This article has been authored by Dheeman Kadam, CMO & Co-Founder, goEgoNetwork.
If 2022 has made one trend clear, it is that electric vehicles (EVs) and EV charging can no longer be ignored.
Here is some data to chew on. In its Electric Vehicle Outlook 2022 report, Bloomberg NEF projects that plug-in vehicles are predicted to make up 23% of new passenger vehicle sales globally in 2025, up from just under 10% in 2021. Three-quarters of those will be fully electric. At the same time, as per EY Mobility Consumer Index, a massive 52% of potential car buyers intend to choose either a fully electric, plug-in hybrid, or hybrid vehicle.
If such a large number of electric vehicles are to populate the mass market in a matter of a few years, it is important to ramp up public and commercial charging infrastructure, where these vehicles can go to charge. Talking of commercial spaces — like shopping malls, retail stores, office buildings, hotels and restaurants, schools and universities, and warehouses — having electric vehicle charging stations at the property can invite EV owners to come and spend time on it, increasing footfall, and thereby chances of monetization. If you’re a commercial property owner, here’s why you should consider investing in EV charging infrastructure on your premises:
Strengthen your brand’s commitment to the environment
Tailpipe emissions from vehicles are one of the biggest pollutants on this planet. Adoption of EVs is essential to create a cleaner, healthier and more affordable future for everyone. Having electric vehicle charging stations, especially if they run on renewable energy from solar panels on your property, is a sure-shot way to brand your business efforts as green. In this age of climate change and increasing corporate responsibility to give back to the society and environment, installing charging stations is an exercise that promises your business is committed to sustainability. You will also be adding to the charging network, thereby enabling the larger switch to green mobility.
For ease and convenience
Picture an EV owner noticing that their electric car’s battery is fast draining out. Having an electric vehicle charging station at your property puts it on an EV owner’s map, as a way to refuel and recharge. It boosts accessibility and feasibility for EV owners. Setting up EV charging stations will increase the visibility of your space as the charging infrastructure will be discoverable on multiple platforms like Google Maps, EV charging apps, and even government websites that map EV chargers.
Increase footfall, and customer time retention
Attract EV drivers, and have them spend more time at your premises. While their vehicle recharges, there is a window of at least 40-60 minutes where they can utilise services like shopping, dining, gaming and movies in your complex. As EV penetration increases, the availability of EV charging facilities can make or break a customer’s decision to choose one space over the other.
Depending on the revenue model understanding between property owners and charge point operators, whether that’s Capex model or Opex model, EV charging stations are an additional source of revenue for the premises. With each charge, there’s an opportunity to earn a percentage or a fixed amount. The faster the charging station, the more one can charge.
EV charging stations can be installed in residential, commercial, educational, entertainment, offices, highways and retail spaces. Depending on the requirement of the organization or individual, the charging stations can be utilized for public or personal use. Installation of ultrafast charging stations requires electric high load sanctions from DISCOMs and local authorities, which are easier to obtain for larger companies.
One crore electric vehicles are projected to be on Indian roads by 2025, and not all of them can efficiently charge with at-home chargers. Commercial spaces can create their own regular parking and charging packages or passes for such requirements, guaranteeing a fixed income and return on initial investment. They can tie-up with delivery and shared mobility fleet operators to utilise the parking and charging facility to charge their vehicles overnight, when parking demand is low.
Increased property value and brand loyalty
EV charging stations will attract high-quality tenants and/or buyers, whose businesses cater to a certain income bracket. EV charging as a service is an add-on to a property’s overall brand presence. They can feature the stations as a futuristic amenity. Giving EV drivers special deals or initial discounts can bring them back to charge and shop, even more often.
Disclaimer: Views and opinions expressed in this article are solely those of the original author and do not represent any of The Times Group or its employees.