The Rideshare Industry’s Impact on the EV Charging Sector

The intersection of rideshare and EV charging markets is a story of mutual growth and dependency. Here are some key insights:

  • In Q2 2024, rideshare drivers accounted for 25% of EVGo’s kilowatt-hour (kWh) throughput, highlighting their significant role in the charging ecosystem.
  • EVGo experienced a 32% revenue surge, reaching $66.6 million, thanks in part to rideshare drivers.
  • Utilization rates jumped from 11% in Q2 2023 to 20% in Q2 2024!
  • Paren reports new charging stations recording utilization rates of up to 30%, largely driven by rideshare demand.

Rideshare drivers are charging up the infrastructure, requiring 1-3 sessions per day compared to typical local residents, who only need 1-3 times a week.

This symbiotic relationship underscores the importance of investing in EV charging infrastructure to support the growing rideshare market and promote broader EV adoption.

Key Statistics

The intersection of the rideshare and EV charging markets presents a compelling narrative of mutual growth and dependency. Here’s a look at some key statistics demonstrating this relationship:

  • EVGo Quarterly Earnings: In the second quarter of 2024, EVGo, a leading electric vehicle (EV) charging network, reported that rideshare drivers accounted for one-quarter of their kilowatt-hour (kWh) throughput. This translates to a significant portion of the power distributed through their charging stations.
    • Revenue Growth: EVGo’s revenue surged by 32% to reach $66.6 million.
    • Utilization Rates: Utilization rates climbed from 11% in Q2 2023 to 20% in Q2 2024.
    • Throughput Sources: Rideshare drivers, Original Equipment Manufacturer (OEM) charging credits, and subscription plans collectively made up 56% of EVGo’s total throughput in Q2 2024.

EV Charging Station Industry Data Supports Rideshare Drivers EV Charging

Paren is a company that  “aggregates, enriches, and serves the most comprehensive data on the essential aspects of EV charging” by gaining access to the charging station data of companies that own and operate EV charging stations.

Paren’s data over the past twelve months supports the theory that rideshare drivers support EV charging station utilization. Paren reported that EV charging stations in Texas, particularly around Houston and other high volume Uber areas, has recorded utilization rates of up to 30% for new charging stations in certain states, attributing a significant part of this demand to rideshare drivers.

Frequent Charging Sessions:

  • Rideshare drivers often require 1-3 charging sessions per day, significantly higher than the typical 1-3 times per week required by local residents (such as apartment dwellers). This high frequency of usage underscores the substantial demand rideshare drivers place on EV charging networks.
  • Although companies like EVGo, Electrify America, and Tesla do not provide detailed session data segmented by driver type, the overall increase in their utilization rates over the past year strongly suggests that rideshare drivers are a major factor.

Conclusion

The data clearly shows that the rideshare industry is playing a crucial role in enhancing the EV charging infrastructure. By driving higher utilization rates and contributing significantly to the kWh throughput, rideshare drivers are not only supporting but also accelerating the growth of EV charging networks. This symbiotic relationship highlights the importance of continued investment in EV charging infrastructure to support the expanding rideshare market and, ultimately, the broader adoption of electric vehicles.