USA: EV chargers will overtake fuel stations in the next 8 years

The increase in EV chargers should, in turn, spur new vehicle developments in the market.

According to a media report, the number of electric vehicle charging stations in the USA might soon overtake the number of fuel stations. As per a study, this change is expected to happen within the next eight years.

The study found that "charging deserts" - an area with few to no charging stations are fast disappearing. Various networks across the USA have reportedly added up to 704 new EV charging stations during the early half of 2024, bringing the current total to almost 9,000 fast-charging sites. This means that EV chargers now have a stronger growth rate than fuel stations.

Also, the study states that the spending on EV charging stations is expected to surpass $6 billion by the end of 2024. This amount though, is projected to double by 2030, thanks to strong consumer demand.

Apart from the regular networks, private businesses have also invested in the industry, with banks and other companies also installing chargers at various locations. The increase in EV chargers should, in turn, spur new vehicle developments in the market.

Source: Bloomberg