Electric Cars In 5-10 Years’ Time? (8 Things to Expect)

The surging interest and advocacy for electric cars seem to redefine the automobile industry.

This option is touted for its eco-friendliness and sustainability, which have been central to environmental protection and current government policies.

Electric vehicles have no tailpipes, meaning they help keep the air quality intact and reduce pollution. Yet, you must understand the various elements that their future brings to the fold.

This article explores the technological and design changes you expect from electric car manufacturing in the next decade.

Smart EV Charging

This technology is also called intelligent EV charging. This reliable technology entails a system that allows an electric car and a charging device to share a connection.

This charging device then shares its data connection with a charging operations provider.

Smart electric vehicle charging is a relatively new technology that will likely grow in the next five years.

Its enhanced effectiveness in remotely optimizing energy consumption.

It is a cloud-based solution that allows you to add or remove particular features.

Smart EV car charging relies on an intelligent backend solution, which provides real-time data from connected charging devices or charging events to the charging station.

Intelligent charging offers multiple benefits, including faster charging, optimized energy consumption, and enhanced charging safety. In addition, you can rely on smart EV charging for easier monitoring of charging events.

In the next five years, there will be significant technological changes to boost the efficiency of smart EV charging. This advanced technology will make vehicles’ interaction with charging stations easier.

Investing in megawatt charging systems, particularly for commercial and big trucks, is inevitable.

This ultra-fast charging station shall ensure big electric vehicles are charged quickly, increasing the mile range extensively.

Market and Industry Trends

The global market for electric vehicles is expected to quadruple in the next eight to ten years.

Currently, approximately 8000 units of electric cars are produced annually. However, this figure is expected to rise to about 39000 by 2030.

Many governments are advocating for sustainability and environmentally friendly products, including cars.

For instance, the US has invested over $5 billion to boost electric vehicle infrastructure, including charging stations.

Its ultimate goal is to reduce emissions to zero.

In addition, governments provide multiple incentives, including tax breaks and reductions when you purchase an electric vehicle. This reduction contributes to lower prices, which attract numerous consumers in the long run.

This change has forced numerous institutions to institute friendly policies encouraging the production and use of electric vehicles.

Thanks to this development, the market share shall grow.

The revenue generated from this industry will also grow significantly. A $384 billion projection is about to be realized, making it one of the biggest realizations in the industry.

However, this amount will likely triple or quadruple in the next five to ten years.

A Change In Charging Infrastructure

Excellent and upgraded infrastructure will help streamline the operation of electric vehicles.

The next five years will see extensive changes in charging infrastructure, including standardization and advanced technologies.

Recently, there have been complaints about insufficient standardization.

For example, there are no definite charging loads, making it hard to charge some electric vehicles efficiently.

Some EV charging stations might also be incompatible with your car.

There are also DC charging stations, which guarantee faster and more efficient charging. Often, this charging system will vary from region to region.

However, the charging stations are likely to be standardized, making it easier for cars to share them.

Most experts are advocating for DC EV charging stations.

Using this option as a commercial multi-charger station will guarantee better returns on investment. Currently, the utilization of commercial EV charging stations is between 5 and 10%.

However, this rate will likely grow immensely with the adoption of electric vehicles.

Self-Healing EV Charging Algorithms

Self-healing EV charging algorithms are relatively similar to intelligent charging technologies. This option enables you to resolve various issues remotely, proactively, and automatically.

It also supports multiple charger types, making it ideal for different electric vehicles.

A self-healing algorithm effortlessly complies with industry standards and protocols, streamlining operations. Notably, in-depth research into these algorithms will result in refined results in the next five years.

You can also expect better EV charging operations management through it.

Further, electric vehicle manufacturers are advocating for healer reinforcement, improving the intelligent grid’s self-healing abilities.

It helps fix up to 80% of software-related operations issues.

The self-healing algorithm guarantees a seamless charging experience by efficiently managing EV charger availability and stability.

It provides real-time analysis, issue discovery, and automated self-repair. These elements will help ensure maximum charger uptime and an optimal charging experience.

Self-healing algorithms can help minimize maintenance costs.

Often, you expect the batteries to last longer after using these algorithms. They help diagnose issues and adequately resolve them, guaranteeing reliability. In addition, the charge points have minimal chances of being faulty.

IoT Technology Should Become Central

IoT is gradually becoming the mainstay of electric vehicles.

This technology is critical in monitoring electric cars, focusing on performance parameters like:

  • acceleration,
  • mileage,
  • speed,
  • charging,
  • and battery management.

IoT facilitates smart driving and safety.

It will help monitor various elements and car components, aiding in preventive maintenance offered by the technology.

Embedded IoT devices will gauge the absolute parameters of the driver, including speed and acceleration.

Its geo-fencing, immobilization, and real-time tracking abilities will boost the safety of your car as it limits theft.

Further, this technology is central to preventive maintenance systems. Technical glitches will likely happen as electric vehicles are high-tech. This technology will alert the user about system changes, including potential issues.

