As we approach a new year, the world of electric vehicles (EVs) continues to evolve and shape the future of transportation. In just a five year period, EV sales have grown from 1 million to over 10 million worldwide. With innovation and sustainability at the forefront, 2024 promises to be an exciting year for the EV industry. EVs are becoming more affordable and more efficient, making them an attractive option for consumers. Governments are increasingly investing in electric vehicle infrastructure, creating further opportunities for the industry. In this blog post, we will explore the key trends and developments that are set to drive EV adoption in the coming year.
Trend #1: Expanding Charging Infrastructure
One of the critical factors influencing EV adoption is the availability and accessibility of charging infrastructure. It is expected that by 2027, there will be a need for about 1.2 million Level 2 chargers and 109,000 Level 3 chargers deployed nationally. Governments and private companies are investing heavily in building a robust charging infrastructure to alleviate range anxiety and encourage more people to switch to electric vehicles. In 2024, we can expect a significant expansion of charging networks, both in urban areas and along major highways.
Trend 2: Vehicle Technology Advancements
The year 2024 is poised to witness remarkable advancements in EV technology. From improved battery efficiency to faster charging capabilities, manufacturers are constantly pushing the boundaries. Advances in EV technology include extended battery ranges, advanced driver-assist features, increased levels of connectivity, and improved charging infrastructure. These advancements will make EVs more accessible, efficient, and reliable, helping to accelerate the adoption of electric vehicles on a global scale. Expect to see new models with longer range capabilities and enhanced performance, making EVs a more viable option for everyday commuting and long-distance travel.
Trend 3: Policy Support and Incentives
Governments worldwide are recognizing the importance of transitioning to electric vehicles to combat climate change and reduce greenhouse gas emissions. In 2024, we can expect to see more countries implementing favorable policies and incentives to encourage EV adoption. This includes financial incentives, tax credits, and subsidies for purchasing electric vehicles, as well as measures to support the development of charging infrastructure.
Below are some examples of major legislation set to take effect in the US in the coming year:
Here are some examples of electric vehicle legislation scheduled for 2024:
- The Biden-Harris Administration has announced new private and public sector investments for affordable electric vehicles. As part of President Biden’s goal of having 50 percent of all new vehicle sales be electric by 2030, the White House is announcing public and private commitments to support America’s historic transition to electric vehicles (EV) under the EV Acceleration Challenge.
- California is set to ban new diesel trucks from railyards and ports from 2024 in a landmark move. The new laws are promisingly aggressive with state and local agencies forced to purchase 50% ZEV by 2024 and 100% by 2027.
- The Biden-Harris Administration has proposed new standards for clean cars and trucks. The two agencies’ standards work in a compatible fashion through model year 2026, with the NHTSA proposed rule starting in model year 2024 and the EPA proposed rule taking effect a year sooner with model year 2023 ³.
- The California Air Resources Board (CARB) has adopted a rule that sees truck manufacturers shifting from diesel to electric trucks starting in 2024. The goal is to have every new truck in the state be electric by 2045.
As we look ahead to 2024, the future of electric vehicle adoption appears brighter than ever. With expanding charging infrastructure, technological advancements, the rise of electric SUVs, and supportive policies, the stage is set for a significant increase in the number of electric vehicles on the roads. Embracing electric mobility not only benefits the environment but also offers a thrilling and sustainable driving experience. So, buckle up and get ready to witness the exciting trends that will shape the EV landscape in the coming year.
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