EVs to hit 11 percent of new car market by 2030, with up to 40 million charging stations worldwide.
A new study finds that electric vehicles (EVs) and their charging stations are poised to see explosive growth over the next decade.
At the same time, utilities, car companies, and other businesses are pursuing a variety of charging strategies — many of which will be very cheap and possibly even free for consumers.
By 2030, EVs are projected to comprise 11 percent of the new car market, with up to 40 million charging points worldwide, according to a new study by Greentech Media (GTM), a division of Wood Mackenzie.
So power demand for EV charging will soar, led by China, North America, and Europe.
To reach this kind of exponential growth in charging infrastructure, GTM explains, “utilities, along with manufacturers, oil and gas giants and sector-specific specialists, will need to test new business models.”
One of the most innovative business models comes from a U.S. startup, Volta Charging, which bills itself as “the largest free electric car charging network in the US.” It has raised nearly $60 million to create an EV charging network that shows video ads, providing revenue designed to allow free charging for customers.
So far “sponsored stations have delivered over 22 million free electric miles,” the company says, “saving over 9 million pounds of CO2.”
Read more: Think Progress