One of the reasons why one developer may be successful while another fades away is the ability to stay on top of tomorrow's technology. It is crucial to be able to foresee the future and everything that's in store ahead of time and incorporate these things into today's developments. This is occurring with the Devon Tower here in Calgary's downtown core as charging stations have been added to service electric vehicles.
Oxford Properties has been busy installing these chargers at Centennial Place, Bow Valley Square and the Devon Tower. Oxford Properties started installing them in buildings in Vancouver and is planning on doing the same in Toronto.
The wave of the future
This is a good strategic plan for all three commercial buildings to keep up with the changing times. It is expected that charging stations will turn into a market worth $1.2 billion in 2020. Lux Research issued a report stating that even though plug-in vehicles have been slow to get adopted by the marketplace, the market will grow and along with it will be the need for charging stations. It is expected that unit sales will rise from 120,000 during 2012 to 1.3 million stations during the year 2020.
It is expected that Europe will be the leader in the worldwide market with 480,000 units being sold in 2020, with China coming in second with sales of 277,000 charging stations during the same year. The Chinese stations are expected to consume more energy translating into 23% of the global energy consumption for plugged-in vehicles.
Electric cars are going to be a part of the future and smart developers are going to be installing these stations into new buildings as the years go by. It's good to see that Oxford Properties has stepped forward to incorporate charging stations into their commercial properties for the convenience of the employees that work there.