In the year 2022 overall sales of EVs in the United States reached 5.6% and the year is considered to be a tipping point for EVs by Many.
Globally, we saw that EV demand grew even in car markets that were otherwise sluggish. With the delivery of 10.5 million battery electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs), sales of EVs increased by 55% above 2021 levels, bringing the total number of EVs worldwide to 20 million.
The general expectation is that EV sales will increase in 2023, and 2024 though it might be slower than they did in 2022. In this article let us look at some of the trends that are being caught in the EV industry now and for the years to come.
Companies Will Have More Affordable EVs Their Lineup
As major automakers around the world develop their nascent EV lines, dozens of new EV vehicles including new premium models, middle-market sedans, SUVs, and pickup trucks will make their debuts in global markets in 2023 and 2024.
Although the higher upfront costs have long been a barrier to EV adoption, major automakers like Tesla, Chevrolet, Nissan, and Hyundai are also lowering the cost of their current models.
More mid-market models will make EV driving more accessible to a larger group of customers, especially when costs around $40,000 are coupled with government-sponsored incentives.
The Market For Zero-emission Trucks & Buses Are Never Seizing
To quote some figures, the market for electric commercial vehicles including vans, buses, and trucks is expected to increase from $56.13 billion in 2021 to $848.94 billion by 2030 by a cumulative annual growth rate (CAGR) of 9.51%%.
By the end of 2023 and 2024, it is anticipated that the number of electric vehicles produced in the United States will rise by 300%. Major manufacturers will release new models of heavy-duty trucks and delivery vans.
While roadside high-speed DC charging stations will be necessary for long-haul (400-mile) electric trucking to flourish, commercial trucking fleets that return to base during the night(or working in shifts) will find that the less expensive Level 2 charging infrastructure will fulfil the majority of their demands, supporting continued market growth and fleet deployments.
Of course The Batteries Will Be Improved
In the coming years, academic research and investment will centre on batteries due to rising EV demand to address the concerns about battery pricing, scarcity of key minerals, and weak supply networks.
Customers desire vehicles with affordable price tags, quicker charging time, and greater ranges and developing battery technology is a great way to answer these questions.
The solid-state battery, which promises to provide higher energy density, quicker charging, and increased safety, is anticipated to make significant progress towards mass production in 2024.
Some other Battery news are,
- New developments and experiments in battery chemistries like lithium-air and magnesium-ion are going on.
- The batteries that use sodium instead of the pricey and rare lithium are the ones that are the closest to being on the market.
- Some major automakers have already declared intentions to employ LFP in some models
- Lithium iron phosphate(LFP) batteries are safer and more affordable.
- Also, it’s anticipated that silicon-based lithium-ion anodes will be ready to be mass-produced in the coming years.
The Evolution of Smart Grids
Speaking of electric vehicle batteries, 2023 will mark a turning point in the use of used EV batteries to store renewable energy and feed it back into the grid when the sun isn’t out or the wind isn’t blowing.
Battery storage on the grid is seen to be crucial for the switch to renewable energy and it is similar to vehicle-to-grid (V2G) charging in which the batteries in EVs themselves store energy during off-peak periods and release it to the grid during peak demand.
Second EV batteries (Used EV batteries that are no longer used in cars) are used at public EV charging stations, fleet depots, commercial buildings, and other EV charging locations for local energy storage.
The charge point operator (CPO) can store grid energy when it is affordable or locally produced solar energy and utilise it as backup power for rapid DC charging or during peak hours when electricity is costly.
The secret to making local energy storage effective for EV charging is smart energy management. It keeps an eye on and controls energy use, coordinating locally produced renewable energy sources, battery storage, and the grid to provide dependable power delivery to EV chargers while minimising costs.
Deployment Of AI in a Wide Spectrum
One of the key technological developments that now rule the industry is artificial intelligence (AI). McKinsey predicts that by 2024 more than 50% of user interactions with computers will be speech created by AI.
Currently, people expect AI to be employed in autonomous cars because, in the upcoming years, artificial intelligence is expected to have a significant impact on how EVs are driven.
For example, AI will be able to provide a complete, real-time evaluation of the car, which inspectors may use to evaluate the car anytime.
Also, AI may provide quick information about potential car problems before they arise or provide a comprehensive warning about what might be wrong.
Even parametric insurance policies, which allow your provider to change your premiums in real time, might be powered by AI. With better insights, you just pay for your driving behaviours, not those of other drivers.
The Rising Price Of Petroleum Fuels
One of the main advantages of EVs is that they are substantially less expensive to operate than internal combustion engine (ICE) vehicles, in addition to being better for the environment.
Despite concerns about rising energy costs, it is still feasible to operate an EV for much less money than an ICE by employing tactics like overnight home charging or the free charging stations that are accessible.
Additionally, the price of fossil fuels is anticipated to increase following the announcement that OPEC plans to dramatically cut crude oil output in the upcoming year.
Making the conversion to electric vehicles is becoming more and more appealing as a result of all these causes.
Better Quicker Charging Infrastructure
The Concern over a lack of infrastructure for charging EVs has been a major hurdle to the mass adoption of EVs but no more. The charging infrastructure for EVs is getting better and better all around the world.
For example, in an attempt to boost EV adoption across the country, the UK Government has promised to invest £20 million in EV charging infrastructure over the upcoming year.
This calls for more charging forecourts, more grants to build home and on-street stations, and more companies that provide charging infrastructure. Although there is still a way to go before the UK is entirely electrified, things are moving in the right direction.
This trend is catching on in all the countries around the world.
Deployment Of Non Lithium-Ion Batteries
Of course, the existing Li-Ion batteries will be improved and it is a sophisticated battery technology that employs lithium ions as its fundamental and primary component. To address a few issues with the LI-Ion batteries, different and better battery chemistries are being developed
For instance, Electric scooters powered by graphite batteries are also being developed by several companies and a few other chemistries we have mentioned earlier.
Long Range But Short Charging Time
It’s hard not to acknowledge the restricted range between charges and the a bit annoying wait times for EV users. While long charging time has hindered the growth of the electric vehicle market share it is being dealt with effectively.
The average EV will be able to drive farther on a single charge than ever before because of advancements in battery technology and smart energy consumption. Furthermore, charging times will dramatically shorten, making it even simpler to maintain a fully charged and prepared EV.
The Software-Defined Vehicles
For a very long period, a car was just mechanical then it became an electromechanical device then transitioned into a blend of mechanical, electrical, electronics and all the latest technologies you can imagine. Now we are witnessing something else before and it is called ‘Software-defined vehicles’.
Through their Over-The-Air (OTA) software updates, Tesla introduced the concept of Software-Defined Vehicles, enabling ongoing enhancements and the addition of new functions to its cars. Other automakers also intend to introduce their version of SDV.
We know that electromechanical terminals are being replaced in vehicle architecture by sophisticated, extensible, transportable electronic terminals that may be continually improved.
Every aspect of the automotive industry will be affected by the transformation to software-defined vehicles, including the supply chain system, product development process, organisational framework for development, workforce development, and business models for the entire industry.
These are a few of the trends that are spreading as the number of EVs on the road increases. Utilities, governments, vehicle and battery manufacturers, CPOs, E-mobility service providers, and other important industry players must come together and do their part for a greener, prosperous future for tomorrow.