Myenergi & Mer share 2024 predictions for the EV sector

2024 is the year of the Dragon - and what a fiery year it will be, with a new Mean Girls adaptation, Bad Boys 4 and Joker: Folie à Deux hitting screens. In sport, the Paris Olympics and Paralympics and the Euro 2024 will keep crowds entertained, as the fight against climate change continues. The world will also continue to work towards managing AI in a responsible way, using it to benefit the whole of humankind, especially the most vulnerable. 

“In 2024 and beyond, I predict we will see lots of new innovations coming into the marketplace,” said Bill Gates. “AI is about to accelerate the rate of new discoveries at a pace we’ve never seen before. If we make smart investments now, AI can make the world a more equitable place.”

Elon Musk hopes to transform X into a financial hub, much like China’s Wechat, by the end of 2024. In the EV sector, Euromonitor’s Mobility has suggested that 25% of all new passenger car registrations will be electric in 2024, meaning consumers will expect infrastructure to keep up.

Here, two EV leaders share their own 2024 predictions. 

Charting the future of EV charging infrastructure

Elizabeth Warren, Interim Director of Public Charging, Mer UK, expects to see the continued expansion of EV charging infrastructure. 

“This will be supported by advances such as improved standardisation and interoperability between charge point operators, plus a strong move towards clear regulatory goals,” said Warren. “The unpredictability of EV charging demand places a strain on the grid. So, grid reinforcements are absolutely essential to ensure that power availability does not become a barrier to installing the charging infrastructure that the increasing adoption of EVs will demand.”

The 2024 roadmap of EV adoption

Jordan Brompton is the Co-Founder and CMO of myenergi, believes that EV growth is primarily due to:

• Better monthly price parity between EV and ICE-powered vehicles when purchased on finance (as are around 90% new cars on the road today according to the Finance and Leasing Association)
• The accelerated rollout of public charge points
• More smart charging options than ever before. 

“Together, these factors greatly ease the decision when choosing between an electric and petrol car,” said Brompton. “However, as popular as EVs have become, we’re still experiencing a global slump in EV supply. The delivery of new cars is lagging behind where it needs to be to keep up with booming demand, with wait times for new EVs ranging anywhere from a couple of months up to a year. This inertia has led to a thriving second hand EV market – there was a nearly 100% jump in used EV sales between July and September this year when compared to last - and this number is expected to continue rising in 2024.”

Looking ahead, as economic conditions become more favourable and new manufacturing channels open up, Brompton thinks that consumers will start to see the gap between supply and demand close.

“By 2025 we expect new EV adoption rates to increase significantly. Until then, expect to see a flourishing used car market, the ongoing rollout of public EV charging infrastructure and continued innovations in home EV charging technology.”

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