The Road Ahead: Trends and Predictions for the Future of EVs
The electric vehicle (EV) industry is on the fast track to success, and it's showing no signs of slowing down. In fact, the coming years are shaping up to be the most exciting yet, with current trends and predictions pointing toward continued growth and development in the industry.
Advancements in battery technology
One of the most exciting trends in the electric vehicle industry is the continued advancement of battery technology. Gone are the days of limited range and slow charging times. Improvements in battery chemistry and design have led to longer ranges and faster charging times, making EVs more practical and convenient for everyday use.
I know, battery replacement is still a taboo concept among EV owners. Yes, there’s an 8-year warranty on EV batteries, but once this lifeline is out the window, your only option is to pay for its replacement. And at present, it doesn’t come cheap.
Depending on the car’s make and model, type of battery, and battery capacity, you’re looking at anywhere between $4,000 and $20,000. The main reason for this hefty price tag is the usage of raw materials (lithium, nickel, cobalt, copper, and graphite) for making EV batteries (lithium-ion batteries).
In the coming years, we expect to see even more exciting developments in battery technology, leading to more affordable and accessible electric vehicles.
Driving range has been the only upper hand internal combustion engine (ICE) cars have over EVs. Since ICE vehicles burn fossil fuels to create mechanical energy, they can travel farther in one full tank than a fully-charged EV can.
Decades after the launch of the first electric vehicle, modern EVs still lag behind their gas-powered counterparts when it comes to the distance they can travel on one full charge.
As battery technology continues to improve, we can expect to see EVs with longer ranges. This will make them more practical for longer trips and reduce range anxiety.
In fact, just last year, Mercedes-Benz launched the Vision EQXX concept, which promises 620 miles of range and 201 horsepower. While it remains a one-off model, some of its features and powertrain will be the base of future Mercedes-Benz EVs starting with the electrified version of its popular C-Class series.
A few years from now, we can expect EVs to rival or even surpass the driving range of ICE vehicles, allowing longer drives and shorter charging breaks.
Greater variety of models
As car manufacturers develop EVs more powerful than the next, consumers are the ones reaping the benefits of this healthy competition.
This will make it easier for consumers to find an EV that meets their needs, from SUVs suited for small families to trucks for thrillseekers.
Another key trend in the electric vehicle industry is the expansion of charging infrastructure. As more EVs hit the road, the need for reliable and accessible charging options becomes increasingly important. Fortunately, governments and private companies alike are investing in the development of charging infrastructure, with plans to install thousands of charging stations across the country in the coming years.
Currently, EV owners and businesses are entitled to a tax credit of up to 30% of the total cost of hardware and installation under the Inflation Reduction Act.
On the commercial side of things, EV charging stations could become commercially successful given the right business model, such as a tie-up with convenience store chains to increase foot traffic.
When it comes to residential use, having an EV charger installed in your property is an added value that future renters would likely look for.
A recent welcome development is the planned opening of the Tesla Supercharger network to non-Tesla EVs in the US. This move to break the long-existing Tesla barrier is not only a win for other EVs but also for a community that’s still struggling to convince skeptics about its relatability.
While the Tesla wall is still up, you can use Tesla adapters to access 15,000 more charging stations for your J1772 vehicle.
In addition to traditional charging stations, there have been developments in wireless charging technology, allowing for even more convenient and efficient charging options for EV owners.
More charging options
With third-party manufacturers like Lectron providing more affordable charging solutions like the V- BOX, portable dual charger for Tesla, and 48A Adapters, EV drivers will be able to choose which one is right for their needs.
Charging is one of the top concerns among potential customers, and the continuous growth of charging infrastructure will make it easier for consumers to own and operate EVs.
Government policies and regulations are also playing a significant role in shaping the future of electric vehicles. Many countries around the world have set ambitious targets for reducing greenhouse gas emissions, and electric vehicles are seen as a key component in achieving these goals.
The US is looking to completely ban sales of ICE vehicles by 2040. But states like California and New York have a more aggressive 2030 deadline.
As a result, we expect continued government support for the electric vehicle industry, with policies such as tax incentives, subsidies, and infrastructure investments aimed at promoting the adoption of EVs.
With the updated Inflation Reduction Act, buyers of qualified clean vehicles (both all-electric and plug-in hybrid) can get a $2,500 to $7,500 federal tax credit, not including the 30 percent or up to $1,000 rebate of the total cost of EV chargers.
We can expect even more incentives as the country braces for the mass purging of gas-powered cars.
Additionally, we may see more stringent emissions standards and regulations for traditional gas-powered vehicles, further incentivizing consumers and businesses to switch to electric.
EVs are still considered a luxury buy in most parts of the world because of the high price tag and the rarity of related infrastructure.
As the technology involved in electric vehicles become more advanced, we can expect lower overall costs in the coming years.
From the wide availability of charging stations to the advancements in battery technology, coupled with more government incentives, EVs will become more attractive and attainable to drivers in the next few years.
Automakers like Tesla have long developed the technology for autonomous driving, albeit not perfectly.
In the past few years, concerns about its safety have been raised and there have been reported cases of system malfunctions that lead to crashes.
In the next decade or so, we can expect a more advanced and accurate autonomous driving system that not only can prevent fatal crashes but can also help physically-challenged drivers to operate an EV.
Integration with renewable energy
As more renewable energy sources, such as wind and solar, are added to the grid, we can expect to see greater integration between EVs and renewable energy. This may include bidirectional charging, where EVs can store and feed energy back into the grid.
Increased adoption in developing countries
With the cost of EVs predicted to decrease with advancements in technology, we can expect greater adoption in developing countries. This could have a significant impact on global emissions and air pollution.
Overall, the future of electric vehicles looks promising. With advancements in technology and policies, all roads point towards continued growth and development in the EV industry.
As EVs become more affordable, practical, and accessible, we expect to see a shift towards cleaner and more sustainable transportation options and, eventually, a brighter and more sustainable future.