According to data from the Department of Energy compiled by Bloomberg, the number of fast-charging stations for electric vehicles in the United States is expected to surpass the number of gas stations in just eight years.
Currently, the U.S. has over 145,000 fueling stations, according to data from the NACS, the global trade association for convenience and fuel retailing. By comparison, there are a little over 65,000 public charging stations for EVs, 10,000 of which are fast-charging locations. However, while little growth is expected for gas stations, the investments in charging infrastructure this year are set to double compared to last year, with the annual spending expected to double yet again by 2030, according to BloombergNEF estimates.
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Owners of electric vehicles are driving further than ever in the United States, thanks in part to the growing number of public EV chargers. The bigger batteries and higher efficiency of modern EVs are also part of the equation.
That doesn’t necessarily translate into double the number of DC fast charging stations this year compared to 2023 or double the number of stations in 2030 compared to this year. It means North American operators will spend a collective $6.1 billion in 2024–a sum that will only increase in the coming years. In contrast, investment in the traditional fuel retail sector will remain mostly unchanged.
To put things into perspective, 704 new public fast-charging stations went online in the second quarter alone, an increase from the roughly 600 new stations that became operational in the first three months of the year. And things will only accelerate in the coming months and years, thanks in no small part to the $5 billion offered by the National Electric Vehicle Infrastructure (NEVI) program that aims to fill the gaps in the charging maps.
According to federal data, eight NEVI-backed charging stations opened across six states in the second quarter, but another 550 stations are on track to be built in 23 states.
Amidst the glooming headlines that prematurely announced the EV market is stalling, the hard numbers show otherwise, with a record year so far in terms of sales for electric cars. The growing number of EVs on the roads translates into more charging sessions and–maybe more importantly–profits for public charging operators that relied on grants and external funding to keep the lights on.
According to Stable Auto, a charging network consultant quoted by Bloomberg, a charging station must have its cords connected to EVs at least 15% of the time to turn a profit. At the end of the first quarter, the average DC fast-charging station in the U.S. sent electrons to EVs 18% of the time.
“We’re seeing demand for fast charging skyrocket,” said Sara Rafalson, executive vice president at EVgo Inc., which operates almost 1,000 stations. “We’re continuing to build bigger and bigger stations because we need to keep up with that demand.”
Gas retailers, convenience stores, banks and coffee shops are among the businesses getting in on the EV charging action. Shell opened 30 new charging stations in the second quarter, Enel turned the lights on at 11 stations and U.S. Bank switched on chargers at 39 branches in California. Meanwhile, Starbucks partnered with Mercedes-Benz to outfit over 100 locations with high-powered stalls.
