The Future Of Electric Vehicles
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Tesla has been working over the course of the last 10 years to build out and allow a great network of 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, but with higher level fast charging stations, projections show ultimately 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 a higher quantity of electric vehicles sold. The hindrance of these sales is being impacted by the 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 charging stations difficult for private industry to fund. A level-three charger will cost between 120 and $260,000 on average, installed. And when supporting less than 3% of the total vehicles in the USA, 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 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 President Joe Biden promises significant amounts of tax incentives, boosting 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 for OEMS and installers to invest in the integration of more advanced surge protection devices throughout electric vehicle charging station footprints. One of the more dangerous aspects of the operation of an electric vehicle charging station is the potential of damage to vehicles or people 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 level of exposure to damage as a result of lightning strikes near the equipment, ultimately resulting in equipment damage and a higher cost of operation. Through the integration of more technologically advanced surge protection devices, these costs can be reduced and surge damage avoided. It is projected that by 2040 the electric vehicle market can be in the range of $27,000,000,000, and electric vehicle charging stations will make up a large percentage of that number. The growth of this market is tied directly to the technological advancements in other areas such as fast charging and electrical protection.
