Nothing has transformed the auto industry quite like the electric vehicle. What was once a novelty has now become a viable mode of transportation, thanks to the pioneering efforts of companies like Tesla and Toyota. So, as we prepare for 2024, now is the time to look at EV trends and see where the industry is heading.
Here are six ways the market will shift in the future. Realistically, now is the best time to invest in electric vehicles, as they are poised to take over.
Solid State Batteries are the Future
Since EVs can run without a battery, it makes sense that one of the biggest trends in electric vehicles is battery development. Toyota has already been working on solid-state batteries that don't use any liquid. By making the entire product more energy efficient, drivers can wait less time to charge their vehicles.
Additionally, next-generation batteries can provide more energy (i.e., higher distance ranges) and last longer than their traditional counterparts. Once solid-state becomes the norm, we can expect all EV manufacturers to switch over.
Tesla Will Dominate the Charging Landscape
Tesla's history as the premier EV brand has been somewhat contentious in recent years. Now that bigger automakers are getting in on the action, Tesla's prestige is not as exclusive anymore. However, there's one area where Tesla excels while others struggle—charging networks.
Currently, Tesla has the largest charging network in the country, and its stations are often better managed and more efficient than the competition. However, in 2024, the company will change the game by offering its charging stations to non-Tesla electric vehicles.
Realistically, other EV brands will start building their own networks, but for the immediate future, Tesla will become a much more valuable company as everyone starts relying on its network.
More Investments Into V2G Technology
One potential obstacle in the face of emerging EV trends is the lack of reliable electrical infrastructure. The power grid in the US hasn't been fully updated in decades, so adding more electric vehicles on the road can put too much pressure on it.
One way to alleviate this problem is vehicle-to-grid (V2G) technology. How this works is that EV owners connect to the grid and supply power to their local electric company. If enough cars are connected, the grid can manage fluctuations and potentially prevent outages or surges. According to a recent study, V2G tech is expected to grow by at least 45 percent over the next decade.
Self-Driving Cars a Reality?
While a fully autonomous car likely won't be on the road for at least another decade or so, advancements in sensor technology and AI are inching us closer to that reality. We can expect more EV automakers to invest in these components to make their cars safer and potentially allow drivers to take their hands off the wheel for a little while.
For example, while driverless cars are dangerous in a city setting, they may be able to take over on the freeway. We can expect new developments and advancements in the near future that will change how we look at driving altogether.
An Imbalance of Supply and Demand
As electric vehicles become more popular, more people will want to buy them for their advanced features and cost-savings. However, the demand may overload the supply side of the equation, meaning that automakers and infrastructure specialists will have to work overtime to accommodate the next generation of drivers.
Overall, we can expect to see a massive influx of investment into the EV space, particularly as consumers clamor for the latest models of their favorite vehicles.
Expanded Access to EV Charging Stations
Having an electric vehicle is worthless if you can only charge it at home. Currently, EV charging stations are much more prevalent, but not as ubiquitous as gas stations. That will change in 2024 and beyond in a couple of ways.
First, current EV drivers may rent their charging ports to strangers for a small fee. Think of it as the Airbnb model for electric vehicle design. As more drivers share their ports, more people may be inclined to buy an EV.
Secondly, there will be greater expansion in rural areas. Most people living outside a big city don't see the value of an electric car if they have nowhere to charge it. However, with newer pickup truck models coming out and more stations being built, we could start seeing EVs on country roads as well as city streets.
Learn More About Electric Vehicle Trends From LINTEC Auto
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