As per FADA, EV sales saw a 155% YoY growth between FY20 and FY22 to 4,29,217 units in FY22
Battery tech will make EVs more affordable and accessible than petrol, diesel, or gas cars, thus boosting their demand
Growing infrastructure technologies will make sure EV charging will be convenient for everyone, regardless of whether you’re at home or on the road
The Indian electric vehicle industry has seen quite an uptick in the past few years. As per Federation of Automobile Dealers Associations’ (FADA) data, EV sales saw a 155% YoY growth between FY20 and FY22 to 4,29,217 units in FY22. Despite the recent slump in EV sales, a global pandemic and worries of slowdown, this upward trend in the numbers doesn’t seem to be slowing down.
One of the reasons behind this growth has been the rapid pace of innovation when it comes to technology. Rapid charging and smart charging are just a few technologies that have accelerated EV adoption across the world in recent years. Though, this achievement might become overshadowed by the ongoing economic uncertainty. This calls for attention to certain tech trends that are projected to reshape the electric vehicle market.
Upcoming EV Tech Trends To Look Out For
We live in a dynamic economy, one that is constantly evolving with the changes in emerging markets, new technologies, government policies on sustainability, and changing consumer preferences around vehicle ownership. Increasing automation and digitalisation have revolutionised other industries, and automobiles will be no exception.
The longstanding challenges of the industry will need new solutions. This will lead to several product rollouts in the EV segment in the years to come. For instance, many EV manufacturers brought in low-cost technologies last year. The next few years will be all about a growing surge in investments into these technologies.
Artificial Intelligence & Internet Of Things
Artificial Intelligence (AI) is one of the major technology trends that dominate the current market. In fact, according to McKinsey, AI-generated speech will be behind more than 50% of people’s interactions with computers by 2024. However, many EV companies and manufacturers are still looking for ways to use AI effectively. The report further goes on to say that less than one-quarter of respondents report a significant bottom-line impact of AI adoption.
Additionally, in the coming years, there is a high chance that we might witness the EV segment warming up to the Internet of Things (IoT). IoT integrations will not be just limited to the premium segment but will also occur at the services level.
Both AI and IoT can help the industry understand and monitor a rider’s daily commute and suggest charging cycles.
Non-Lithium-Ion Battery-Powered Vehicles
A lithium-ion (Li-ion) battery is an advanced battery technology that uses lithium ions as the basic and main component. Keeping pace with the rapidly evolving EV industry, the battery chemistry is also advancing.
Many battery technology startups have already developed batteries that are compatible with InstaCharge stations. Several companies are also developing graphite battery-run electric scooters.
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Technology In The Production Of EVs
Improved battery tech will be a crucial step in increasing the demand for electric vehicles. Additionally, manufacturers need to make the production of electric vehicles quicker, more efficient, and suitable for rolling out more car models. Achieving an efficient mass production model will also help in reducing prices through leveraging economies of scale.
In the coming years, EV players should focus on scaling up their original equipment manufacturers (OEMs) to increase EV production. This will in turn support mass adoption at much lower pricing which will help to achieve cost parity against internal combustion engine vehicles (ICEVs).
Personal Mobility Devices (PMDs)
Personal electric mobility devices or PMDs, are small single-person electric vehicles. These types of vehicles will soon start spreading as an affordable last-mile mobility solution in the country.
PMDs such as low-speed and low-cost two-wheelers and electric cycles will find a lot of buyers in small towns and remote areas.
Unlike conventional chargers, smart charging can communicate with the vehicle and the grid to provide better costs for energy consumption. It also promotes better use of energy. With smart charging technologies, people can decide to go for charging via renewable energy which will lower the CO2 emissions and also reduce energy tariffs.
Enabling convenient charging for everyone means more EVs on the road which will require a more extensive charging infrastructure. Charging infrastructure still has a long way to go in India. As per Inc42, to meet the charging requirement for 20 Lakh electric cars, India needs to have about 4 Lakh charging stations installed by 2026.
EV players need to make sure that people can easily adapt to this charging habit. For this, they have to increase the number of public charging stations. The common charging infrastructure in public places needs to be prepared to deal with this workload. Adoption of modern technologies can help achieve this.
Most public charging stations today are comprised of normal chargers that require several hours to charge an average EV. The fast and ultra-fast chargers for electric vehicles are easily available in the market but are not used in these charging stations. Furthermore, the harmonisation of payment systems in charging stations can go a long way in improving the charging experience.
Load balancing can also be supported by smart charging, especially as energy demands on the national grid increase alongside sales of electric vehicles. Load balancing is a growing technology trend that helps distribute the available capacity over all active charging stations. It also helps ensure that optimal charging is provided to all-electric vehicles at a specific location, within the limits of the charging stations’ capacity.
With this technology, charge point owners will be able to balance the load and distribute the current between units. This is dynamic, cost-efficient, and a much more sustainable way to send energy to every single station.
In the coming years, the electric vehicles segment will surely take over the automobile industry with its growing innovative technology trends. Battery tech will make EVs more affordable and accessible than petrol, diesel, or gas cars, thus boosting their demand.
Further, rapid production technology will make EVs available for the masses by ensuring supply can keep up with rising demand. Different charging technologies such as bidirectional charging will make the grid ready for more EVs and support the clean energy transition in the coming years. Additionally, growing infrastructure technologies will make sure EV charging will be convenient for everyone, regardless of whether you’re at home or on the road.