider variety of electric car models exist today which have ‘fueled’ consumer purchasing decisions. Over 30 new EV models were introduced in 2019. By 2022 there are estimated to be over 500 different EV models available globally2

A global shift: The growth of EV around the globe

Globally, 13 countries and 31 cities or regions have announced plans to phase out sales of internal combustion vehicles2. The UK has now banned the sale of petrol and diesel cars after 2030, 10 years earlier than planned under government’s green plan. Singapore aims to phase out internal combustion vehicles by 20403. By 2030, it is estimated that 30% of all vehicles will be electric4.

These movements and numbers are clearly showing a global shift. The benefits of going electric including lower running costs and cheaper servicing, while reducing your carbon footprint are hard to ignore from both a consumer and business perspective.

It is vital as a parking business that you evolve with the industry, moving forward with an environmentally and economically sustainable approach.

Be part of the r-EV-olution: Provide EV Charging as part of your car park offering

With the increasing growth of electric cars, businesses and workplaces are perfectly suited for EV Charging points while people work or shop. Many EV drivers will not have access to a charging station at home. By providing drivers with charging points for electric vehicles, this could help convince consumers to choose your business over a competitor and attract new customers.

Publicly accessible chargers accounted for 12% of global light-vehicle chargers in 2019. Globally, the number of publicly accessible chargers increased by 60% in 2019 over 20184..

There are now said to be more than one million public charging points globally as of May this year (2020); however, based on future predictions this growth needs to quickly scale as BloombergNEF expects one-in-10 vehicles purchased in 2025 will be battery-powered. By 2040, the world will need some 12 million public charging points which shall necessitate almost $400 billion spend on infrastructure5.

Taking the next step

There is no doubt that the adoption of electric vehicles will continue to rise in the coming years at a very fast rate. It is important for all parts of the EV ecosystem to move in the same speed to meet the demands of the market. As a parking business, you play an important role in driving the infrastructure needs to enable this change. It is no longer about getting ready for the EV-olution, it is now about taking the next step to become part of it.

To learn how TNS can help you to make EV Charging payments easier for your customers, please do not hesitate to contact our team.