We are seeing the surge of Electric vehicles at a rapid place. The rate of EV adoption is growing year on year. There are constant innovations and updates coming in the EV sector to keep with the rapid adoption of the electric vehicles. From increase in battery range to lightning-fast charging to smarter software integrations, this year is shaping up to be a year where innovation meets heightened consumer expectations.
Latest Top EV Industry Statistics (based statistics from IEA and Statista)
- The electric vehicle undergoing excellent growth, as of 2023, more than 10 million EVs are on the road, with over 6 million plug-in EVs sold yearly.
- At the same time, in 2022, electric SUVs resulted in the displacement of over 150 000 barrels per day of oil consumption
- The industry’s growth is projected to continue, with EVs expected to account for 46% of light-vehicle sales by 2025, growing to 68% by 2030 and 83% by 2035. This is due to emergence of two-wheeler EV industry in regions like China, India and South East Asia due to T-W EVs being more economical for day to day usage.
- In 2022, 14% of all new cars sold were electric, up from around 9% in 2021 and less than 5% in 2020.
- The U.S., Europe and China represent the three largest global markets in EV sales. With Indian emerging as new contender in the space.
- China, is the country to beat. It is the largest market for electric cars, with 40% of total sales projected by 2030.
Now, Let’s dive into the top trends that are leading the EV landscape:
Battery technology improvements
- Increased range and Energy Density: Expect further improvements in how much energy a battery can hold relative to its size, meaning longer ranges and potentially smaller battery packs.
- Charging Speed Advances: Battery breakthroughs will complement 800V architecture for even faster recharging.
- Longevity and Cost: Longer battery life spans and continued declines in production costs are on the horizon, making EV ownership even more attractive.
- Cell-to-Pack: A Modular Breakthrough – the batteries physical structure is being modified. The cylindrical cell type batteries are being replaced by prismatic cell types.
- This newer prismatic cell types helps in more efficient electricity flow. This translates to better range and power output.
- This modular approach cuts weight, reduces the complexity of battery assembly, and aids overall cost efficiency.
- Other battery Design improvements: Instead of focusing solely on battery size, expect manufacturers to ptimize every aspect – lightweight bodies, hyper-aerodynamic design, and ultra-efficient motors.
- Battery material – researchers have been exploring other material and combinations to improve the battery due to some limitations of Lithium – It is still prone to fire hazards in extreme cases, Lithium and other materials like Cobalt which are used to make EV batteries are finite resources. Therefore, scientists are looking into other material and combinations as well which are more abundant than Lithium to make batteries for EVs.
- Solid State Batteries – Solid-state batteries are the latest innovation in the world of EV battery technology. A solid-state battery is made in such a way that its internal components like lithium are solid and are not liquid or gel type like in normal lithium batteries, that is why they are called Solid-State batteries. Solid state batteries promise a higher energy density, improved safety, and longer life span. Solid-state technology is still in developmental stages but holds the potential to drastically change the EV landscape with its advantages.
- Sodium Ion battery – Sodium-ion (Na-ion) batteries, are cost-effective as Sodium is abundant in nature. But these batteries are less-than-ideal for long distances, are currently being explored for use in EVs.
- Other emerging battery types include lithium-sulfur etc.
| Feature | Lithium-ion | Solid-State | Sodium-Ion | Lithium-Sulfur |
| Energy Density | High | Very High | Moderate | High |
| Safety | Moderate (risk of thermal runaway) | High (reduced risk of thermal events) | High (inherent thermal stability) | Moderate (sensitivity to moisture) |
| Lifespan | Moderate to High | High (due to solid electrolytes) | Moderate to High | Low to Moderate |
| Cost | Moderate (decreasing with technology) | Currently High (expected to decrease) | Lower (abundant materials) | Moderate to High |
| Operating Temperature Range | Wide (but performance varies) | Wide (excellent performance stability) | Wide | Moderate (issues at low temp.) |
| Environmental Impact | Moderate (cobalt, lithium mining concerns) | Potentially Lower (less hazardous materials) | Lower (abundant, less harmful materials) | Moderate (recycling challenges) |
| Commercial Availability | Widely Available | Emerging (limited to specific applications) | Emerging | Experimental Stage |
- Advanced Battery Recycling and Second-Life Uses – Addressing the long-term environmental impact of EVs is important
- Better Recycling methods: Expect major pushes towards more efficient ways to recover critical materials from old batteries like Lithium and Cobalt, reducing waste and the need for raw materials mining.
