5 Trends In EV Sector In 2024
The electric vehicle (EV) sector is experiencing a transformative phase, evident in the staggering growth witnessed in recent years. According to data released by the Ministry of Road Transport and Highways, EVs accounted for 7.3 per cent of overall automobile sales, marking a shift towards sustainable transportation. With over 2.7 million registered EVs in India as of September 2023, the sector is poised for further expansion and innovation.
The third quarter of 2023 recorded EV sales in India of 371,214 units, growing 40 per cent year on year. Notably, nearly 45 per cent of these EVs were electric three-wheelers, indicating the diverse range of electric vehicles gaining popularity. This surge can be attributed to the growing awareness of environmental sustainability and the continuous efforts to make EVs more affordable and accessible.
AI & Internet of Things
As the electric vehicle landscape evolves, technological integration becomes paramount AI is anticipated to play a pivotal role, with McKinsey predicting that AI-generated speech will account for over 50 per cent of human-computer interactions by 2024. In the EV sector, AI and IoT integration are expected to revolutionize daily commute monitoring and charging cycle suggestions, catering to the specific needs of individual riders.
Charging Infra Expansion
The rapid adoption of EVs necessitates a robust charging infrastructure to support the surge in demand. Electric Vehicle Supply Equipment (EVSE) expansion, encompassing hardware, software, and charging stations, is crucial. The industry is witnessing innovations such as electric road systems (ERS) for on-the-go power supply and ultra-fast DC charging, demonstrating a commitment to ensuring convenient and efficient charging options for EV users. The collaboration between charging point owners and grid operators is facilitating remote management of EV charging, ensuring secure power delivery.
Non-Lithium-Ion Battery EVs
The evolution of battery technology is a key driver in making EVs more efficient and sustainable. While lithium-ion batteries have been the standard, the industry is witnessing a shift towards alternative battery technologies. Startups are developing batteries compatible with InstaCharge stations, and companies are exploring the use of non-Li-ion batteries, such as graphite batteries. This diversification in battery options is crucial for addressing charging infrastructure challenges and making EVs more adaptable to different user needs.
Smart Charging Technologies
Smart charging goes beyond conventional charging methods, offering communication between the vehicle, the grid, and renewable energy sources. This technology empowers users to make informed decisions about their energy consumption, reducing carbon emissions and energy tariffs. By incorporating smart charging technologies, the EV sector aims to align itself with sustainable practices and contribute to a greener future.
Electric Mobility as a Service
Electric Mobility as a Service (eMaaS) is emerging as a game-changer in the electric vehicle sector. This model enables on-demand provision of transport services, reducing the number of private vehicles on the road and subsequently lowering emissions. By leveraging digital channels for ride planning and booking, eMaaS contributes to a more sustainable and convenient transportation ecosystem. The collaborative efforts of mobility companies in this direction showcase a commitment to reshaping the future of urban mobility.
Looking ahead, the production of EVs will witness a technological overhaul. Improved battery technology and efficient mass-production models will be pivotal in scaling up production, increasing affordability, and achieving cost parity against internal combustion engine vehicles.
By Ayush Lohia, CEO, Lohia Auto Industries
