There are over 10,000 fast-charging stations across the country

There are over 10,000 fast-charging stations across the country, with 700 new locations added just in the second quarter.

In less than ten years, the United States is projected to surpass the number of gas stations with electric vehicle (EV) fast chargers. This shift reflects the accelerating adoption of electric vehicles across the country, driven by advancements in charging infrastructure and increasing consumer demand for sustainable transportation options.

Data from the Department of Energy, as reported by Bloomberg, indicates that within eight years, the number of fast-charging stations for electric vehicles (EVs) in the United States will exceed the number of traditional gas stations. Currently, there are over 145,000 fueling stations across the U.S., according to the NACS. In contrast, there are slightly more than 65,000 public charging stations for EVs, with around 10,000 of these being fast-charging locations.

While growth in the number of gas stations is expected to remain stagnant, investments in charging infrastructure are accelerating. BloombergNEF estimates suggest that investments in charging infrastructure will double this year compared to last year, with expectations for another doubling by 2030. This surge in investment reflects the increasing demand for EVs and efforts to expand the charging network to support widespread adoption of electric vehicles.

What range anxiety?

Electric vehicle (EV) owners in the United States are now traveling longer distances than ever before, largely due to the expanding network of public EV chargers. This trend is supported by advancements in EV battery technology, which offer larger capacities and improved efficiency.

However, this increased EV adoption doesn't necessarily translate into a doubling of DC fast charging stations in 2024 compared to 2023, or a doubling of stations by 2030 from the current year. Instead, it signifies that North American operators are projected to invest a collective $6.1 billion in 2024 alone, with expectations for continued growth in subsequent years. In contrast, investment in the traditional fuel retail sector is anticipated to remain relatively stable. This reflects the shifting priorities and substantial investments being made to bolster the EV charging infrastructure across the continent.

Rapid Expansion of EV Fast-Charging Stations Drives Record Growth in Electric Vehicle Market

To put things into perspective, the second quarter saw the addition of 704 new public fast-charging stations, up from around 600 new stations in the first quarter. This growth is set to continue, fueled by the $5 billion National Electric Vehicle Infrastructure (NEVI) program, which aims to fill gaps in the charging network.

According to federal data, eight NEVI-backed charging stations opened in six states during the second quarter, with plans for another 550 stations across 23 states. Despite some pessimistic headlines suggesting the EV market is stalling, actual data tells a different story. This year has seen record sales for electric cars, leading to more charging sessions and increased profitability for public charging operators, who previously relied on grants and external funding.

Stable Auto, a charging network consultancy cited by Bloomberg, states that a charging station needs to be in use at least 15% of the time to be profitable. By the end of the first quarter, the average DC fast-charging station in the U.S. was in use 18% of the time. "We’re seeing demand for fast charging skyrocket," said Sara Rafalson, executive vice president at EVgo Inc., which operates nearly 1,000 stations. "We’re continuing to build bigger and bigger stations to keep up with that demand."

Various businesses are getting involved in the EV charging market. Gas retailers, convenience stores, banks, and coffee shops are all joining the fray. Shell opened 30 new charging stations in the second quarter, Enel added 11, and U.S. Bank installed chargers at 39 branches in California. Additionally, Starbucks partnered with Mercedes-Benz to equip over 100 locations with high-powered charging stalls.