The global EV market is growing at an unprecedented rate. The popularity of electric vehicles has overcome the traditional automobile market in 2023 and is continuing to move its way toward a more eco-friendly future. Generated $3.21 billion in 2022, the EV market is suggested to grow to $113.99 billion by 2029. This shows that the market will develop trends and grow every year.
Social media conversations, celebrities choosing EVs, and the government supporting EV owners have already made it possible for the EV market to grow this fast. And now, experts believe that EV automakers have developed a ripple in the market, aiming to introduce high-end EV car models.
Although millennials are still exploring the opportunities electric vehicles can offer, Generation Z has already named ECV our sustainable future. Since the market moves with an immense speed, it is best to know trends that can appear this year based on expert opinion.
A Huge Change in Charging Infrastructure
Experts believe that recent permits given by the government for private EV charging points are anticipated to be implemented in 2023. Building a robust charging infrastructure has long been a question since EVs needed more space to be charged, and it was a critical concern.
Luckily, more and more governments are planning to create a more vast charging infrastructure for the EV market. In addition, EV owners will also be able to use EV charging apps to allow them to find the charging station easily.
Shift Towards EV Transmission System
The EV transmission system has also been the number one concern for owners. However, it seems to be expanding in 2023 thanks to fluctuating fuel prices. EV owners who drove petrol, diesel or gas-powered vehicles before are now looking for clean mobility solutions. Thanks to the OEMs (Original Equipment Manufacturers) being game changers in the market, the manufacturers are developing more cost-efficient options for electric vehicles.
IoT-Based Battery Systems
Artificial Intelligence (AI) and the Internet Of Things (IoT) will play a vital role in the EV market development. The electric vehicle market will adopt the IoT trend in battery management systems allowing for better monitoring and control. This innovation is believed to enable EV owners to get a remote data logging facility helping owners to monitor critical battery activities. The increased use of EVs leads to the growing need for a sound battery management system which will allow for higher safety, security and reliability.
Safer Mobility Infrastructure
Thanks to a higher interest in EVs, the government continues to bring amendments to EV battery standards to make these vehicles safer. As a result, they include higher safety requirements for manufacturers developing battery cells and battery management systems. In addition, the transport space is also involved in creating clean but safer mobility solutions.