Stable Insights: EV Charging Utilization Trends

Overview

With access to the most expansive EV charging utilization data on the market, including data from tens of thousands of chargers that have been operating for more than four years, Stable Auto has observed a surge in EV charging demand, especially at the Level 3 (DCFC) charging stations that we monitor.

Although the growth rate of EV demand has recently slowed, overall demand for EVs continues to rise annually, with expectations for further growth in 2024 and beyond. To illuminate this trend, Stable Auto has compiled a comprehensive analysis of charger utilization nationwide, leveraging data from thousands of non-Tesla Level 3 (L3) charging stations.

National charging utilization by month

Highlights

Utilization data reveals that DCFCs, once deemed poor investments due to low utilization, are now becoming profitable across many US states.
L3 (DCFC) utilization remained relative flat through most of the year, though it reached a new peak in December of 19% likely driven by holiday travel
L2 (AC) utilization showed steadier growth over the course of the year growing 1.4x from 10.7% in January to 14.9% in December
These trends mask overall growth in charging demand as installed base of DFCS grew 38% YoY in 2024 and installed L2 chargers grew 25%
For drivers steadying utilization growth indicates that at least on the public DCFC side, charging infrastructure is finally having a chance to catch up to growth in demand. However, it remains high enough that queue's and wait times are still common at many chargers, especially at peak times

Using this data

Average DCFC utilization by state (Q4 '24)

The average estimated utilization for Level 3 (DCFC) chargers by stations tracked by Stable Auto

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Highlights

High average utilization rates across the country show EV adoption is growing beyond major cities and coastal areas and growth appears to be fastest outside the areas that already lead in charging.
Between Q2'24 and Q4'24, growth was relatively steady across states with states with average utilization previously below 10% growing 9% on average while states with utilization above 10% grew 8% on average
Thirteen states in the west, south, southeast, and northeast report average charger utilization over 15%, which is considered the approximate threshold for profitability with another 10 states showing average utilization between 10 and 15% indicating they're approaching profitability
While most states saw utilization increase between Q2'24 and Q4'24, 13 states saw utilization decrease, even as overall charging demand grew driven by new stations opening in those states. Adjusting for station growth, only 6 states saw overall demand decline and only two states - Montana and Wyoming saw meaningful declines between Q2 and Q4 likely driven by seasonal shifts in out of state travel

Using this data