From Parking Lot to Destination 

The meteoric rise of the electric vehicle can largely be attributed to a growing emphasis on sustainability and a departure from the use of harmful fossil fuels, but also to rapid advancements in battery technology and compelling government incentives. Consumers are increasingly on board, as evidenced by BloombergNEF’s 2023 forecast that zero-emission vehicles will reach 75% market share by 2040. 

Where there are developments in cars, so follow the developments for the parking industry. As electric vehicles (EVs) become increasingly popular and integrated with transportation infrastructure, parking locations recognize the potential of incorporating EV chargers as an amenity and a tool for differentiation and marketing.

The convergence of eco-conscious consumer preferences and the need for convenient charging infrastructure presents a unique opportunity for parking facilities to enhance their appeal. Traditionally seen as just spaces to leave vehicles, parking locations are now becoming pivotal hubs in the expanding EV ecosystem.

Driver Convenience

One of the primary advantages of integrating EV chargers into parking facilities is the enhanced convenience it offers EV owners. Per a 2023 study by Parkopedia News, 90% of EV drivers worldwide feel anxious about finding somewhere to charge away from home, while 58% of EV drivers reported receiving unexpected parking fines while charging their vehicles. This information underscores the critical need for precise and reliable parking solutions tailored to the unique requirements of EV drivers during charging, presenting a prime opportunity for parking facilities to not only meet but surpass drivers’ expectations regarding security, reliability, and convenience. By incorporating charging as an unexpected perk, locations can add significant value to their customers’ experience and leave them with a positive impression of their brand.

Customer Loyalty

By offering convenient EV charging options, parking locations can attract additional traffic and build loyalty among environmentally conscious customers. Consumer awareness of the impact of sustainability is at an all-time high. A 2022 study by Deloitte illustrates this phenomenon well, reporting that two-thirds of all respondents were willing to pay a premium for sustainable offerings and furthermore found that those consumers would consider spending up to 41% more for environmentally friendly goods or services. 

For parking facilities, integrating EV charging capabilities aligns with the shift toward sustainable business initiatives and serves as a strategic move for businesses, enhancing customer loyalty by providing a convenient and forward-thinking amenity that meets the needs of a growing cohort of drivers.

Competitive Differentiation

Parking facilities, which often compete on factors like location, pricing, and amenities, can leverage the installation of EV chargers as a marketing tool, emphasizing their commitment to sustainability and catering to the specific needs of EV drivers. Inclusion of a parking location on Google Maps, EV charging network apps, charger locator apps, and even the navigational system on the vehicles themselves can all work to showcase a parking facility and, ultimately, turn it into a charging destination.

EV Charging Revenue

Beyond attracting customers, parking facilities can also monetize EV charging services. While some locations may offer complimentary charging as a value-add, others can implement fee structures to generate additional revenue. EV charging site hosts can charge in various pricing models, from time- or energy-based to fixed-rate or hybrid approaches. The strategic integration of EV charging services within parking facilities enhances the customer experience and presents an opportunity for monetization, allowing parking facilities to tailor their approach through various pricing models and potentially generate additional revenue streams.

Future-Proofing Business Operations

As governments worldwide implement policies to encourage the adoption of electric vehicles, installing EV chargers in parking facilities becomes a strategic move for future-proofing business operations. By investing in charging infrastructure now, parking locations position themselves to meet the growing demand for EV services and stay ahead of regulatory requirements. With the cumulative public and private capital investment to develop the necessary infrastructure to support the federal government’s clean energy goals estimated between $31 and $55 billion, seizing the current funding availability is a strategic advantage when considering an investment in EV chargers. The proactive allocation of resources now can contribute to achieving national sustainability objectives and position businesses at the forefront of the burgeoning electric vehicle ecosystem, fostering long-term growth and relevance in an evolving market.

Conclusion

The business of parking is evolving into a dynamic industry with a pivotal place in the broader societal shift toward sustainability. Electric vehicle chargers can play a significant role in this shift as a powerful marketing tool, a revenue stream, and a tangible commitment to furthering clean energy goals. As businesses embrace this paradigm shift, they contribute to the electric vehicle ecosystem’s growth and position themselves as leaders in a changing market landscape. ◆