Summary
- Electric vehicle sales have increased significantly this year
- Fast charging for electric vehicles was up nearly 50% during the peak time of Thanksgiving week
- The utilization rate of fast charging stations during Thanksgiving week was 22%
- Thanksgiving week is considered peak EV fast charging time, with 8 out of the top 10 days falling during this week
- EV charger reliability has improved, with the "Paren Reliability Index" reaching 85.5%
Article
Electric vehicle sales have risen this year, leading to an increase in the number of electric vehicles on the road. Alongside this increase in sales, there has been evidence of a significant rise in electric vehicle charging. During the peak charging time around Thanksgiving week in the US, EV fast charging sessions were up nearly 50% compared to the previous year. The data analyzed by the Paren team focused on “travel” stations and showed a 48% increase in charging sessions throughout the week, with the busiest day being Black Friday.
Despite the 48% increase in fast charging infrastructure, the utilization rate at these stations was 22%, slightly lower than the previous year’s rate of 24%. This suggests that the charging infrastructure has grown slightly more than the need for fast charging, which is positive news for those concerned about the pace of EV fast charging infrastructure development. The utilization rates varied throughout the week, with Sunday having the highest utilization rate at 25%.
Thanksgiving week has proven to be the peak EV fast charging time, with 8 out of the top 10 days of fast charging occurring during that week in 2024. However, the increase in fast charging may not be as significant as expected, as the busiest day for travel fast charging saw sessions only 24% higher than the annual average. Despite this, there is clear evidence of growing demand for fast charging as electric vehicles become more popular.
One of the challenges in the EV transition has been the reliability of EV fast chargers. The Paren Reliability Index increased by 3.4 percentage points this year, reaching 85.5%. While this is an improvement from the previous year, it still falls short of the standard 97% reliability rate. Many charge point operators claim to meet or exceed the minimum requirements but fail to provide reliable charging sessions consistently. Recommendations include checking crowdsourced sites like PlugShare or ChargeHub for reliable charging stations while traveling.
Looking ahead, the Paren team will be examining data from Christmas week to provide insights into fast charging trends during that time period. As the demand for electric vehicles continues to grow, it is essential to monitor the reliability and availability of fast charging infrastructure to support the transition to electric transportation. By investing in reliable charging networks and maintaining high standards for infrastructure, the EV industry can continue to accelerate the cleantech revolution.
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