Over the years one of the slowest growing areas of the market has been the EV market. One of the greatest challenges facing this area of the market is the range offered in EV models.
Until recently the only vehicles on the market that offered any type of range that is near what you can find in a gasoline model came from Tesla. The rest of the market offered smaller models that were meant to be driven around in cities. This year alone, we finally see at least three new models being offered on the market that will provide longer ranges from a single charge.
Now that the range is coming ever-closer to the range we see from a tank of gas the need for places to charge up an EV is greater than ever. This small segment of the market is growing and represented sales of 1.2 million cars around the world in 2015. With the addition of the Chevrolet Bolt, Tesla Model 3 and new Nissan Leaf the market is about to explode with vehicles that can handle all the driving you need to perform on a typical day.
Which business stands to be threatened the most by the EV market growing? The gasoline and oil business has the most to lose. One company is taking a proactive approach to this part of the market growing. BP, which is a London based oil company, is looking for ways to add electric charging stations to their gasoline stations around the world. This company is trying to ensure they are ahead of the curve and ready for the growth of the EV market in the automotive industry. The team at BP is working to stay at the forefront of the industry in order to be the right place to find the charging needed when you drive an EV model.
The estimation by the team at BP tells us they expect to see a global increase from the 1.2 million models sold in 2015 on up to over 100 million models by 2035. This estimation may be closer to true for more reasons than just the growth of the market over the next twenty years. At least three countries in Europe have already stated they will outlaw the sale of new gasoline and diesel powered vehicles in their borders by the years 2040.
You can imagine that BP won’t be the only company that will offer charging at its fueling stations over the next several years. They might be at the forefront of the industry and be the first to market with the charging needed. This development by BP does help us see that there will be an infrastructure for charging the EV models that we plan to drive on the roads on a daily basis. Soon, charging an EV model will be just as easy as filling up a tank of gasoline is today and when you see that BP has the market cornered, you’ll know why.
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