Seven solutions to smash EV adoption barriers

Highlights

• Electric vehicles (EVs) have gained popularity of late, across the world.
• However, there are several limitations that make the prospective buyers hesitant.
• The lack of overall charging infrastructure is one of the major limiting factors as it a basic requirement for EVs.

In light of the world’s earnest efforts towards building a cleaner and greener future, electric vehicles (EVs) warrant an unavoidable mention. Without a shadow of doubt, EVs have exploded in popularity; but there are several hurdles that make prospective buyers hesitant. one of the most prominent of these factors is the lack of overall charging infrastructure, which is the basic requirement for an EV. While things may change in the coming 10 years, a lot of work needs to be done by the EV companies to provide solutions for fast EV adoption.

On that note, let us take a look at seven solutions to overcome EV adoption challenges:

1. Charged up for EVs? Get the infrastructure in place

Even as electric vehicles have become a craze lately, not many countries are ready for their adoption. The reason being lack of the EV charging infrastructure, which is the most important pre-requisite for success of EVs against internal combustion engine (ICE)-powered automobiles.

For EV drivers, a big question that remains is how to charge the car batteries on the road. What’s the solution? Drivers can consider relatively low cost, Level II (220v) chargers at company sites and homes. However, it is not going to be a joyride for EVs adoption unless charging infrastructure is ramped up by governments across the world.

2. Ensuring power supply for multi-unit residences

Those living in apartments, condos or the people who rely on street parking find charging EVs challenging. These multi-unit dwellers generally don’t have an option to independently install charging infrastructure. Another issue is the lack of regular power supply across most of the homes in developing countries. Even if there is an existing electrical infrastructure, it may not be able to support the increased load.

Therefore, local governments need to ensure that all new structures are built with this framework in place. It would help avoid higher retrofitting costs in the future.

3. Reduce charging time

EVs are charged at slow speeds compared to ICE-powered vehicles. It is completely opposite to what ICE vehicle drivers are accustomed to -- filling their gas tank in less than five minutes. Depending on the size and specifications of the battery, EVs generally take at least 30 minutes to get 80% charged at the fastest charging stations.

However, now companies are building new lithium-ion battery materials which are more stable at faster charging speeds. They could be charged in 20 minute or less.

Image Source: © Gynane  | Megapixl.com

4. Trim initial capital cost

The major challenge for adoption of EVs is the higher initial capital cost or purchase price. Higher acquisition costs as against ICE-powered vehicles acts as a roadblock for many buyers. However, with steady fall in battery prices due to advancements in technology and production efficiencies, EVs are nearing price parity. Still, governments need to come up with more incentives to draw larger customer base towards these environment-friendly vehicles.

5. Improve the Range of EVs

Customers are also concerned about the range that an EV offers. There are apprehensions surrounding the efficiency of EVs to get passengers to their destination before the battery runs out since there are lack of charging stations across the world. So, there has to be a stronger push for charging infrastructure and other battery swapping stations. Another solution can be training drivers to get the best range out of EVs.

6. Boost Resale value

The resale prices of EV models that have been around for years now haven’t kept up with their ICE counterparts. Low resale proceeds from sale can be a deterrent for buyers. However, experts say that as the market evolves, the problem should eventually take care of itself. The resale value of EVs is expected to rise as they become more commonly used.

7. Rev up Vehicle performance

Similar to any other battery-powered machine, the performance of EV suffers when battery charge gets low. EVs generally enter a “turtle mode” where the vehicles don’t accelerate as fast as when the battery is charged.

Bottom Line

Even as the adoption of EVs is fraught with a number of challenges, things are expected to fall in place and the whole process is likely to rev up in the future as companies develop better batteries and governments ramp up the overall charging infrastructure.

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