Stepping almost halfway to the end of April, the Electric Vehicle industry and its related technologies are expected to showcase breakthrough innovations under the influence of large-scale collaborations and next-generation technology integrations, coming under some of the recent Electric Vehicle (EV) Trends in 2023.
Despite facing various challenges and disruptions in the supply chain or due to the lack of proper infrastructure services, 2022 turned out to be a great year for the development of the EV Market as the segment was valued at $3.21 billion in 2022, and the expectations are still soaring as the market is forecasted to grow to $113.99 billion by 2029.
Spurred by the ongoing enthusiasm and focus placed by world leaders regarding green mobility, major ICE-based automakers are now considering establishing a new subsidiary completely focused on the EV segment.
However, transforming ICE-based components into motors, control technologies and batteries, while working on refining and perfecting models, and then promoting the products for widespread adoption can take a lot of time.
Considering all the above-stated factors, let’s check out some of the recent Electric Vehicle (EV) Trends in 2023.
Electric Vehicle (EV) Trends in 2023
Listing out some of the most popular Electric Vehicle (EV) Trends in 2023 which are in research or at a nascent stage includes,
AI-Powered Vehicle Diagnostic Systems
Unlike conventional vehicles, EVs have fewer moving parts, which will give AI a full spectrum, real-time assessment of the vehicle, which inspectors can use to check the vehicles whenever they change hands. Therefore, coming under one of the Top Electric Vehicle (EV) Trends in 2023.
Artificial Intelligence can hand out fast information on issues with the vehicle before it becomes a problem, or can also give a detailed warning about what might be wrong, hence saving the owner’s time at the garage and money.
Second-Life Batteries
Utilizing second-life EV batteries to store renewable energy and feeding it back to the grid is one of the most trending research projects in the sustainable energy storage sector that can become one of the Top Electric Vehicle (EV) Trends in 2023.
Working under the same principle as vehicle-to-grid (V2G) charging, wherein batteries in the EVs themselves can store power during off times and then feed it to the grid during peak demand.
Second-life EV batteries can also be used for local energy storage at public EV charging spaces, fleet depots, commercial buildings, and other sites housing EV charging infrastructure.
Safer Mobility Infrastructure
The lack of international standards on Electric Vehicle parts like the battery has made the segment a riskier option. However, a steady rise of country initiatives on setting standards for EV batteries and charging infrastructure will make its owners feel safer.
This can be counted as another Top Electric Vehicle (EV) Trends in 2023, that will give a boost to the market and will ensure the safety requirements of buying an EV in the long run.
Advances in Autonomous Driving Technology
Autonomous driving technology is rapidly advancing and will play a significant role in shaping the future of the electric vehicle industry. With autonomous driving, electric vehicles can become more efficient and safer, reducing the need for human intervention and potentially increasing their range.
Electric Vehicle Subscription Services
Another rising Electric Vehicle (EV) Trends in 2023 that will shape the electric vehicle industry is the rise of subscription services. Some companies are offering subscription-based services that allow customers to use electric vehicles temporarily, which could be a more cost-effective and flexible option for some people.
Increased Focus on Sustainable Materials:
As one of the recent Electric Vehicle (EV) Trends in 2023, there is also an increasing focus on sustainability. Automakers are exploring new materials that are more sustainable and environmentally friendly. For example, some companies are now using recycled materials in their vehicles, while others are exploring the use of natural fibers and materials.
Shift Towards Shared Mobility:
There is a growing trend towards shared mobility, which could impact the electric vehicle industry. Instead of owning a car, people are increasingly using ride-sharing services or car-sharing programs. Named as one of the Electric Vehicle (EV) Trends in 2023, this type of mobility could lead to reduced demand for personal vehicles, which could impact the sales of electric cars.
Increased Competition:
The electric vehicle industry is becoming increasingly competitive, with more automakers entering the market. This competition is driving innovation and improving the quality of electric vehicles. It also means that consumers have more options when it comes to choosing an electric vehicle.
Adoption of Digital Technologies:
Digital technologies are playing a vital role in the EV industry, as more and more automakers are developing new digital services to enhance the driving experience and make it more convenient for customers. Thus, counted as one of the Major Electric Vehicle (EV) Trends in 2023.