The electric vehicle industry is growing steadily around the world. It is because more people are interested in purchasing electric vehicles due to their clean energy and enhanced performance. The worldwide EV charging station market size is estimated to reach USD 115 billion by 2028.
The EV charging station business is booming and ensures quick and steady profits for a long time. The electric vehicle charging business is segmented based on commercial and residential applications.
So, wondering how to start EV charging stations business? For starting an EV charging station business, acquiring the EV chargers from a reliable EV charging station supplier is essential.
Investigate Your Local EV Charging Stations Market
Before planning how to set up electric vehicle charging station, it is vital to explore the local EV charging station market. This way, it is possible to know whether there is demand for EV charging stations in your local area or not.
- Demand for EV Charging Stations
Check if there is demand for EV charging stations in your locality. For that, one has to know how many electric vehicles are being used approximately in the town. If the majority of the local population uses electric vehicles, then there will be an obvious high demand for EV charging stations.
- EV Charging Market Price
Researching the EV charging market price is essential while setting up an EV charging station business. The cost of charging an electric vehicle varies greatly depending on the town or city, local EV laws, type of EV charger used, model of the vehicle, etc. The cost of EV charging ranges from USD 0.11 to 0.35 per unit.
- Local Competition for EV Charging Stations
As the trend of buying electric vehicles is increasing, many people are trying to make profits by setting up EV charging stations in public areas. So, it is vital to study the local market for competitors and stay ahead of them. Make sure to setup EV charging station in on-demand areas with relatively high vehicle traffic.
Install Your Commercial EV Charging Stations
Prior to installing commercial EV charging stations, it is necessary to be aware of several factors. The business owners must choose a high-traffic space to start an EV charging station business, acquire chargers, and prepare a detailed plan for installing them.
- Design for EV Charging Stations
When designing EV charging stations, make sure there is enough area. The minimum area requirement for an EV charging station business is 100 square feet. Properly design the space with charges placed at strategic positions. Make sure that there is sufficient space for parking electric vehicles. BENY provides portable charging stations, so they use only a little space.
- Types and Industries of EV Charging Stations Services Provide
Thinking about how to start EV charging stations business as there are different types of EV charging stations, such as Level 1, Level 2, and Level 3. However, only Level 2 electric vehicle chargers and Level 3 electric vehicle chargers (DC fast chargers) are ideal for commercial business purposes.
EV charging stations can be installed in various industries. BENY provides AC EV chargers and DC EV chargers for different industries, including residential, commercial parking, hospitality, workplace, and more.
- Stations Distribution of EV Charging
The EV charging stations should be distributed evenly and installed throughout the business space. The charging stations will not take up much space, but make sure to create a path that will allow clear movement of vehicles.
The demand for fast EV chargers is relatively high, so ensure to install as many fast EV charges as possible. BENY provides high-performance, top-notch fast DC EV chargers.
Make Business Benefit from Your Commercial EV Charging Stations
Undoubtedly, the EV charging station business is relatively profitable. The income yielded for a single EV charging station globally stood at around USD 1.58 thousand in 2022. This is estimated to reach approximately USD 13.89 thousand by 2026.
Factors Affecting EV Charging Revenue
There are some major factors that affect the revenue of EV charging station businesses.
- Price Setting
The price setting will greatly affect the EV charging revenue. Depending on the local electricity cost, the price setting of other competitors, and the demand for EV charging stations, it is better for businesses to determine the right price setting.
For example, if the local EV charging stations in your neighborhood are charging expensive rates, then it is best to alter your price slightly less than their rate to attract more customers.
BENY offers affordable EV chargers so that businesses can get steady profits by offering budget-friendly EV charging station solutions.
- Consumer Groups
Another factor that influences the revenue of EV charging station businesses is the consumer groups. For example, some EV owners are using affordable Level 1 AC EV charges from manufacturers like BENY for charging their vehicles at their residences.
However, many electric vehicle owners prefer to charge their vehicles at a commercial charging station franchise because of fast EV chargers. BENY offers high-end EV fast chargers that are acquired by businesses to attract more users.
- Number of Chargers
Depending on the number of chargers that are installed at the business facility, the total revenue will vary. For instance, if there are more EV chargers, then there is a possibility of high income. If there are a limited number of EV charges, some customers will go back to other charging stations, especially during rush hours.
EV Charging Station Installation Costs
While planning how to start a charging station business, it is essential to learn about the associated costs and make an estimated budget. An EV charging station installation costs vary greatly as it is dependent on various factors. Those factors include installation costs, approvals, ongoing maintenance, and many more.
- Electric Infrastructure Installation Cost
When it comes to the EV charging station installation costs, the infrastructure costs are the most expensive. The EV charging station infrastructure costs include the following:
- Costs of the total number of chargers
- Labor costs
- Land and business setup costs
- Fees associated with EV charging station permits
- Taxes
- Ongoing Electrical Cost
The EV charging stations require an ongoing power supply. On average, one practical charging station needs 50 KW of electricity to operate. As a result, there will be ongoing electricity costs that will vary depending on the usage of EV chargers.
- Maintenance Cost
Commercial EV charging stations require maintenance on a regular basis to ensure they work smoothly and safely. The costs associated with charger maintenance and the technical team should also be considered before planning how to open electric charging station.
Reliable Suppliers Make Your EV Charging Stations Business Easier
In order to start an electric vehicle charging station, the most important thing is to acquire good-quality, decent-performing electric charging stations. Having top-notch EV charging stations will boost overall business profits.
- One-stop-shop EV Charging and Operations
There are many manufacturers and suppliers of EV charging stations across the world. However, choosing the most reliable supplier is vital to get the best-quality EV charging stations. BENY is one of the credible suppliers of EV charging stations based in China, with about 30 years of experience in this industry.
BENY is the one-stop EV charging solution for businesses. It is because BENY offers different kinds of EV chargers along with EV installation services, making it easy for businesses to set up commercial EV charging stations.
- EV Charging Solutions for Different Places
At BENY, EV charging stations for different places can be acquired. For example, we offer EV charging solutions for residences, commercial areas, retailers, hotels and resorts, workplace areas, massive parking complexes, and more.
- Successful Projects of Selecting BENY as a Supplier
BENY supplied more than 1,000 EV charging stations to global clients who approached us about how to start electric vehicle charging station. We have successfully completed 575,000 EV projects worldwide by delivering quick and budget-friendly EV charging solutions.
We deliver EV charging stations to clients in Germany, France, Auckland, Italy, Ireland, Portugal, Australia, the United Kingdom, Switzerland, Hungary, Brazil, Poland, Singapore, Thailand, Saudi Arabia, the Philippines, Malaysia, UAE, India, etc.
Conclusion
Starting an electric vehicle charging business is indeed profitable. Make sure to get the EV charging stations from a reliable supplier like BENY to ensure they are of good quality and have a long lifespan. BENY offers different types of EV chargers for various industries, so business owners can acquire the most suitable type of chargers.
BENY has 50+ skilled EV technicians, and they offer instant technical support. These professionals have years of experience in the installation and repair of EV chargers. In addition to that, we offer regular maintenance services. So, make sure to reach out to BENY to order cost-effective EV charging solutions for your commercial EV charging station business.
