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How Large is the Growing Electric Vehicle Market?

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In less than two weeks I will be moderating a panel discussion on electric vehicle (EV) charging stations at HX: The Hotel Experience. The session will be held on the trade show floor from 1 p.m. to 1:45 p.m. on Monday, November 12. If you will be at the show, be sure to catch this session.

In preparing for the panel discussion I learned just how large the electric vehicle segment is and how large it is expected to become. A Research Report Insights (RRI) report revealed that the global market for electric vehicles crossed $99 billion in terms of value at the end of 2016. The market is expected to reach $596.56 billion by 2030.

According to RRI, increasing demand for clean and green energy and rise in global air pollution is compelling socio-economic institutions to rethink over the structures of social amenities that involve heavy carbon emission.

Here are some additional EV statistics:

  • There are now 44 different EV models available.
  • Two percent of new consumer vehicles this year will be electric. EVs will exceed 20 percent of global mileage share by 2030.
  • There are now 3 million EVs globally. By 2040: 300 million.
  • A total of 800,000 Americans are now driving EVs and they make their travel plans based on the availability of EV charging stations.
  • EV drivers are more affluent. For example, three-quarters of Tesla drivers make $100,000 per year.

Why cater to EV drivers by installing charging stations?

  • You will attract more business—more heads in beds.
  • Your f&b or retail operations will benefit from guests who may just be stopping by for a meal, coffee, etc.
  • You will help build brand loyalty.
  • Your EV charging stations can be a very visible part of your property’s green story—a PR & marketing opportunity and great for your employees to see.
  • You can be part of the air pollution and carbon emission solution.

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