EV technology: What to expect in 2024

Growing climate change concerns, coupled with technological advancements in the automotive industry, have fuelled the growing demand of electric vehicles (EVs). In the first half of 2023, there was almost a substantial increase in global EV sales when compared to the previous year. By 2030, EVs will constitute 35-40% of all new car sales.??

Today’s EV Technology?

EVs present an environment-friendly and cost-effective alternative to traditional vehicles, offering a solution to reduce traffic and pollution in Indian cities. These modern vehicles come equipped with high-tech features, further enhancing the driving experience and contributing to a sustainable global environment. Consequently, the Indian government is committed to supporting EV transition, and the private sector is building innovative EVs to cater to the needs of Indian people and the traffic conditions.?

Innovations in battery technologies play a key role in the EV market. Advancements in lithium-ion batteries have reduced EV battery costs by 90% in the last 15 years, making EVs more affordable which can also provide more mileage. Advancements in EV chargers further increase consumer interest. Favorable government policies, greater EV cost-to-benefit ratio, and rising consumer demand have all stimulated the global EV market.?

In India, Tata Motors leads the EV sector, with an 86% market share from its electric cars- Tigor and Nexon. Other popular models include MG Motor's MG ZS EV and Hyundai's Kona. In the two-wheeler EV sector, Ola Electric leads the market with a 27.2% share, followed by TVS Motor at 19.3% and Ather Energy at 14.6%. Mahindra & Mahindra currently dominate the three-wheeler EV market.?

Moving on to the global level, Tesla leads with a market share of 20% in the 2nd quarter of 2023. BYD Auto stands second with a market share of 15% and Volkswagen with 7%. The remaining 58% of the market share is highly distributed among many local and international companies.?

A quick comparison between the Indian and global markets shows that in India, there's still much room for new businesses and models. This also implicates more opportunities for international players who can enter this attractive market.?

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Key Technology Trends Shaping Electric Vehicles in 2023?

The EV sector is spurring, from smart systems to power-packed batteries. Here are some key technology trends shaping EVs in 2024.?

AI-Powered Vehicle Health Checks?

AI systems are revolutionizing EV safety and performance by collecting data from sensors and analyzing abnormalities. These systems monitor EV and battery health so that owners and fleet operators can take prior actions to avoid costly repairs. A good example is the vehicle intelligence system developed by Delhi-based Vecmocon Technologies funded by the Indian Department of Science and Technology; featuring keyless entry, predictive maintenance, remote diagnostics, fleet management, and operator-adaptive algorithms to ensure a trusted and safe EV driving experience.?

Advanced Driver Assistance System (ADAS)?

ADAS refers to a collection of technology-guided features, consisting of sensors and controllers, that enhance the driver’s safety and comfort by monitoring the external environment for the presence of other vehicles and pedestrians. This information is used to provide real-time suggestions, including emergency braking and assistance in parking. ADAS can also detect if the driver is drowsy to improve safety.?

Improved Connectivity Features?

The transition towards software-defined vehicles (SDVs) focuses on seamless connectivity for a smooth driving experience. Vehicle-to-everything (V2X) technology enables software controllers to send and receive information — including location-based services, current charge level monitors, and over-the-air software updates — to internal and external components.?

Charging Infrastructure Development?

Currently, the charging market in India is highly disbursed and fragmented, with four different charging standards: Bharat AC-001, Bharat DC-001, CHAdeMO, and CCS. The existing infrastructure is in cities, although public-private partnerships (PPP) are building many stations across highways. Steps to address incompatibilities in charging standards include Bolt. Earth’s universal chargers. Furthermore, the development of fast charging technology is reducing charging time, leading to optimized usage of existing facilities and greater return on investment (ROI) for infrastructure developers.?

Composite materials??

Supported by one of the most groundbreaking organizations and cars in the EV industry, AEHRA, composite materials are being used to not only reduce the overall weight of a vehicle but also make it more sustainable. Using sheet-molded carbon for its SUV model, the company is making the most of the material which can be infinitely recycled.?

Advancements in Battery Technology?

The rising demand for high-performance EVs with greater mileage is fuelling innovation in battery technology. Solid-state batteries, which use solid electrolytes, provide efficiency, durability, and higher energy density that has higher energy storage. Similarly, lithium-sulfur batteries offer greater energy storage at less cost. Sodium-ion (Na-ion) batteries, which are cost-effective but not ideal for long distances, are currently being studied for e-scooters. In addition, advancements in battery recycling technologies are helping extend battery lifespans and reducing operational costs.?

Sustainable Material Disposal?

The growing awareness of environmental damage and the efforts going into waste management are now extended to EVs. It’s estimated that 100 million EV batteries reach their end life in the next decade, creating more opportunities for battery recycling.?

Precise decarbonization targets are also pushing EV automakers to consider using recycled batteries, as they can have four times less carbon footprint than new ones.?

Hydrogen Fuel Cell Vehicles (FCVs)?

The push to make EVs more environment-friendly is fuelled by renewable energy. Along with solar, wind, and hydro, there has been an increasing interest in hydrogen fuel cells. In a hydrogen fuel cell, the emission is only water and warm air. Though FCEVs are in the early stages now, a lot of research is going on in this field. India is even looking forward to commercializing these hydrogen fuel cells in the coming years.?

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Conclusion?

In 2024, technological trends such as AI-powered health checks, seamless connectivity, improved charging infrastructure, and powerful batteries are driving the future of the EV industry. Keeping up with these trends isn't just a choice; it's a necessity for a cleaner future. Let's embrace the electric transition and drive the change toward a cleaner tomorrow.?