As the popularity of EVs increases, car companies and consumers alike are seeking ways to charge them. Many people may not realize that charging an electric car is still not a completely easy and convenient process. However, this may change in the future as new charging technologies emerge to create a futuristic EV charging infrastructure.
“According to a recent report, the EV charging solutions market is expected to reach $299.58 Billion by 2032, growing at a CAGR (Compound Annual Growth Rate) of 30.3% from 2022 to 2032. “
In the past year, electric vehicle owners experienced a notable increase in range, fueling enthusiasm for the EV revolution. This prediction materialized, with the Tesla Model S and Lucid Air achieving ranges exceeding 400 miles per charge.
In 2024, two new vehicles join the 400-mile-plus club, both surprising additions in the form of pickup trucks. The 2024 Silverado from Chevy boasts an impressive 450-mile range, while Rivian’s R1T just makes the cut with a 400-mile range.
The future of electric vehicles looks very promising, as more individuals are turning towards greener alternatives to traditional fuel sources. In order to stay ahead of the curve, it is essential to keep track of current trends and advancements in EV charging solutions.
Here are some EV Charging Trends that can be expected to see in 2023 and beyond:
1.Plug and Charge
The most important trend for 2024 in the electric vehicle charging solution market is the adoption of the Plug and Charge standard. Plug and Charge is a technology standard for electric vehicles (EVs) that enables a seamless and secure connection between the EV and the charging station, allowing for automatic identification and authorization of the EV. This technology allows EV owners to simply plug their vehicle into a charging station and start charging without the need for a separate authentication process.
Companies such as Tesla and BMW have already adopted this standard, and it will likely become more prevalent in the future. It will take some time before all chargers are compatible with this standard, but once they are, it will be much easier to charge your car at home or work.
2.Smart EV Charging
This year is expected to be a turning point for EV charging, with an emphasis on enhancing the user experience. The growing number of smart charging stations worldwide is an indication that the focus on user experience will be a key trend in the coming years. Rather than just being a transactional and practical exercise for EV owners, charging will become an overall experience. Smart EV charging stations are equipped with advanced technology such as Wi-Fi that enables monitoring of the charging session, including the status of the vehicle and its battery. Some EV smart charging station solutions even allow for remote control of certain features, providing added convenience for EV owners.
Additionally, smart charging station solutions also come with advanced software that allows for more efficient charging and even a pay-per-use option. The goal of Smart EV charging is to improve the charging experience for EV owners, making it more convenient, efficient, and cost-effective.
Smart EV charging can be divided into two managed charging systems.
The first system of Smart EV Charging is User-Managed Charging. In this system, the user can control their charging station by opening and closing the gate and adjusting the voltage output and temperature. Additionally, they can monitor their vehicle’s battery state, and even remotely start or stop charging functions if they have an app installed on their phone.
This type of system allows for less electricity than traditional home chargers, while achieving higher power outputs for the vehicle.
The second system of Smart EV Charging is Supplier-Managed Charging, where charging providers can adjust the charging parameters based on different situations, such as preventing local power networks from overloading.
3.Vehicle-to-Grid Technology
The third super hot trend for 2024 is vehicle-to-grid (V2G) technology. Vehicle-to-Grid (V2G) technology is a system that allows electric vehicles (EVs) to interact with the power grid and provide services to the grid by sending excess energy stored in the EV’s battery back to the grid.
V2G technology enables bi-directional charging, allowing the EV battery to charge and discharge energy back to the power grid. Although the terms bi-directional charging and V2G are often used interchangeably, there is a subtle distinction. Bi-directional charging involves two-way energy flow, while V2G specifically refers to sending energy from the car’s battery back to the grid.
This technology enables EVs to act as mobile energy storage units that can be used to balance the grid’s supply and demand. During periods of high demand, the grid can draw power from the EV’s battery to meet the demand, and during periods of low demand, the EV can charge its battery using power from the grid. This helps to balance the grid’s supply and demand, increasing the stability and efficiency of the power system.
V2G technology is also expected to be adopted in electric vehicles, whereby they can use excess electricity during peak hours to charge batteries. Vehicle-to-grid technology allows EV owners to save money by reducing their energy consumption. Since most people must pay for electricity, they do not want to waste it. The vehicle-to-grid technology allows them to charge their car while also sending some of that power back into the grid so that others can use it.
4.Move to Open Charge Point Protocol (OCPP 2.0.1)
As EV adoption increases, the demand for faster and more efficient power delivery also grows. The Open Charge Point Protocol (OCPP) 2.0.1 is a new standard that addresses these needs with its high efficiency, low latency, and low cost of installation. This latest version of OCPP includes faster charge rates, more data sharing, and lower power requirements for EV charging stations. Additionally, it requires less maintenance, resulting in fewer problems and less downtime for EV owners.
5.New Business Models
The deployment of electric vehicles (EVs) has been an intriguing development, particularly in recent years. In the initial stages of EV adoption, many companies focused primarily on building out EV charging infrastructure and establishing charging stations across the country. However, in recent years, there has been a shift towards companies offering services around EV charging. Companies with substantial infrastructure, such as oil and gas companies, are also investing heavily in EV charging as it increasingly impacts their primary business.
6.Prices of New EVs Will Continue to Decline
Compared to traditional combustion engine models, EV technology is still relatively new. As new charging and technologies emerge, the manufacturing process will become more efficient, resulting in lower costs, as highlighted in an Energy5 Your Way post.
While the cost of a new EV will continue to decrease throughout 2024, the year 2025 will be the year when the total cost of an EV falls below that of a combustion engine car. Advancements in charging technology, capable of reducing battery size, are expected to contribute to the ongoing decline in EV prices and operating costs throughout the decade.
7.EV Roaming or eRoaming
The concept of EV roaming delivers a “charge-anywhere” experience for EV owners. It allows them to charge their vehicle on the road at any regional
charging station on any eMobility service provider’s EV charging network, simply by using an EV charging self-service mobile app. This enhances the customer experience as they can charge at a location not covered by their “home” eMobility provider and the charging transaction gets integrated into their monthly invoice by the eMobility Service Provider.
8.Charging Availability
It is becoming increasingly difficult for EV drivers to find a free charging station as the number of electric cars on the road continues to grow. One major issue is that drivers often leave their cars parked at charging stations after they have finished charging. To address this, some parking stations are implementing parking sensors that detect if a parked vehicle is blocking the station, which notifies the driver through an app and marks the station as occupied. While this is not a complete solution, it is an improvement over arriving at a charging station only to find it blocked by another car. Also, EV drivers will receive push notifications through the app when their charging is complete and will be notified of when they must remove their vehicle or be charged additional fees by the Charge Point Operator (CPO).
Expect to see these trends become more prevalent in 2024.
Wrapping Up
These trends will impact how the EV industry is seen, and more people will be inclined toward making EVs their first choice. As the demand for EVs grows, so will the need for adequate charging infrastructure. To meet customer demand and differentiate services, EV charging solution providers must adopt innovative ways and ramp up their development efforts.
eInfochips has in-depth experience in developing next-gen EV charging solutions. We offer design-to-manufacturing services including turnkey EV charging hardware, mobile/web app, and IoT/cloud-enabled management platform development. eInfochips helped the clients with cloud infrastructure setup, data aggregation & analytics, load balancing, and energy management, etc. to streamline operations and remote management of EV charging stations. To learn more about our key offerings, please do not hesitate to contact our team of experts.
