What’s the global outlook for EV adoption?
Charlie Jardine shares his predictions for the electric vehicle segment’s development over 2024
Consumers, businesses, and the public sector are switching to electric vehicles (EVs) in ever more significant numbers. In 2023, 14 million EVs are expected to be sold worldwide. This represents a 35% year-on-year increase, even with latent concerns in many markets over the pace, quality, and reliability of public charging.
Ultimately, the EV opportunity is a global one, but several markets are likely to continue leading in 2024. According to a recent report from Ernst & Young, China still clearly leads the global race to electric mobility, thanks to its regulatory environment, robust localised supply chain, technology investment, and a strong focus on infrastructure development.
Early adopting European markets like Norway, Sweden, and the Netherlands will continue to set the pace in 2024 as they have up until now. However, the greatest acceleration is seen in markets like the US. In recent years, the US government has committed to unprecedented investment in support of electrifying the US vehicle fleet, exceeding funding in European markets. For example, the US EPA Clean School Bus Program has invested US$5bn to replace existing school buses with zero-emission and low-emission models. With around 600,000 school and transit buses in the US, implementing a reliable charging infrastructure will be crucial to its deployment and success.
The year ahead will also increasingly highlight the role of energy management solutions in helping countries meet surging EV demand. In the fastest-growing markets, load management and battery storage innovations are poised to take centre stage.
Global collaboration through open-source standards will be pivotal in propelling the EV industry forward
The industry has also been encouraged by COP28 in Dubai closing an agreement that potentially marks the “beginning of the end” for the reliance on fossil fuels by laying the ground for an accelerated and equitable transition, underpinned by emissions cuts and scaled-up finance.
It’s becoming clear that open standards are now critical for effective infrastructure. As we navigate through 2024, global collaboration through open-source standards will be pivotal in propelling the EV industry forward, promising a future of simplicity, reliability, and accessibility.
The opinions expressed here are those of the author and do not necessarily reflect the positions of Automotive World Ltd.
Charlie Jardine is Chief Executive of EO Charging
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