Tech evolution a must for EVs to become mainstream

Owning an electric car today often feels like you’re driving a gadget with no real support system. Imagine buying a traditional car without the confidence that a gas station is always around the corner. That’s where many potential EV owners find themselves—fascinated by the technology but hesitant to make the leap because of the fear of being stranded without a place to charge.

According to a McKinsey report that explored consumer sentiment on EV charging, The current public-charging network falls short of consumer expectations for convenience. Over 80 percent of survey respondents considering an EV as their next car believe the current availability is insufficient; another 15 percent are satisfied with it but worry that the future network will not be robust enough to meet surging demand. Current EV owners—those with experience using the network—share these concerns, with 70 percent stating that they are dissatisfied with the current infrastructure and only 10 percent agreeing that enough charging points are available.

The key to unlocking widespread EV adoption lies in reliable charging infrastructure, which isn’t as simple as installing more public chargers. It’s a complex ecosystem, and to make EVs practical for everyday users, we need to focus on three core areas: public charging for long trips, home charging for daily convenience, and on-demand charging for those unexpected moments.

Public Charging for Long-Distance Travel

The one thing that puts potential EV buyers on edge is range anxiety—the fear of running out of power on long trips - that’s why public charging networks are crucial. Countries like China and Norway are setting a global example by rapidly expanding their fast-charging networks, but for EVs to become as common as gasoline cars, this infrastructure needs to be everywhere.

It’s not just about installing chargers in urban areas; rural and remote regions must also be covered. Think about how gas stations are strategically placed along highways—EV chargers need the same attention if not more, to eliminate range anxiety and make electric driving an easy choice for long-haul travelers.

Home Charging

While public charging is essential, the real convenience of owning an EV comes from home charging. Beyond convenience, home charging also opens doors to smart energy solutions. Your car could charge itself when electricity is the cheapest, and you never have to think about it. Utility companies are already offering incentives for homeowners to charge their cars during non-peak hours, making it a win-win for both the grid and consumers.

A Safety Net for the Forgetful

Then there’s on-demand charging, a game-changer for peace of mind. Companies are already working on mobile charging units that can come to you, much like roadside assistance. While this isn’t widely available yet, as EV adoption grows, we’ll likely see services like this become a regular part of the automotive landscape. It’s just one more step toward making electric vehicles as practical and reliable as traditional cars.

Bringing Down Costs and Increasing Sustainability

Of course, none of this will matter if we don’t tackle the second major challenge: battery technology. The current state of batteries is holding us back in two critical ways: cost and supply chain sustainability.

Battery costs have fallen drastically in recent years, but they still make up a significant portion of an EV’s price. As battery prices continue to drop, EVs will finally be able to compete with gasoline cars on cost. We’re not far from a future where choosing an electric vehicle doesn’t mean paying a premium—and that’s when adoption will skyrocket.

According to recent data, EV battery costs have dropped significantly over the past few years, with estimates showing a roughly 90% decrease since 2010, largely driven by technological advancements and economies of scale in manufacturing; with the average price per kWh falling from around $1,415 in 2008 to approximately $139 in 2023; further projections indicate a potential decrease of nearly 50% by 2026, with Goldman Sachs predicting prices to drop to around $111 per kWh by the end of 2023.

Then there’s the supply chain issue. The batteries that power EVs rely on rare earth metals like cobalt, lithium, and nickel. These materials are expensive, difficult to source, and often mined in ways that aren’t exactly environmentally friendly. But this challenge presents an opportunity: companies around the world are racing to develop new batteries that rely less on these rare metals, while others are focusing on improving recycling and mining practices to make the supply chain more sustainable.

What’s Next? The Path to Widespread EV Adoption

The path forward for electric vehicles is clear: we need robust charging infrastructure and affordable, sustainable battery technology. The good news is that progress is being made on both fronts. Governments, businesses, and innovators are working together to address these challenges, and every day, we get closer to a world where EVs are the norm.

But we’re not there yet. Until we solve these challenges at scale, electric vehicles will remain out of reach for many ordinary consumers. Still, I believe that with the right focus and investment, we’re on the verge of a transportation revolution.

(Manoj Balraj, President and Co-founder of Experion Technologies.)

Views are personal, and do not represent the stance of this publication.