With the rapid development of electric vehicles, charging infrastructure has become a major bottleneck restricting the popularity of electric vehicles. Studies have shown that the world needs to invest hundreds of billions of dollars in charging infrastructure. However, the current number of charging stations is far from meeting demand, and many charging stations have problems such as unavailable and poor user experience. Investing in charging stations is imperative but still lacking.
The demand for charging stations will increase dramatically
According to IEA estimates, by the end of the decade, 40 million public charging points will be needed globally, requiring an annual investment of $90 billion as 2030 approaches. BloombergNEF estimates that $600 billion investment is needed by 2040 even under a slower EV adoption scenario. To achieve net zero emissions by 2050, the cumulative charging infrastructure investment required is a whopping $1.6 trillion.
The current charging facilities are unable to meet demand
The current 1.3 million public chargers cannot meet the rapidly growing needs of the EV fleet. Studies have shown problems like unavailable and blocked chargers are common. Only 30-40% of public chargers are available at any given time.
Home and workplace charging is insufficient
Although home and workplace charging currently accounts for a large proportion of EV charging, as EV adoption becomes more mainstream, public charging will play a bigger role. Issues like lack of home charging facilities and range anxiety on long trips make public charging infrastructure imperative.
The user experience of public charging needs improvement
Surveys have shown the top concerns for EV buyers are all related to charging instead of vehicle price. Public charging networks need to expand coverage and improve maintenance quality to provide good user experience.
In summary, massive investment in EV charging infrastructure is imperative but still lacking to enable the mainstream adoption of electric vehicles. Companies need to build reliable and convenient charging networks before launching new EV models.