The Future Of Electric Vehicles
Tesla has been working over the course of the last 10 years to build out a great network of fast charging stations across the United States in order to service its fleet of cars. Tesla understood that in order for their cars to sell to the public in wider numbers, the necessity for improved as well as more accessible electric vehicle charging stations was significant. The standard electric vehicle charging station can take several hours to fully deliver a charge, with the next fastest time frame being reduced by higher level fast-charging stations, projections showing an 80% charge can be delivered in as little as 10 minutes. The main issues arise because in order to make the installation of electric vehicle charging stations more profitable, there must be more electric vehicles sold. The hindrance of these sales is being impacted by a lack of charging stations, creating a vicious circle that slows growth. There are less than 2% the total 17,000,000 vehicles sold in the United States that are either electric or hybrid in 2020, and this lack of a significant percentage of the market makes the rollout of expensive fast-charging stations difficult for private industry to fund. A level-three charger will cost between 120 and $260,000 installed on average, and when relying on less than 3% of the total vehicle amounts, rollout of new stations presents difficulties for profitability. While there is no doubt that the market is growing, issues need to be solved that will remove the barriers to entry for the public, allowing for further growth from that point provided by the private sector. The infrastructure bill which is being moved through the channels of government under the approval of US President Joe Biden promises significant amounts of tax incentives, boosting the domestic supply of materials and incentive programs for private businesses to install charging stations. The possibility of this infusion of government money combined with speculative industries like private vehicle charging companies has created a larger interest in the development of the sector.
One of the most significant ways that the electric vehicle charging market can be improved is to invest in the integration of devices which can protect the infrastructure, such as advanced surge protection devices throughout electric vehicle charging station footprints. One of the most dangerous aspects of the operation of an electric vehicle charging station is the potential for bodily or vehicle damage as a result of lightning strikes and power surges. This is due to the footprint of the charging station being expanded as the capabilities of that station are increased. This gives a higher probability of damage as a result of lightning strikes near the equipment, ultimately resulting in a higher cost of operation and reduced equipment life cycles. Through the integration of more technologically advanced surge protection devices, these costs can be reduced as a result of more effective damage avoidance. It is projected that by 2040 the electric vehicle market could be in the range of $27,000,000,000, and electric vehicle charging stations will support that number. The growth of this market is tied directly to the technological advancements of the protection of its infrastructure, among other things.