ChargePoint Report: EV Charger Demand Outstrips Supply
Demand for electric vehicle charging infrastructure is failing to keep pace with the growing number of EVs, according to a new report from ChargePoint. Rising fuel prices are driving more consumers to consider electric alternatives.
The demand for electric vehicle (EV) charging infrastructure is not keeping up with the increasing number of EVs on the road, a new report from ChargePoint reveals. Despite some analysts tempering optimism about EV adoption rates, sales remain strong, with over 1.8 million EVs sold in the U.S. between January and August.
Escalating gasoline prices are prompting more drivers to consider EVs, a trend that ChargePoint CEO Rick Wilmer noted is reflected in the consistent volume of RFPs (requests for proposals) his company receives for charging solutions. ChargePoint reported quarter-over-quarter growth in its last earnings report. The market for used EVs is also robust, with prices increasing due to high demand and strong retention rates, reportedly at 96 percent.
"All in all, things are moving forward. I think the North American market has been better shaped than a lot of the press reports," Wilmer stated. "Part of it is just the data we see in terms of the amount of RFPs that we receive for charging solutions. They haven't slowed down."
Wilmer also pointed to the introduction of more affordable electric trucks from manufacturers like Slate and Ford as indicators of future demand. He believes that automakers are increasingly understanding the North American market's needs and are beginning to offer vehicles that better meet consumer demand and price points, suggesting that many future forecasts may not fully account for this improving product-market fit.