EV Trends For 2023
Electric cars are poised to become a critical innovation in the auto industry. Every major automaker is investing heavily in EV technology because they see it as an important way to reduce their carbon footprint—but not all of them will succeed due to costs and problems with battery performance.
The EV market is one of the most dynamic segments of the clean energy industry. Last year, global electric car sales rose to 6.6 million, representing nearly 9% of the global car market and tripling its market share from 2019. Let’s examine what EV market trends lie ahead in 2023.
1. EVs Are Poised For A Revolution
According to the IDTechEx Research report, sales will reach more than 9 million units by 2022 and grow further in 2023. However, some key challenges remain, such as chip shortages and production disruptions due to the pandemic.
In the US, electric vehicles are gradually dominating the automotive market. The White House has set a target that half of the new vehicles sold in the US in 2030 will be electric vehicles. Over the next decade, millions of electric vehicles will appear on the road.
We’ve seen a lot of hype about electric vehicles in the last few years, but it seems like this is finally going to be their moment. Entrenched companies like Ford and GM have been investing heavily in making EVs more popular, and they’re starting to pay off. You can expect to see many more models being introduced over the next few years as automakers scramble to keep up with demand for these new cars—and new automakers like VinFast emerge globally.
2. The Factors Driving Electric Vehicle Trends
Electric vehicles may reach the peak as battery tech, autonomous driving and e-motors improve.
Batteries—The “Heart” Of Electric Vehicles
In the next three years, you can expect to see more EVs models emerge offering longer ranges and better battery capacity. New charging options will also be available.
The battery is a hurdle that causes hesitation among EV enthusiasts. The expensive cost of production may reduce competition and thus keep prices high.
According to BloombergNEF, the price of batteries for electric vehicles tends to decrease as technology advances. From 2010–20, battery prices dropped by 89%. According to the report, between 2020 and 2030 the price of lithium-ion batteries may drop as much as 58%—from about $80/kWh to only $58/kWh.
If this happens, the EV market may experience an inflection point strong enough to compete with traditional cars. At the same time, manufacturers and governments have invested in building infrastructure and expanding charging systems to support fast-charging devices. Battery subscription or exchange programs will help to solve the problem of charging time and travel distance.
Autonomous vehicles are measured by six different levels of automation, with Level 3 being the first step toward full automation. A large segment of electric cars is already equipped with features that allow for Level 2 autonomy; this means that once regulatory issues are resolved, significant progress can be made in bringing autonomous driving to market. Over the past several years, a series of improvements in radar, lidar (which stands for “light detection and ranging”), high-definition cameras, and software have taken green vehicles to an entirely new level. According to a forecast by IDTechEx, autonomous features will completely dominate within the next 20 years.
The Li-ion battery dominates the EV market. Improvements to performance have been introduced along with alternatives due to material supply issues and other concerns. As the EV market grows, lithium-ion batteries are expected to continue to improve.
In response to the development of green vehicles, engineers will improve the e-motor by increasing its capacity and improving torque density. This will allow for improved acceleration over a diversity of terrains. Drive cycles that maximize the use of a battery’s stored energy result in quicker acceleration times. In an effort to extend the range of electric vehicles, EV manufacturers have developed communication protocols between battery packs and drive cycles that make use of different types of motors: permanent magnet, induction—and wound rotor.
3. By 2023, Electric Vehicles May Be As Affordable As Gasoline-Powered Ones.
According to a new report from BloombergNEF, in order for an EV’s battery system to be comparable with the cost of running ICE vehicles (~$100/kWh), current battery prices would need to fall by about 30%. BloombergNEF predicts that, by 2023, the price of batteries for electric vehicles will drop to nearly $100 per kWh. In addition, many countries are implementing tax reduction policies when purchasing EVs—tax reductions that make it easier and more affordable for consumers to switch from gas-powered cars to cleaner ones.
The report predicted that the price of solid-state batteries, which are likely to be used in most electric vehicles by 2030, would fall from an estimated $73.04 per kilowatt hour today down to just $58 per kWh.
If the price of EVs were comparable to that of ICE vehicles, consumers would opt for more efficient options.
Global Pioneers Like VinFast Set To Emerge.
VinFast is a pioneer in the production of green vehicles and other high-quality goods. With its pride as a Vietnamese brand, VinFast has brought “Made in Vietnam” products closer to both consumers at home and abroad.
In the first six months of 2022, sales of VF e34 reached 2,100 units–more than doubling all EV registrations from 2021 and earlier. At the same time, in July 2022, VinFast announced that it had received a total of 65.000 global reservations for VF 8 and VF 9.
By 2023, VinFast plans to launch a full line of electric cars that will span the A–E segments. This shows the company’s vision for its future and is an essential step toward becoming what it calls “a global electric vehicle manufacturer.”
To promote the trend of “greening” traffic in Vietnam and globally, VinFast will also ramp up production and deliver many models by 2023.
In order to create a green future, VinFast’s unique battery subscription policy helps remove barriers related to convenience and the initial cost of electric vehicles. This makes it easier for consumers to access and start using them.
In 2023, there will be many driving factors that contribute to the booming global electric vehicle market.
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