Municipal infrastructural redevelopments are currently underway in North America due to the year-over-year rise in popularity of electric vehicles.
In the United States, 10% of new vehicle sales in the first three months of 2023 were electric, with the states of California, Oregon, and Washington representing slightly more than half of US EV sales.
In Canada, according to the Toronto Star, Canadians purchased more electric vehicles (EVs) in 2022 than in the previous eight years combined.
It’s estimated that there will be upwards of 60 million electric vehicles on North American roads by 2030, necessitating the need for a large-scale charging station infrastructure build directly related to homes and multi-unit residencies, according to a report from the National Renewable Energy Laboratory.
The midpoint of this surge, which is not far away, calls for several million charging ports to be installed at single-family homes, multi-unit dwellings, and other locations. Additionally, even more public charging stations will have to be established in office, retail store and high-density urban areas. In order to create networks capable of fulfilling these demands, both public and private municipal entities will have to work together in close collaboration.
Studies conducted in Canada propose that by 2025, the country would require one charger per every 20 electric vehicles, and this number is expected to rise quickly based on current demand. Other studies suggest that, in anticipation of consistent demand, Canada will need in excess of 700,000 public and private EV chargers by 2030. Currently, Canada uses approximately 20,000 public and semi-private chargers with more being developed currently, and National Resources Canada recently earmarked close to $200 million to create 17,000 additional charging ports by the end of 2024.
As a real estate developer, do YOU have a successful strategy for your current development? New construction projects in Vancouver require consultation across several areas, including architectural, structural, mechanical, and electrical engineering in order to meet regulations established by the city.