The Growing Popularity of Electric Vehicles
As the world inches closer to a future without fossil fuels, electric vehicles have arisen as a potential solution for consumers looking to save money with regard to ever-steeper gas prices and ever-growing environmental uncertainty. In 2022, the global electric vehicle market size was valued at USD 205.58 billion and is expected to expand to around 1,716.83 billion by 2032.
With the EV market expected to multiply in value nearly tenfold in the next 10 years, getting in on the ground floor of this trend is more important than ever before. Innovation in the field of parking and embracing the future can only have positive ramifications in the form of staying ahead of the competition, improving the customer experience, and optimizing parking revenue.
While electric vehicles present an option for a better, brighter future, they also present many challenges for parking operators. These drawbacks are often worth overlooking, however, as increased environmental consciousness globally shifts the market ever towards EV use.
Installing EV Charging Stations is a Win-Win
In today’s parking landscape, EV drivers find it more and more difficult to find charging stations, especially in a market where, oftentimes, profit margins are slim, if they exist at all. Attracting parkers with EV charging stations serves to make the growing number of EV drivers’ lives easier by saving their time and money searching for a charger, while also serving to improve company revenue.
The projected vehicular landscape will result in drastic changes and developments that can be capitalized on with infrastructure investments in EV chargers today. With the burgeoning growth expected for both the electric vehicle market and the EV charger market in the coming years, now is the time to strike.
Challenges For Parking Operators
While electric vehicles are champions for the environment, and positivity and desire for EVs are at an all-time high, there are some drawbacks for this changing market that parking operators must address to effectively and profitably capitalize on this shift.
Heavy EVs Could Damage Parking Garages
When compared to typical petroleum-powered vehicles, EVs are typically heavier than normal cars, which presents an issue for parking garages. On average, EVs can weigh hundreds or thousands more pounds than their petroleum counterparts, putting an added amount of strain on all vehicular infrastructure, with ramifications ranging from minor damages like crumbling foundations to major parking garage collapses.
To accommodate the growing influx of electric vehicles on the streets, structural changes should be made to parking garages to support their increased weight. Retrofitting garages can be a large expense, but it could save many thousands of dollars in the long run, especially in the event of a structural collapse. One way of mitigating an upfront expense that can save your business a headache is adding incremental improvements to infrastructure whenever possible such as increased structural supports and providing repairs for existing damages.
Overwhelming Demand Compared to Available Supply
Many electric car drivers don’t have personal garages, or the funds to purchase a Level 2 charger, the charger of choice to refuel a car overnight accompanied by a steep upfront investment of around $2,000. This entry cost causes many EV drivers to spend a lot of time searching for charging stations, and when drivers do find the few available charging spaces, they tend to leave their cars there for long periods of time.
EV drivers often have to dedicate a lot of time to studying the charging landscape to maximize their charging time, or even to charge their car at all. In larger and more crowded cities, this issue is compounded, with parkers having to also compete with their gas vehicle counterparts. This all can be a highly frustrating experience for someone who is doing a service for the environment.
One solution for this issue is digital wayfinding, which works to reduce driver headaches and road congestion by providing real-time data for parkers via signs and parking apps. This is one of many examples where technology can be successfully used to expand and improve parking ventures.
Speak to a Parking Expert Today
In today’s parking landscape, fast-paced changes and technological advances require companies to continuously innovate to keep up with the competition and improve the customer experience. ParkHub provides real-time data and statistics to help you seamlessly streamline your parking operations and boost your revenue. Contact us today to discuss ongoing industry changes with a parking expert.