Electric vehicle (EV) market watchers estimate that 13% of new car sales in the US in 2024 will be electric. This electric vehicle (EV) revolution is not only changing the way we drive, but also creating some exciting business opportunities for parking lot owners. That’s because drivers are no longer just looking for a parking space. They’re looking for a charging spot where they can convert time at rest now into miles on the road later. This value exchange lays the foundation for building a profitable EV charging business, generating more revenue per square foot for parking lot operators.
Savvy parking facility managers will recognize a unique opportunity to enhance their services, attract more customers, and generate additional revenue by embracing EV infrastructure. By investing in EV infrastructure, parking lot owners not only meet the current needs of EV drivers but will also position themselves as integral components of future transportation systems.
This blog explores how installing EV charging stations and the dedication of prime parking spots for EVs can transform parking facilities into dynamic hubs for the future.
How Can Parking Facilities Benefit From EV Parking and EV Charging?
There are approximately 2 billion parking spots in the US, serving less than 300 million vehicles. These are shared among:
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Commercial lots (eg. Walmart) which are typically free to customers
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Parking garages (usually premium rate affairs in prime city center locations)
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Specialized parking facilities (eg. stadiums, airports, hospitals)
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Private spaces for homes or multi-family units
