Revving EV Journey: Top Trends in 2024

After a decade of swift growth, in 2020, the global electric vehicles sale hit the 10 million marks, an overall increase of 43% over 2019, and representing 1% stock share. Battery electric vehicles (BEVs) accounted for a total of two-thirds of new electric car sales and two-thirds of the stock in 2020. China, with 4.5 million electric cars, lead the sales competition, though in 2020 Europe had the largest annual increase to reach 3.2 million. The electric vehicle (EV) industry witnessed an extravagant growth and innovation in the year 2023. Big and important developments took place and the consumer demand for these new age automotives reached unparalleled heights.??

In India, EV sales increased by around 47% to reach an impressive milestone of 1.5 million in 2023. Now, with positive steps taken by the government in 2024, it is expected to witness many more positive and significant shifts in the EV market. With GDP contribution risen from 2.77 per cent in 1992-1993 to 7.1 per cent in 2022-2023, India has become a favourable global destination for EV manufacturing. Predicting ahead, some big transformations are being anticipated in the global automotive sector over the next decade. Making use of its IT capabilities, India is poised to climb to the position of the world's third-largest automotive market by 2030.? Numerous factors contributed to increased electric car registrations in the recent years. Notably, electric cars are steadily becoming more competitive in some countries on a total cost of ownership basis. Several nations and governments are providing or extending fiscal incentives that stimulated electric car purchases from the downturn in car markets.???

A wide range of EVs would be launched into the market this year, which would give customers a wide variety of options to choose from. These upcoming EVs are expected to be built with better technology and features, offering a longer range than their previous models. Many auto manufacturers have already declared plans to launch their upcoming EV models, and the market is looking up for the same.?

Seizing the opportunity?

Looking ahead, in this rapidly changing scenery of EVs, technology is set to play an even bigger role. Manufacturers and market players are already pushing their limits and incorporating various innovative features such as advanced driver-assistance systems and autonomous driving technologies. Solar panels are now being added into some EVs to provide additional energy. Visualising ahead, a deeper integration of AI, ML and IoT, could revolutionize these vehicles by allowing efficient record keeping of daily commutes and even providing quick charging suggestions. The safety and operational efficiency of these vehicles are also likely to be increased, which would further raise the bar of EVs, making them more lucrative to the customers.?

Additionally, improving the existing battery technologies has been the primary focus in the EV industry, and this trend will continue to accelerate even in 2024. Producers are heavily investing in the research and development of technologies to improve the energy density, charging speed and overall lifespan of batteries. These innovations will further trim down the cost of EV batteries, which form up to 40% of the total EV cost. Eventually, the total cost of EVs could go down, which would be another big achievement and a great growth catalyst for the EV industry.?

With the above said, a key obstacle that has been hindering the EV journey and has been obstructing the way of the vehicles’ rapid adoption is the restricted availability and limited accessibility of the charging stations. Together, the government and the EV industry are constantly exploring the ways to solve this problem and we can expect to see an impressive expansion of charging infrastructure this year. Offering subsidies and incentives for the installation of charging stations and the developments in fast charging technology could prove successful in instilling a sense of confidence among EV consumers. Once a robust network of quality EV charging solutions is established, it will allow the industry to overcome one of its most significant obstacle to growth.?

Inspiration from global initiatives??

Various nations globally have incorporated diverse policies and programmers to encourage the adoption of EVs and accelerate the transition to sustainable mobility. EVs are all set to dominate the automotive landscape, as evident by automakers' investments nearing $1 trillion by 2030.? Furthermore, another key area where we are expecting to see new and innovative developments in 2024 is in the design of EVs. The modern customers of today, especially the younger generation, are attracted to vehicles with sleek, compact and visually appealing designs. They look for modern features, classy and spacious interiors and overall elegance, which can cater to their personality and lifestyle choices. Carefully observing these consumer expectations, auto manufacturers are now gradually shifting their focus from conventional vehicle designs to create modern day exteriors, those that are minimal, elegant and visually attractive. Light-weight materials are now being used in their manufacturing, which significantly reduces the weight of the vehicle and improves its range and battery efficiency.?

Auto manufacturers are also incorporating digital technology into vehicle design by adding features such as interactive UI, connectivity features, advanced entertainment and information systems and much more. Consequently, we predict several innovations in vehicle design this year, where aesthetics will be seamlessly integrated with performance and functionality to enhance the overall value of EVs.?

Outlook?

For all of this to happen seamlessly, the big push will come from the government, which is already standing strong on its objective of promoting a greener and cleaner nation. Government support in the form of incentives and subsidies will greatly boost the industry and contribute to its rapid market growth. As per a report, the Indian EV market is expected to grow at a CAGR of 68.48% between 2023 and 2028.?

Thus, with a range of vigorous plans and innovative initiatives on the table, 2024 holds great potential and excitement for the EV industry.