EV Market Developments
The 2 trillion dollar infrastructure bill which is being moved through government processes in the United States with the support of President Joe Biden is promising changes to the electrical vehicle (EV) market which would have a significant impact on the future of electric vehicle adoption in the United States. While there is growing support for EVs from the public over the course of the last 10 years, they still account for less than 2% of cars on the road. This has much to do with the public simply getting used to a new form of transportation that is outside of their comfort level, but also has to do with the fact that there are fewer electric vehicle charging stations then there are gas stations. With practical decisions in mind, Americans look to the convenience of gas stations and noticed that there are not charging stations within the same proximity of their homes or places of business. There are 41,400 electric vehicle charging stations in the United States, with fewer than 5000 being fast chargers. Compare that with more than 136,400 gas stations, according to GasBuddy. This leads us to this simple understanding that in order to sell more electric vehicles to the American people, there needs to be more access to electric vehicle charging stations. In addition, these electric vehicle charging stations need to be the kind that will deliver a fast charge, as it is viewed as unacceptable to take more than an hour to fully charge a vehicle. There are multiple levels of charging stations, and the expense of installing each type grows with the speed by which it can deliver a charge. Level-three chargers will cost anywhere between $120,000 and $260,000 on average, and will deliver a charge in around 15 minutes to 80% of capacity. This expense is difficult for many private businesses to put forth considering that there are still few electric vehicles compared to gas vehicles. This is why it has been deemed necessary to involve government funding that will encourage electric vehicle adoption by the public. The more demand there is, the more incentive there is for the private sector to build out stations. This self-fulfilling prophecy is moving forward, but it is expected to grow significantly to a projected 18,000,000 electric vehicles on the road by the end of 2030. Companies like EVgo who operate 800 charging stations across 34 states in the United States are seeking ways to reduce costs of installation, as well as reduce the risks of ongoing operation.
One of the most significant ways that companies who operate electric vehicle charging stations can reduce their overhead is to invest into the most technologically advanced surge protection devices on the market. This is because the threats to ongoing operation of the electric vehicle charging stations come mainly in the form of surges in electricity produced by a variety of causes including lightning strikes to the region. Through partnerships with companies like Raycap, more EV charging stations can become a reality faster, resulting in far wider electric vehicle adoption.