- Second-Life to EV Batteries: EV batteries, even with degraded performance which are suitable for cars, could still be valuable as secondary energy storage for homes or grid support solutions.
Improvements in Charging infrastructure and technology
- The emergence of High Voltage DC charging Systems – The shift to 800-volt architectures for both EVs and charging infrastructure is underway. This leap in voltage offers substantial benefits
- Ultra-Fast Charging: Imagine fully charging your EV in minutes, not hours. 800V systems are on track to make this a reality, potentially cutting charging times for some models by 50% or more.
- Streamlined Systems: 800V allows for slimmer, lighter components across the board, aiding vehicle efficiency and even simplifying long-term maintenance.
- Driver Empowerment: The combination of faster charging and lighter components alleviates range anxiety, boosting EV appeal
- Road to common charging standard – More EVs will Become compatible with one common common charging standard – Thanks to Tesla for making North American Charging Standard (NACS) – A joint announcement by seven automakers, including Ford, General Motors, Honda, Mercedes, Nissan, Rivian, and Volvo, reveals plans to adopt North American Charging Standard (NACS) for their electric vehicles.
- Gas stations will evolve to include public charging infrastructure as well – EV charging station infrastructure still is in infancy stage and isn’t evenly distributed across. This brings in interesting opportunity for current Gas station, with EV charging adoption to improve their financial incentive. While at the same time, making EV charging more accessible and convenient.
- Bidirectional Charging/ EV as energy storage – according to a statistic, private vehicles sit idle for more that 80% of their lifetime. Batteries in electric vehicles store electricity. Imagine selling power back to the grid when demand is high or even your EV powering your home during a blackout.
- Vehicle-to-Grid – EVs due to presence of Electric batteries in them are kind of a mobile energy. Thus, can be easily utilized as storage for the grid, helping stabilize energy demand and potentially earning owners’ money.
- Vehicle-to-Home – In emergencies, your EV could act as a backup generator. During normal times, it might help you with offsetting peak energy costs of your home.
Advancements in EV Software
Tesla can be said as the company that set the trend for software defined vehicles. Now, more and more EV manufacturers are following suit. Software-defined vehicles are the future
- Software updates are the future – regular over-the-air (OTA) updates that add features, fine-tune performance, and personalize the driving experience of an EV.
- Advanced Driver Assistance Systems (ADAS) – ADAS refers to a collection of technology-driven features, consisting of sensors and controllers, that enhance driving safety and comfort by monitoring the external environment for the presence of other vehicles and pedestrians. We will be seeing more EVs adopting this.
- Hyper-Personalized Experience – EVs will learn your driving style and preferences, automatically adjusting settings for seat position, climate, and even driving modes to suit your needs.
- Predictive Maintenance – this is one of the more futuristic trends in EV. Self-healing EVs? What! Experiments are being going on to install AI systems in EVs which could analyse driving data and component diagnostics to predict potential issues before they become expensive breakdowns, leading to more reliable ownership.
Other EV trends
- Improvement in tires: Low-rolling-resistance tires become standard, squeezing out extra miles without sacrificing safety or performance.
- Smart Energy Systems: Regenerative braking becomes even more effective, with on-board systems intelligently maximizing energy recapture.
- Declining Prices Will Make the EV Market More Affordable
- Increase in overall EV electronic system efficiency: more improvements area of EV’s powertrain (e.g., electric motor, transmission, battery)
- Better Aerodynamics/Design/Weight – We know that shape/design/Weight of the EV can also affect its efficiency. Thus, we will be seeing trends in EV sector which will point to better aerodynamics , less weight (EVs are known to at heavier due to use of large battery packs) and overall design.
The Takeaway
The emerging EV trends aren’t just about individual advances, but combined trends. Faster charging, better batteries, optimized design, and software enhancements are creating a synergy that elevates both the capabilities and appeal of electric vehicles.
This year marks a key inflection point on the road to widespread EV adoption.
Comment below if you have any additional EV trend which we may have missed. Or feel free to ask, if you’d like any of these trends explored further, or have a specific angle you’d like to focus on!
