Continuous innovation is the way that most technology-led concepts have evolved globally. In the sustainable mobility market, there have been changes in various components, right from more efficient, more affordable power-trains to smart technology integration to novel innovative designs. These have expanded the market of EVs over the years and have left a lot more to desire on the futuristic outcomes. The positivity has caused analysts to predict that over 700 million EVs will be on the road in the upcoming decades. Let us now understand why.
What has led to the change in EV popularity?
The EV industry has seen a resounding adoption in every single way. For instance, there was a long-standing worry about battery range and performance that led to people forming “range anxiety.” Initially, this sticky challenge was mitigated in the EV car market by offering it to a niche market that cares more about other things. Speed & Acceleration!
Notable advancements in battery range and expanding charging infrastructure have already reduced the anxiety to a large extent, especially in the 2W & 3W market.
Now that EVs are all set to become mainstream, more relevant elements need to be incorporated such as safety, stability, comfort & accessibility to one & all.
With rapid innovation in mobility technologies that is exactly what we are witnessing.
Instead of looking at EVs as a replacement for IC engines, we should be looking them with a fresh outlook and as an opportunity to solve the unaddressed challenges
Trends that matter
Let’s check some technological innovations in the EV market that are set to fundamentally make a difference:
Battery & Charging technology
While newer, safer, lighter battery chemistries continue to emerge out of the lab, the other side of the equation that is charge anxiety is also being addressed rapidly
Smart EV charging tech goes beyond fast-charging to ensure a safe, cost-effective solution that reduces the default battery size. Smart EV charging solutions come with advanced algorithm driven approach that optimizes fast-charging while ensuring a better battery life.
The growth of V2G
Not only can EV batteries be repurposed post their first-life as UPS, the network of EVs can essentially provide a decentralized backup for the grid using the V2G tech. The concept behind V2G is to allow vehicles to charge during non-peak hours and support the grid during peak hours catering to the extra demand.
EV designs initially followed the trend set by their ICE counterparts. EVs do not come with the fundamental constraints of the bulky ICE engines. Newer innovative designs are being explored suiting the needs of the modern consumer needs & aspirations.
New-age EVs are bridging the gaps in every IC vehicle segments with a combination of utility, performance & safety. Modular platforms and flexibility to customization has allowed a wide array of vehicles including shop-on-wheels,
Autonomous technology addition
IoT based technology enables a lot of smart applications. In the case of EVs, IoT works in accompanying some of the key features that include health monitoring, drive-assistance, auto-summoning and auto-parking systems not only in the 4W segment but also in the small-format mobility. In the end, IoT-backed autonomous technology targets optimized usage of resources, while reducing overall consumption. Not just that, the transparency on the asset whereabouts & usage has significantly improved the confidence of the financiers & insurers. This in-turn has made EVs affordable & accessible to any class
Mitigating security risks
Smart systems technology has opened up the need for smart security setup for EVs. The good news is smart technology has evolved with adequate changes that ensure owners have data ownership. These data are preserved in a secure cloud system and comprise all details about the vehicle and its performance. However, there are adequate concerns about the risks and security of such smart security systems and data breaches. With companies adopting continuous innovation, the solution might be on the brink.
In conclusion, technological innovation continues to accelerate EV adoption. With time and more advancements in the pipeline, EVs have now become more mainstream than ever before.
Contributed By- Sravan Appana, CEO of iGowise Mobility