Juice World: Industry trends 2024
| from Juice Technology AG
16.01.2024, Lars Thomsen – futurologist, founder of the “future matters” think tank and member of the board of directors of Juice Technology AG – gives new insights into current developments in the electromobility market. He concludes that in just one year, one in two newly registered vehicles will be equipped with an electric motor. He also predicts that grid-friendly charging will continue to gain in importance.
2023 was the year of change. The market for e-mobility is becoming increasingly professional in nature. Where electric vehicles were previously purchased primarily by private customers, new growth segments are emerging for company and fleet vehicles as well is in the commercial sector. These new market segments offer new manufacturers and charging technology specialists a wealth of opportunities. And this development goes hand-in-hand with a range of new applications that need to be covered and user requirements that have to be met.
Lars Thomsen predicts that the market share of electric vehicles will continue to grow progressively in 2024. Due to the market distortions, supply chain problems and energy price fluctuations of the last two years, overall development is somewhat subdued. However, the dampening effect caused by rising interest rates and inflation has most likely bottomed out. The cautious attitude towards investments is now limited to individual regional sales markets and distribution channels. From a global perspective, electromobility continues to gain in momentum.
According to future matters, the only threat to the advancement of electromobility would be unfavourable political measures or intensive lobbying – for example, on the part of the oil and gas industry – with the specific aim of hindering or slowing down developments.
Four trends for the coming years
Falling electricity prices and increasing availability of variable electricity tariffs are expected in the near future, which is attributable to the growing proportion of renewable energies in the electricity mix. This will further strengthen the advantage of electromobility over other forms of propulsion.
As a result, the share of electric vehicles (BEVs and PHEVs) in new registrations in both Europe and the USA is expected to rise to 50% by 2025 and to 80% by 2030. This trend is primarily driven by the increasing availability of affordable BEVs from new Chinese and other Asian and US-based EV manufacturers.
BEVs are also becoming increasingly important for commercial fleets. Their share in new registrations will increase from 10 to 15% to over 45% by the end of 2025. This trend, which comprises all segments of corporate fleets – from company cars to commercial vehicles and rental cars – is based on both ecological (ESG commitments and CO2 targets) and economic considerations (cost savings due to lower TCO). It is expected that more than 400,000 new electric vehicles will be added to rental and company car fleets in the next two years alone.
In the face of these developments, the charging infrastructure market will experience strong growth over the next few years. In particular, the demand for smart charging technologies featuring intelligent load management, which enable grid-friendly charging of electric vehicles, is now expected to increase very dynamically.
Communication & Public Relations
Juice Technology AG
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