EV industry predictions for 2024

As 2024 begins, the electric vehicle (EV) industry is in an exciting position. Recent years have seen technological advancements, the development of a diverse range of electric models, an expanding EV charging network, and 975,000 EVs registered in the UK by the end of 2023.

We’re just four weeks into the year and yet the industry has already experienced transformative development. The pathway for zero emission vehicle transition by 2035 became law on 3^rd January, which requires 80% of new cars sold in Great Britain to be zero emission by 2030, increasing to 100% by 2035. The new law is also intended to help those making the switch to electric, support the growth of EV sales in the second-hand market and incentivise the widespread rollout of charge points.

Beyond this vital legislation, 2024 is expected to bring further key advancements across the EV industry. In this blog post, I’ll delve into my four key predictions for the EV industry for 2024.

1. Surge in public charging network density

In 2024, the UK’s public charging network is set to expand significantly. This increase in public charging network density will provide the foundation for EV adoption, offering the needed infrastructure to support the growing number of EV owners, especially those without access to off street parking. The visible growth in charge point availability will also help to increase confidence for those considering purchasing an EV.

2. Continued drop in EV prices

One of the barriers to widespread EV adoption so far has been their affordability. However, 2024 will see a continued drop in prices; manufacturers will begin to benefit from economies of scale as greater quantities of EVs are produced, and the falling manufacturing cost of batteries will cut one of the most significant expenses in EV production.

The used EV market will also benefit from this price drop, with prices falling to the equivalent of their internal combustion engine (ICE) counterparts, or even lower.

3. Commercialisation of solid-state batteries

Solid-state batteries are predicted to become the next significant advancement in battery technology shaping the EV industry in 2024. This new generation of batteries is said to offer higher performance than lithium-ion batteries; their higher heat resistance and energy densities mean they can be charged more quickly and store more power at the same weight. For drivers, this could mean being able to make a 700km trip on one charge, or even recharging from zero to full battery in about 10-15 minutes.

4. Market share of EVs will increase.

EV adoption will continue to rise. In Europe, the market share of EVs is predicted to grow by 43% in 2024 according to industry association, European Automobile Manufacturers Association. In the UK, it’s forecasted that 22% of all new car sales will be electric. This uptick in EV sales will only contribute to net zero and clean air goals.

Overall, 2024 is set to be a year of remarkable change for the EV industry. The growth in public EV charging infrastructure, anticipated drop in EV prices, impact of solid-state batteries, and the increasing market share of EV sales will all contribute to the increasing pace and potential of EV adoption and signal a much-needed positive shift towards low carbon transport.  

At Zest, we are looking forward to another great year of rolling out quality EV charging infrastructure across the UK to promote EV adoption and give even more people the confidence to make the switch to electric. If you represent an organisation in the public or commercial sector looking to scale up sustainability efforts and gain EV charge points at zero cost, do reach out to our team at sales@zest.uk.com

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