5 Businesses that can Benefit from Electric Car Opportunities
Electric vehicle adoption around the world has dramatically increased over the past several years. In fact, the Edison Electric Institute estimates that, as of October 2018, there are over 1 million EVs on U.S. roads, and there may be upwards of 2 million by 2021.
The increasing popularity of electric cars presents business opportunities for savvy business owners who are on the lookout for the next competitive advantage. As more EVs hit the streets, the demand for easily accessible EV charging stations is expected to explode. And, unlike a traditional gasoline-powered vehicle, one doesn’t need to own an entire fueling station in order to reap the benefits of EV charging; businesses of all types can participate in the expansion of EV charging –– and even see a significant return on their investment.
Here are a few popular businesses that could benefit from providing customers with commercial electric car chargers.
The Time Use Institute reports that a typical grocery shopping trip takes 41 minutes. Given that a Level 2 EV charging station can charge up to 25 percent of a typical electric vehicle battery in that time, it makes perfect sense to provide shoppers with the business opportunity to fuel up electric cars while they fill their fridge.
From community colleges to major universities, educational institutions face serious challenges when it comes to drawing new registrations and reducing student attrition rates. One way to encourage a diverse student body while demonstrating your organization’s commitment to sustainability and progress is by offering EV drivers electric vehicle charging stations on campus. Like a company offering employees the perk of free EV charging, an educational institution can provide free charging for students and faculty.
While many shoppers are choosing to order their goods online these days, those who do venture out tend to spend more time at shopping centers where they can get a lot done at once, like big box stores, outlet malls, and commercial centers.
This makes EV charging stations an appealing asset and a potential competitive advantage for shopping centers, where drivers have the option to cross off multiple tasks on their to-do lists over the course of several hours while they receive a full charge.
Restaurants & Cafes
Restaurants and cafes have plenty to gain from offering EV charging stations. From reserving the closest parking spots for environmentally-conscious customers to valet services that will plug your car in for you, there are electric car business opportunities for restaurants looking to secure more business. In addition, if your customer’s vehicle is charging, they might be more inclined to order dessert and stay for a while.
Hotels, motels, and bed & breakfasts are in fierce competition with one another to earn the business of guests – and long-term customer loyalty can be especially valuable. Chains like Marriott, Hilton, and Destination Hotels are already underway with EV charging station initiatives aimed at securing the hospitality business of those traveling by electric vehicle.
The real opportunity could lie with smaller chains or independent hotels located off the beaten path; if your property is among the first in your area to feature an EV charging station, it could be an enormous advantage for EV drivers looking to recharge their batteries, so to speak.
Expand Through EV Connect
If you’re considering installing an EV charging station at your business, contact EV Connect. We’re committed to helping you take advantage of electric car business opportunities, and we can help you understand the financial upside to owning and operating an EV charging station.