There is no doubt that internal combustion engine (ICE) vehicles dominate the market. However, this will change in the coming decades as electric cars become the 'new norm' in transportation. This growth is driven not only by passenger vehicles but also by business fleets and original equipment manufacturers (OEMs):
As vehicles and driver behaviour change, the need for reliable and accessible electric vehicle charging infrastructure has never been more urgent.
The transition, while challenging, could present a unique opportunity for fuel service stations to edge out a competitive advantage. With more electric vehicles on the road, the demand for fast and reliable charging infrastructure becomes more urgent. Fuel service stations are perfectly positioned to harness their location advantage to capitalise on this market shift with the introduction of more high-power, DC fast charging stations for EVs.
While EV drivers may be able to charge their EVs at home or work, these charging stations are likely to be far slower than DC fast charging stations. This presents a unique opportunity for fuel service stations to get ahead and attract new customers and, more importantly, retain their current customer base.
The inevitable market shift will give rise to new independent actors, whether it's Charging Point Operators (CPOs) or EV manufacturers like Tesla, who own charging infrastructure. Fuel service stations that offer EV charging infrastructure today are reducing their risk of losing their customers to these new market entrants as mass adoption of EVs happens.
Besides, fuel service stations can also improve their sustainability reputation by offering a green alternative to emission-heavy fuel alternatives. This will help to eliminate negative pressures from consumers and authorities alike.
By investing in today, forward-thinking fuel service stations are future-proofing their business for tomorrow's EV landscape.
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