Unless you've been living under a rock, you know that electric vehicles have been all in rage the recent years. Their adaptation has been skyrocketing in various parts of the globe, including China, the US, and the UK. However, despite the quickly-rising adaption rate, there are many challenges associated with electric vehicles and their chargers. In this post, we take a deep dive into this topic and figure out different challenges associated with the EV industry in general. Let’s get started.
Future Challenges Associated With EVs
One of the earlier challenges faced by the industry was the supply of EV chargers. While the issue is being addressed quickly in developed countries, there’s still a long way to go in developing countries. For instance, the installation rate of publicly available EV charging stations in India is nowhere close to that of the United States or the UK. Plus, not even mentioning China, which has more public EV chargers than the other 4 top countries combined. The point is that putting EV charging stations in front of everyone for easy access is a tough job. And while progress is being made, developing countries are still far behind in this area. Another problem associated with charging is the lack of electric power. You see, a country needs to have enough electrical power supply to support the hundreds of thousands of EV chargers within its boundaries. For instance, China has more than 450,000 fast chargers as of 2021, so it needs enough electric power supply to power them all on a daily basis. While supplying enough power to these chargers isn’t a problem for developed countries, it’s a common concern in developing countries. In countries like India, where the power is still insufficient to fulfill the general electric needs of people, powering EV chargers could be a nightmare.
According to studies, EV chargers also have a soft cost problem. A soft cost is an expense that’s not direct. It has been identified that there are many soft cost problems associated with EV chargers, too. For instance, if you get a single corporate Level 2 EV charger installed, it will cost around $4,100. However, if you get two of them installed at the same place, the per-unit cost falls down to around $3,300. If you decide to get 6 or more chargers, then the cost is likely to drop below $2,600. This problem discourages the installation of EV chargers in diverse locations. People aren’t able to find single EV chargers at various locations, because installers know it’s cheaper to install multiple of them at the same spot. This problem is especially notable in developing countries where governments, as well as private installers, are doing everything they can to cut costs.
The soft cost problem will be solved with time. You see, whenever a new technology comes to the market, it has such soft cost problems. However, as the tech gets older and manufacturers get more efficient, the soft costs are cut down. With companies like Besen doing everything in their power to design and manufacture the best-quality EV charging equipment on the market, it’s safe to say the industry is heading in the right direction.
Furthermore, the manufacturing costs are also trimmed down with time. New tech takes comparatively longer to produce at a mass scale, and also takes more financial resources. But as it gets older, manufacturers can produce it quicker. While we don’t say EV charging is a new tech — it’s not! However, it’s been getting traction for only a few years at this point, thanks to the skyrocketing popularity of EVs lately.
So, the industry will take some more time to address these common issues.
The Bottom Line
As of now, there are many future challenges related to EVs, their costing, and their chargers. However, these challenges will be dealt with in the coming years, thanks to the hard work of competing EV charger manufacturers who’re performing constant R&D on the matter.