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Title: Business Plan for EV Charging Station in the United States
Contents
Introduction    3
Need for EV Charging Station    3
People Facing the Problem    4
Business Model    5
Key Considerations    5
Factors Affecting Business Model    6
Market Share Insights    7
Key Market Players    8
Business Strategies    8
Conclusion    9
Works Cited    10
Introduction
The United States electric vehicle charging infrastructure market size has been constantly increasing because of the increase in the demand for electronic vehicles. The market size of the electric vehicle charging stations was valued at 2.85 billion dollars in 2021 and is expected to grow at a compound annual growth rate of 36.9% from 2022-2030. This contemplates the market growth that can be attributed to the effective initiative by the private sectors to encourage the population for taking up electronic vehicles which are more environmentally efficient and sustainable choices.
This has effectively promoted and enhanced the sales of electronic vehicles. However, the charging stations of electronic vehicles have not increased in comparison to the increase in the number of electronic vehicles on road. This has significantly caused a problem for the customers and they are expressing the demand for enhancing the number of charging stations for electronic vehicles throughout the country. So, this propounds the need for the development of numerous electronic vehicle charging stations and focus on developing new products that will effectively provide the customers with better-charging infrastructures.
Need for EV Charging Station
The United States has adopted an aggressive policy toward the reduction of vehicle emissions and has significantly influenced the citizens for switching to environmentally efficient automobiles. By effective implementation of regulatory policies and regional initiatives to reduce the atmospheric carbon dioxide concentration most cities in the United States have contemplated the citizen's use of electronic vehicles. This has enhanced the demand for electronic vehicles and the equivalent supply was contemplated. But what has been an issue is the availability of the charging stations at various important points for helping out the customers charging their vehicles (Hosseini & Sardar). The electronic vehicle charging station is very much limited throughout the country and this has been a major problem for the customers owning electric vehicles.
Advancements in technology have also given effective initiative for the adoption of electric vehicles and the aspects of self-driving vehicles with the growth of mobility. This growing popular duty of electric vehicles has also initiated the demand for charging stations. But the high cost of infrastructure and the increasing cost of the initial setup for the charging station is the major factor that is hampering the market growth of the stations in the United States. The cost incurred in the research and development activities is significantly high and they also require a dedicated workforce which is also one of the major problems for the establishment of the charging stations in the United States.
People Facing the Problem
The number of electronic vehicles throughout the country has effectively increased. The implementation of environmental regulation and sustainability has also enhanced the need for electronic vehicles. Therefore, the citizens have also switched to electronic vehicles which are more environmentally friendly and are most cost-effective. So the people who travel from one city to the other and take long road trips usually require a charging station because the charge can be exhausted at any moment while traveling long distances. It is also required by the people who need ultra-fast charging technology and needs to travel far outstation. People who travel far-off distances need to charge their vehicle because traveling long distances may exhaust the charge. So, the growth of the electric vehicle market and variations in the charging loads have emphasized the need for standardization of the electric vehicle charging stations.
Certain electronic vehicle charging stations are to be made compatible with a certain type of voltage. Therefore, in order to provide effective availability of charge for the electric vehicle consumer charging operations needs to be...