Its telematics abilities will help send instant notifications.

However, various issues have risen, including cybersecurity and cost.

However, there have been intentional steps to minimize these complications.

Eliminating these vulnerabilities will take center stage in the next five years.

For instance, high demand for electric vehicles shall contribute to economies of scale, translating to lower costs in the long run.

Changes In Regulation

While electric vehicles have become significantly popular, they are still new in the market.

For this reason, comprehensive government regulation is necessary. You can expect a considerable shift in regulating this industry in the next five years.

Most governments are pushing for adopting electric vehicles to help lower carbon emissions and environmental pollution.

For instance, the US is advocating for 50% EV car adoption by 2030, which seems feasible.

Further, stringent regulations against carbon emissions have forced most car manufacturers to embrace EV car production. These regulations will likely be more rigorous in the next five to ten years.

The idea would be to focus on zero carbon emissions.

Cities are also offering alternative mobility methods, including electric bicycles. By encouraging emission-free vehicles, fuel-fired cars will slowly be phased out.

There are also access routes for these cars and bikes, making them a priority.

Taxes and tax incentives are a perfect tool to control EV car production. Governments have significantly lowered taxes on electric vehicles, making them relatively more affordable.

Consumers are also confident of incentives that make electric vehicles a top priority.

Consumer Behavior Changes

The perception of electric vehicles has significantly changed in the last five years.

However, you can expect a more positive embrace in the next five to ten years. This change in consumer behavior shall gradually increase the demand for electric vehicles, translating to a higher production rate.

Today, statistics show that the average use of electric bikes and regular bicycles has risen by over 60%.

This statistic shows that most people are receptive to electric vehicles as well.

Researchers indicate that this number will likely increase by over 10% yearly, meaning an additional 50-60% uptake in the next five years.

Since electric vehicles are new in the market, a few incentives will encourage consumers to embrace them.

Fortunately, most governments have invested in concerted approaches to ensure this suffices.

The tax holidays offered to EV car manufacturers shall significantly lower production costs, translating to lower vehicle prices.

At the same time, consumers get various incentives, putting a less financial burden on them. These changes will spur electric vehicle adoption and use.

New charging infrastructure will also encourage consumers to adopt these vehicles.

Sufficient charging points will also encourage people to embrace electric cars.

This feature ensures that users can comfortably charge their vehicles, guaranteeing convenience and flexibility.

Electric Vehicle Design

Electric vehicles will undergo significant design changes in the next five to ten years.

These changes shall help improve:

  • vehicle performance,
  • consumer safety
  • comfort,
  • and car appeal.

Various advanced technologies, including: artificial intelligence, IoT, and blockchain, will facilitate this.

An advanced creative design is expected to improve safety standards, intelligent space usage, and an appealing design.

EV battery technology will also take center stage.

This technology shall help enhance the efficiency of batteries, including self-healing algorithms. Manufacturers are opting for lithium-ion battery alternatives, lowering costs.

Advanced electric vehicle technologies have also emerged, including PHEV and BEV.

BEV is entirely reliant on electricity. Yet, it is the most efficient choice. Most manufacturers are shifting from hybrid electric cars, including PHEVs and HEVs, to BEVs.

In addition, there are efforts to boost ranges.

The idea is to shorten the recharge time while increasing the range. Developers are focusing on building range-extending hybrids and BEVs.

If the battery charge can last long, electricity costs will plummet.

Cost

While governments offer things such as:

  • incentives,
  • tax holidays,
  • and tax breaks,

electric vehicles are still costly.

However, studies show that this trend will change in the next five to ten years.

The prices will likely drop by up to 50%, making these vehicles the most affordable.

This aspect is attributable to advanced manufacturing technologies and economies of scale.

Governments are setting targets for multiple car manufacturers to boost EV car manufacturing. They have developed a conducive environment to ensure that EV car manufacturing thrives. There are also tax incentives that will significantly reduce the final cost of these electric vehicles.

Every potential electric vehicle user will focus on maintenance costs. Fortunately, studies indicate that these costs will plummet in the next decade.

You can attribute this to higher accessibility to spare parts, lower electricity costs, and an increased number of charging stations.

Lower maintenance costs cushion you against various financial burdens, ensuring you have a high-quality vehicle over a long time.

At the same time, second-hand EV cars are gradually hitting the market.

An increased number of these vehicles adequately meets the demand in the market, slowly reducing the price of electric cars.

Final Thoughts

Electric cars are an incredible investment.

These high-tech vehicles assure you of safety, comfort, and long-term affordability. While they are not widely spread in the market, you will likely see various changes in the next five to ten years.

The insights above indicate some of the changes to expect.

Sources

https://www.marketsandmarkets.com/Market-Reports/electric-vehicle-market-209371461.html

https://www.fortunebusinessinsights.com/u-s-electric-vehicle-market-106396

https://www.esfi.org/emerging-technologies-electric-vehicles/

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