Battery replacement cost and frequency a major barrier to buying an EV: Report

 

• Nearly 40% of four-wheeler EV potential buyers listed the cost of each battery replacement as a concern as batteries account for a significant portion of EVs

Electric vehicles are the flavor of the season, but there are many hurdles to mass adoption of relatively eco-friendly alternatives to fuel-guzzling cars and two-wheelers. One of the major barriers is the cost and frequency of battery replacement, suggests a joint study by ACKO and YouGov.

Nearly 40% of respondents to four-wheel EV potential buyers listed the cost of each battery replacement as a concern since batteries contribute a large portion of an EV. This was an apprehension for 37% two-wheeler EV aspirants. Currently, the cost of replacing an electric car battery is ₹15,000–20,000 per Kwh (mid-range car batteries are 30–40 Kwh). For an electric scooter, this cost is currently around ₹30,000.

As per the report, apart from the cost, the frequency of replacement was also a concern for four-wheeler aspirants and two-wheelers at 36% and 38% respectively.

However, the top deterrent for potential four-wheeler buyers is the lack of charging provisions at home and building with 42% choosing it as a deterrent. "The time taken for a full charge emerges as the biggest concern for EVs, with 25% of consumers listing this as the biggest barrier to their EV purchase," the report said. Affordable charging equipment charging solutions for personal/residential charging and easy installation are other concerns that hinder EV adoption.

Fire hazards related to EV scooters are a top concern for two-wheeler riders.

"Lack of charging provisions due to fire and overall safety concerns both are common apprehensions among those interested in 4/2-wheeler EVs," the report said.

The report shows that the lack of charging infrastructure is a concern for EV owners as well. “The time taken to fully charge their vehicles and the lack of charging provisions in residential complexes are the top concerns for EV owners, with 41% and 40% of EV owners, respectively,” said the report.