Energy

To power up the EV industry, developers need to install more charging points on buildings

Summary

There is a surge in the number of Electric Vehicles (EVs) on the roads across many parts of the world. The regions with the most EVs are China, the United States, and the European Union. In these countries, the major […]

There is a surge in the number of Electric Vehicles (EVs) on the roads across many parts of the world. The regions with the most EVs are China, the United States, and the European Union. In these countries, the major charging points are in residential and commercial buildings. Upgrading these buildings’ electrical infrastructure will be crucial to ensure a constant supply of electric power needed for the growing number of electric vehicles.

By 2030, there could be over 130 million electric vehicles on the world’s roads. According to a top consulting firm, McKinsey & Company, expansion of charging points and capacity will require about $110-$180billion.These charging stations will be distributed across residential places, workplaces, and public spaces such as parking lots and malls. Urban planners, building developers, and electrical equipment suppliers need to come together to come up with buildings with great electrical infrastructure in their future projects. Existing buildings also need to be upgraded to provide adequate access to EV charging points as demand rises.

EV sales are projected to Skyrocket in the next 5 years. For instance, in the EU, the number of EVs on the roads is expected to increase fourfold. In the US, the sales of EVs are expected to double. Generally, the three top players in the EV market will have over 50 million passenger vehicles and four million commercial vehicles by 2025.

The acceleration of EV sales has been influenced by the decreased car prices and the policy measures put in place by governments. For instance, Denmark imposed a ban on the sale of gas-fueled vehicles, effective by 2030. In the US, the state of California has given manufacturers up to 2035 to sell gas-powered vehicles. Charging point’s availability depends on the driving patterns and availability of infrastructure. In the US, most charging points are in residential places. This is because most EV users are the wealthy class who has their own homes. The homeowners don’t mind an electrical upgrade to accommodate electricity needs that come with owning an EV.

Less wealthy people are embracing EVs. This calls for the installation of public charging stations in workplaces and apartment buildings, where most of these middle class live. In China and the UK, homeownership is not well established. This has resulted in a higher number of electric vehicles compared to the number of charging points, thereby increasing the demand.

Property owners need to add charging points on their buildings, both AC level 2 chargers and DC fast chargers. The latter might take longer to install as they require large batteries. EVs will need about 50 million AC charge points distributed across homes, workplaces, and recreational places in China, the EU, and the US. Fleet operators also need to upgrade their depot electricity infrastructure to meet the increasing demands as commercial EVs enter the market.