Concerns about climate change and air quality grows, switching to EVs as a more sustainable option to reduce the carbon footprint. The switch is strengthened by the advanced technology in the vehicle, government incentives, and improved charging infrastructure, etc. Electric vehicles are emerging as the driving force behind a greener and more sustainable transportation future. Electrification is now spreading quickly to all sectors of road transport from Bicycle to rickshaws to heavy trucks to a bus and is also picking up in emerging economies like Thailand and Indonesia.
According to a report by BloombergNEF, the cumulative value of EV sales across all segments is expected to hit $8.8 trillion dollars by 2030 and $57 trillion by 2050. The year 2024 is expected to be a year of significant growth for the industry. Here are some forthcoming trends to keep an eye on:
- EV model diversity: Major automakers are introducing new EV models to expand their electric vehicle line-ups, offering a wider range of options, from an electric bicycle to SUVs and even electric trucks. This diversification will give consumers more choices when it comes to buying an EV and attract a broader customer base.
- Increased EV sales: Electric vehicle (EV) sales are experiencing exponential growth, reshaping the automotive industry at a faster pace than initially projected. EVs are set to dominate global sales by the end of the decade. Leading markets have already crossed a tipping point, with the EU and China seeing electric vehicles cheaper to own than petrol and diesel cars in the small and medium-sized car segments, according to new research from the EEIST project. While later-adopting countries, such as India and Israel, are now accelerating EV deployment at faster rates than the global average.
- Improved battery technology: Improved EV battery technology is another key factor that is driving the adoption of electric vehicles. EV batteries are becoming more energy-dense, meaning that they can store more energy in a smaller and lighter package. This is increasing the range of EVs and making them more practical for everyday use.
- Betterment of EV charging infrastructure: Infrastructure has been a major challenge for EV, range anxiety has been the biggest obstacle for EV adoption. The number of public EV charging stations is growing rapidly around the world. It is predicted that the global charging infrastructure for EVs is expected to expand significantly in next few years. Hopefully, with more public charging stations being installed and availability of fast charging, the concerns for range anxiety will reduce.
- Government support for EVs: Government support is helping to accelerate the adoption of EVs and reduce emissions in line with the Paris Climate Agreement. Governments around the world are expected to continue to support the adoption of EVs through subsidies, tax breaks, and other incentives. By providing financial incentives and implementing regulations that promote the adoption of EVs, and can help to make EVs more affordable, practical, and accessible for everyone.