Driving App

Why The EV Market Struggles To Grow

Access to charging is the number one barrier to buying an electric vehicle. Currently, gas stations outnumber EV charging stations 10:1, and many times more than that will be needed to satisfy the electric vehicle market. Electric vehicle growth estimates are expected to continue at 40% over the next 10 years. As the market grows, access to charging will have to match pace.

In Europe, the region with the largest EV market share, The European Clean Power for Transport directive has promised one public charging point for every 10 electric cars by the year 2020 – an indicator of market needs. With 268 million registered vehicles in the US, we will need millions of public charging stations. At the moment, thousands are slowly being deployed with extremely expensive infrastructure projects.

So how do we solve this problem?

Electricity is everywhere and we believe EV charging should be everywhere too. Unfortunately, the public charging model is dominated by expensive commercial charging stations that focus on herding users to fast charging hubs. That is not scalable enough to support what people want. They want to charge everywhere – where they work, eat, sleep, and shop.

Our goal is to create a peer-to-peer economy sharing platform to rapidly grow the number of public charging stations without expensive infrastructure. About 52% of the nearly one million EV owners in the U.S. have a Level 2 EVSE charging station in their home. Between these and private business chargers, there are over 500K private charging stations that can be made accessible for EV owners experiencing range anxiety. If we can recruit at least 7% of these private stations to make them available to the public, then we can triple the amount of public charging stations, and make an impact on overall rural coverage. This is why we are creating a smart peer-to-peer platform that bridges supply to demand.

Map Showing Connectivity

Economy sharing is a rapidly growing trend with over 50 million Americans participating in the community-based, peer-to-peer purchasing of goods or services with apps such as Uber and AirBnb. That number is expected to nearly double in the next five years with a stronger concentration in younger demographics and geographic areas pursuing electric vehicles. Companies like Uber and Airbnb have proven that problems can be solved better using sharing economies, not infrastructure. Power Hero aims to do the same.