McKinsey & Company explores how the installation of charging points in apartments can accelerate electric vehicles’ uptake

The transportation industry has welcomed the electric vehicles which ate going to make a tremendous change in the sector. Over 250 varieties of battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) will be entering the market through 2022. This trend will bring forth over 100 million electric vehicles on the roads by the end of this decade. The efficient existence of these vehicles on the roads will require the development of electric vehicle charging infrastructure. This circumstance will demand heavy investment in these resources to deploy them in households and public places.

Whereas charging points have become a common feature for private homesteads, experts think it will be easy to meet consumers’ demand if the charging stations are also planted in the standard households or apartments. The countries that are venturing electric vehicles like China, the United States, and the United Kingdom will be focusing on developing these utilities in buildings and households and maximizing the installations in public places to meet the demand. This move would make it easy for the countries to implement the slated bans on internal combustion cars. Moreover, it would be crucial for the buildings with low power to update their installations to take up more units to meet the criteria for developing charging points in the parking lots. This move would bring in support of local electric grid operators to hasten the process.

Governments are advising their city planners, building engineers, and electrical engineers to ensure their plans take into account the charging infrastructure. This move will accelerate the transition to clean energy vehicles. With the available technological expertise and electric vehicles with mileage ranges exceeding 150 miles, it would be easy to locate the areas to install charging stations publicly. The challenge for charging station development is the growing number of electric vehicles entering the market, putting pressure on the available utilities. Additionally, the dropping prices of electric vehicles make more cars affordable, increasing their quantity on roads. Another contributing factor in the increasing number of electric vehicles in the market is the impending ban on gasoline cars in countries like the United Kingdom and Denmark by the end of this decade. Various states in these countries are already preparing for the ban as their plans resonate with the regulations stipulated in the proposals leading to the ban on emissive vehicles. The companies dealing in batteries fitting these electric vehicles are focusing on the available resources and how they can use them to increase their performance to minimize the exploitation of the vital elements that they import from other countries.

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