KEY POINTS
- Gas station numbers have been decreasing at a sharp rate in the past three decades and the trend is expected to continue, with at least a quarter of service stations globally at risk of closure by 2035 without significant business model tweaks, according to consulting firm BCG.
- Gas stations making the switch to electric vehicle charging will be investing in Level 3 chargers, which are the most powerful and generally charge in 20 to 30 minutes, but for multiple units can incur investment costs between $500,000 to $1 million.
- Major oil companies are supporting franchise filling stations, including BP and Shell, and in the U.S. there are numerous federal, state and utility-based incentives for commercial businesses to purchase and install fast chargers.
As electric vehicles proliferate, some gas stations are making expensive overhauls to add EV charging stations.
