Opinion: Electric vehicles to reach tipping point in 2024

By Charlie Jardine, CEO of EO Charging

As we stand on the cusp of 2024, the electric mobility revolution feels like it's finally gained unstoppable momentum.

With global vehicle sales growing exponentially due to falling costs, improving technology, and serious government support in several markets, we’ll reach a real tipping point in the year ahead.

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.

As charging infrastructure expands, longer-range vehicles will come onto the market, and the new agreement from COP28 to transition away from fossil fuels by 2050 we expect to see a huge push towards EV sales growth in the coming year.

US EV adoption will accelerate

While the EV opportunity is undoubtedly global, specific markets are expected to lead the charge in 2024.

According to a recent Ernst & Young report, China maintains its position as the global frontrunner in electric mobility, thanks to its regulatory environment, robust localised supply chain, substantial technology investments, and relentless focus on infrastructure development.

However, the US market is now on a clear route towards EV acceleration. With the auto industry having invested billions in electrification over recent years and the increasing ambitions around the development of reliable charging infrastructure, the US is poised to set the pace for broader fleet electrification over the next few years.

Industries to push ahead with net zero progress

The UK's commitment to a government-set deadline for phasing out the sales of petrol and diesel vehicles has been a crucial driver for EV adoption. So we’ve been disheartened recently by the UK Government’s narrative around carbon reduction ambitions.

So when the transport secretary announced a £70 million pilot scheme in the Autumn Statement to power up the UK’s motorway service areas to pave the way for ultra-rapid EV charge points, our mood lifted a little.

Effective, reliable charging infrastructure supports EV adoption, especially at key locations like motorway services and fleet depots.

New chargers are constantly being installed, but roll-out speeds need to increase drastically to keep up with demand.

This pilot, funded by the Rapid Charging Fund, is a welcome development, particularly following the Government’s recent commitment in the Autumn Statement to remove unnecessary planning constraints and accelerate the expansion of EV charging infrastructure.

It’s our mission at EO to create a new charging ecosystem for EVs that enables energy autonomy. So, along with many others keen to see mobility break free from grip of big oil, we were really encouraged that COP28 in Dubai closed with an agreement that potentially marks “beginning of the end” for fossil fuels by laying the ground for an accelerated and equitable transition, underpinned by emissions cuts and scaled-up finance.

Energy management solutions take centre stage

Meeting the growing demand for EVs in 2024 means overcoming infrastructure challenges and embracing cutting-edge technology solutions for energy management. Investing in effective load management solutions will be pivotal in maximising existing grid infrastructure capacity and reducing the need for additional investments in generation or distribution capacity.

At the same time, I expect the pace of innovation and investment in battery storage to accelerate.

Businesses with EV fleets increasingly integrate battery energy storage systems into their energy ecosystems, supporting grids with flexibility services.

The market is projected to reach $120-150 billion by 2030, which shows a substantial shift towards sustainable energy solutions.

Progress toward open ecosystems will become even more important

Making the move to EVs should be simple, reliable, and accessible, and why industry standards and regulations will become ever more important in the coming year. 

In recent years, we‘ve seen the introduction of new industry standards like the Open Charge Point Protocol (OCCP).

OCCP is an open-source communication standard for EV charging stations and network software companies. It is designed to be a free, open-source and easy-to-implement protocol that ensures all participants are speaking the same language.

As a result, it has become the global benchmark for interoperability throughout the EV charging industry.

At EO, we believe open standards are now critical for effective and scalable infrastructure. 

We've learned from other sectors that proprietary solutions don't work and have already seen how the interoperability of different EV charging systems has caused issues in markets. 

As we navigate through 2024, collaboration through open-source standards will be pivotal in propelling the EV industry forward, promising a future of simplicity, reliability, and accessibility.