According to FADA, EV sales increased by 155% between FY20 and FY22, reaching 4,29,217 units in FY22.
Battery technology will make EVs more affordable and accessible than gasoline, diesel, and gasoline automobiles, hence increasing their demand.
Developing infrastructural technologies will make EV charging convenient for everyone, whether they are at home or on the road.
In recent years, the Indian electric vehicle industry has experienced significant growth. According to the Federation of Automobile Dealers Associations (FADA), EV sales increased by 155 percent between FY20 and FY22, reaching 4,29,217 units in FY22. Despite the recent decline in EV sales, a global pandemic, and fears of a slowdown, this increasing trend in the numbers appears to be continuing.
The quick speed of technological progress has been a contributing factor to this expansion. In recent years, rapid charging and intelligent charging are among the technologies that have propelled the global adoption of electric vehicles. However, this accomplishment may be eclipsed by the continued economic instability. This necessitates consideration of key technological developments that are anticipated to change the electric car market.
Future EV Technology Trends to Monitor
Emerging markets, new technologies, government policies on sustainability, and changing consumer choices about vehicle ownership all contribute to our dynamic economy. Increasing automation and digitalization have revolutionized other industries, and they will do the same for the vehicle industry.
The industry's persistent problems will require novel solutions. This will result in multiple product launches in the EV market over the next years. Last year, for instance, numerous EV manufacturers introduced low-cost solutions. The next few years will be dominated by an investment boom in these technologies.
Artificial Intelligence (AI) & Internet of Things (IoT)
Artificial Intelligence (AI) is one of the current market-dominating technology developments. According to McKinsey, by 2024, more than fifty percent of people's contacts with computers would involve AI-generated speech. However, many EV companies and manufacturers are still searching for suitable AI implementation strategies. According to the report, less than a quarter of respondents indicate that AI adoption has had a substantial influence on their bottom line.
Additionally, there is a strong possibility that the EV market may embrace the Internet of Things in the next years (IoT). Integrations of the Internet of Things will not be limited to the premium segment alone, but will also occur at the service level.
AI and IoT can assist the industry in comprehending and monitoring a rider's regular trip and in recommending charging cycles.
Non-Lithium- Ion Battery-Powered Vehicles
Lithium-ion (Li-ion) batteries are advanced battery technology that utilizes lithium- ions as their primary and most fundamental component. In tandem with the rapid evolution of the EV business, battery chemistry is developing.
Numerous start-ups in the battery technology industry have already created batteries that are compatible with InstaCharge stations. Multiple businesses are also developing electric scooters powered by graphite batteries.
The technology used in the manufacturing of EVs
Improving battery technology will be essential to boosting the market for electric vehicles. In addition, manufacturers must make the production of electric vehicles faster, more efficient, and able to accommodate the release of more vehicle models. Using economies of scale, achieving an efficient mass manufacturing strategy will also contribute to price reductions.
In the coming years, EV players should prioritize expanding their original equipment manufacturers (OEMs) in order to boost EV manufacturing. This, in turn, will encourage widespread adoption at significantly reduced prices, which will assist attain cost parity with internal combustion engine vehicles (ICEVs).
Individual mobility aids (PMDs)
Personal electric mobility devices, or PMDs, are small electric cars designed for a single individual. As a cheap mobility alternative for the final mile, these vehicles will soon begin to proliferate across the nation.
In tiny towns and rural areas, low-speed, low-cost two-wheelers and electric bicycles will find many buyers.
Unlike conventional chargers, smart charging is capable of communicating with both the vehicle and the grid to reduce energy consumption expenses. It also promotes more efficient energy usage. With smart charging technology, individuals can elect to charge their vehicles with renewable energy, thereby reducing CO2 emissions and energy costs.
Enabling convenient charging for everyone will increase the number of electric vehicles on the road, necessitating a more extensive charging infrastructure. In India, the charging infrastructure is still in its infancy. According to Inc42, for India to meet the charging needs of 20 million electric vehicles by 2026, approximately 4 million charging stations will need to be installed. EV players must ensure that this charging habit is simple for consumers to adopt. To do this, the number of public charging stations must be increased. The public charging infrastructure must be equipped to accommodate this volume of demand. Adoption of current technologies can facilitate this objective.
The majority of public charging stations are standard chargers that require several hours to charge the average electric vehicle. Rapid and ultra-rapid chargers for electric vehicles are readily available on the market, but these charging stations do not use them. In addition, the standardization of payment processes at charging stations can significantly enhance the charging experience.
Smart charging can also support load balancing, especially as the demand for energy on the national grid rises alongside the sales of electric vehicles. Load balancing is an emerging trend in technology that helps spread available capacity across all active charging stations. In addition, it helps ensure that optimal charge is delivered to all-electric vehicles at a particular place, within the capacity restrictions of the charging stations.
Thanks to this technology charge point owners will be able to balance the load and distribute current between units. This is a dynamic, cost-effective, and considerably more sustainable method of delivering energy to each station.
Looking ahead it is safe to say, the electric vehicle market will dominate the automobile industry due to its revolutionary technological advancements. Battery technology will make EVs more economical and accessible than gasoline, diesel, and gas-powered automobiles, hence increasing their demand. Advances in technology will make EVs accessible to the general public by assuring that supply can meet expanding demand. The evolution of varied charging technologies, such as bidirectional charging, will promote the clean energy transition and make the grid ready for more electric vehicles in the future years. For a long, the automotive industry has been seen as an environment spoiler but with the growth of the EV industry that will change.
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