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In terms of general usage, EVs (Electric Vehicles) are no different from ICE (Internal Combustion Engines—typical vehicles) except for refueling, in which EVs require much more time (to recharge) than ICE. Moreover, if EVs run out of battery in transit, they cannot be refueled like ICE. “Range anxiety” is when EV drivers fear that there is not a sufficient battery to reach the final destination or a charging port. This phenomenon poses a significant hindrance to EV adoption; Volvo's internal study shows that over 58% of automobile drivers shy away from considering an EV due to range anxiety.
EV RANGE ANXIETY
EV range anxiety is due to information asymmetry, and familiarity with ICE cars has become a significant barrier that delays the EV adoption rate. Most consumers are familiar with refueling at the gas station or seeing at least one station on the way; however, it is also possible that they unknowingly passed an EV station. In 2019, a survey by Kia Motors found that 80% of fleet managers were held back from making the switch due to range anxiety. Moreover, there were 500 EV owners across the country whose range anxiety remained elevated across gender, age, and location.
ULTRA FAST CHARGE
EV charging methods can be broken down into three main types as follows:
Normal Charge – An AC charging from a household power outlet, taking approximately 12-16 hours for a full charge.
Double Speed Charge – An AC charging from an EV charger, taking around 6-8 hours for a full charge.
Quick Charge – A DC Charging directly to the battery, allowing 0 to 80% charge in 40-60 minutes.
Despite being able to charge your vehicle at home, charging still takes a lot of time which is an obstacle to EV adoption. To overcome this challenge, the business sector has developed a better charging technology called ultra-fast charging, which allows up to 800V charging (800-volt system) and reduces the charging time to 18 minutes to 80% charges. In emergency cases, 5-minute charges allow up to 100 km traveling distance. Car manufacturers don't have to build a car that can travel up to 1,000 km on one charge, but this could tremendously reduce 'range anxiety' from significantly shorter charging time almost comparable with ICE vehicles.
E-PIT
Recently, Hyundai, a Korean motor manufacturer, has developed a charging station called “E-pit” inspired by the formula 1 pit stop concept, where tires change and car repairs are done in a matter of seconds during the competition. Presently, only 5 EV models support ultra-fast charging.
The 800-volt system is considered disruptive technology within the EV industry. It has become a challenge for critical players amidst an increasingly competitive environment, evolving and embracing change to retain competitiveness and create new opportunities within this new automobile era. In terms of EV demand, although there are various barriers, overcoming these limitations would generate accelerated business growth, while slower-to-adapt players may be faced with lost business opportunities.
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