EV charging infrastructure is becoming a standard feature in residential & commercial real estate projects. To make EV chargers easily accessible, urban planners and real estate developers are integrating charging infrastructure into standard building-design plans.
According to a survey performed in Delhi’s RWAs, 45% of residential societies plan to invest in EV charging infrastructure before 2024. Providing EV charging as a service/amenity to residents will soon become inevitable, as corroborated by recent revisions in construction bye-laws and the increasing popularity of EVs. Giving this amenity upfront will encourage residents to switch to EVs, as a dearth of charging points is one of the main barriers to EV adoption.
Residents who plan to purchase an electric vehicle in the future may get comfort from the availability of EV chargers where they live, work & shop.
As cities grow increasingly populated and polluted, the importance of EVs and EV charging infrastructure will also grow. An expanding charging network will power up the demand for electric vehicles itself.
The presence of EV chargers within residential premises not only provides residents with the convenience of charging their electric vehicles at home but also boosts confidence among people who are considering purchasing it in the future.
The demand for EVs depends on the availability of publicly accessible charging stations. Policies which strengthen one side of the market could help the development of the other side of the market as well. The current phase of the EV market can be characterized by the phrase: “If you build it, they will come.”
Installing EV chargers during the construction process will save builders the time & money of retrofitting the chargers later on.
Charging EVs at apartment and workplace parking is less expensive and more convenient as compared to public EV charging stations.
Provision of EV charging stations may result in an increase in property value. An EV charging station is similar to any other amenity (like solar panels, rainwater harvesting system, etc) that adds value and gives the property a ‘green’ image.
As per targeted studies, people in the age bracket of 20-35 are more inclined to purchase EVs. Malls & shopping centres are constantly looking for innovative strategies to attract youthful, wealthy customers. It is vital to adapt to the changing consumer culture and recognize their needs in order to attract the more profitable demographic of customers to spend more time at such places.
At present, electric cars are being bought by the upper and upper-middle class strata of the society. Any residential society will want to attract the most affluent customers to their property. EV charging facilities will attract tenants and buyers who have the means to live in more affluent neighbourhoods.
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The option of having EV charging infrastructure will evolve from ‘nice to have’ to essential in less than a decade.
As EVs gain more traction, new business opportunities are being generated for workplace and commercial property owners who can meet EV user needs of charging during the day while they are at work or while visiting shopping malls, restaurants and other commercial destinations. The same holds true for residential properties. Therefore, EV charging in residential, workplace and commercial buildings presents a major business opportunity while promoting sustainable transportation as well.
EV Charging @ Shopping Malls:
Apart from their home & office, people spend significant time at malls which make them a perfect avenue for EV charging
Large malls often have longer dwell times. Dwell times are directly proportional to average visitor spending. Therefore in shopping centres with longer dwell times, more money is spent. By providing additional facilities like EV charging stations, kids play area, waiting area for chauffeur etc, it is likely to promote longer visits, more income, improved visitor experience and an incidental promotion of sustainable mobility.
An EV charging station can provide a differentiator to a shopping mall and add another revenue stream for mall owners, while also providing convenience to the EV users.
As per pilot programs in China & Norway, strategic placement of EV charging stations has had a major impact on EV sales! For communities unfamiliar with EVs, who use conventional vehicles, the sight of EV chargers could give rise to curiosity for EVs. While parking their cars at malls or restaurants, a glimpse of an EV charging point can have a positive impact on the psyche of the general public.
Conclusion:
By providing EV charging solutions, real estate developers can ensure that their properties are future-proof and will remain relevant as the world moves forward towards a more sustainable future.
Expanding EV charging networks will have a positive impact on many industries. The increased availability of charging points will make it more convenient for EV owners and subsequently, this can lead to an increase in demand for such vehicles. This will have a positive impact on the electric vehicle industry, and the industries that support it. Ultimately, this would lead to a more sustainable future for the economy as well as the environment.
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