The global electric vehicle market has been growing rapidly for the past decade with industry predictions suggesting that it is only the beginning.  

According to EV Volumes, the number of electric vehicles globally reached 2,264,400 units in 2020, which is 9% higher than in 2018. That is a huge uptick from the growing rate of the previous 6 years.

The number of electric vehicles on the streets is expected to multiply and that is possible due to the continuous innovation in battery technology that is fueled with clean energy.

Manufacturers are working on inventing smaller, safer and lighter batteries that are charged faster and last longer. This is due to the battery being too heavy and that results in fast exhaustion of the EV's tires, given that the battery weighs up to 450 kilograms.

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Will Electric Vehicles Replace Gas Vehicles?

The smart charging capabilities of electric vehicles have increased due to the use of cloud-connected charging devices. This innovation allows greater accessibility and control over electricity usage and consumption.  

One obstacle that EV owners face is the limited amount of charging infrastructures. It is also an issue for potential owners as they are worried that if they purchase an EV, they could find it difficult to charge them. The gas market is beginning to switch to EV charging and it is happening faster than expected.  

It takes 20 to 30 minutes to add a range of 100 miles, which is significantly slower than refueling at a gas station, but it could make a long road trip feasible.

How Is EV Charging An Opportunity For Retailers?

Supermarkets are a consistent destination for drivers and recently a crucial location for EV charging points. According to Zap Insights, almost 170 new devices have been installed at supermarket car parks across the UK this year resulting in a total of 573 devices at 295 locations, giving 1,096 connectors.  

In essence, supermarkets are becoming the new gas stations; people will casually go to supermarkets and find charging stations there. Since it takes up to 30 minutes for an EV to be charged, there is a huge possibility potential customers will discover new products or services in this additional dwell time, thus a huge opportunity for retailers. Enabling them to intelligently display the accurate product or service to the proper customer and at the right time. Focusing on in-store marketing and taking advantage of the increased footfall will improve the average basket value. Using external factors such as store location and weather will allow for more relevant ads to be shown to new customers, thus building loyalty.

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