As the EV revolution accelerates, so do the trends shaping its dynamic ecosystem.
Each year brings innovative developments and shifts designed to meet the industry's evolving needs, and 2024 is no exception.
Through thoughtful analysis and timely reporting, EV Magazine chronicles these trends, providing a platform for industry insights and fostering a deeper understanding of the EV market's trajectory.
The year ahead promises continued evolution, solidifying the EV sector's role as a cornerstone of the global transition to sustainable mobility.
The top 10 EV trends in 2024 are:
10 | Declining EV prices
Company: BYD
CEO: Wang Chuanfu
Revenue: US$83bn
Founding:1995
Total employees: +900,000
BYD has emerged as a leader in making EVs more affordable through innovative strategies. From budget-friendly models like the Seagull hatchback to cost-efficient production and vertical integration, BYD leverages economies of scale and technological breakthroughs like its Blade EV battery to reduce prices. Its aggressive pricing and discounts of up to 20% pressure competitors to follow suit. By expanding into smaller cities and focusing on mass-market appeal, BYD makes EVs accessible globally, with average prices under US$30,000.
9 | Expanding charging infrastructure
Company: Shell
CEO: Wael Sawan
Revenue: US$323bn
Founding: 1907
Total employees: 103,000
Shell is accelerating its EV charging expansion through bold initiatives. With plans to grow public charging points from 54,000 in 2023 to 200,000 by 2030, it is leveraging global operations in 33 countries. Strategic acquisitions like NewMotion and Greenlots enhance its market presence, while partnerships with Volkswagen and IONITY boost fast-charging solutions. By integrating EV chargers into existing gas stations and expanding into supermarkets and streets, Shell aims to provide diverse solutions and support the global shift to electric mobility.
8 | Battery recycling
Company: CATL (Contemporary Amperex Technology Co. Limited):
CEO: Zeng Yuqun
Revenue: US$55.5bn
Founding: 2011
Total employees:116,000
CATL is transforming the EV market through advanced lithium battery recycling. As China's largest recycler, its subsidiary Brunp processes 120,000 tonnes annually, achieving recovery rates of 99.6% for nickel, cobalt and manganese and 91% for lithium.
In 2023 alone, CATL recycled 100,000 tons of waste batteries, producing 13,000 tons of lithium carbonate, driving economic circularity.
With projections suggesting recycled lithium could power half of all batteries by 2042, CATL reduces costs, secures supply chains and fosters sustainable global practices.
7 | EV insurance policies expanded
Company: esure
CEO: David McMillan
Assets under Management: US$697bn
Founding: 2000
Total employees: +1,500
esure, a prominent UK insurance provider, is addressing the growing EV market with tailored insurance solutions for electric and hybrid vehicles. Its comprehensive policies include battery protection for owned and leased units, coverage for charging equipment and specialised EV repair services through an approved network.
Policyholders benefit from a courtesy EV or hybrid during repairs, RAC support for charging-related issues and perks like new car replacement and EU driving coverage. esure's offerings support its commitment to sustainable transportation and EV adoption.
6 | Growth in the commercial EV sector
Company: General Motors (GM)
CEO: Mary Barra
Revenue: US$156.7bn
Founding: 1908
Total employees: 163,000
GM is strategically positioning itself to lead in the commercial EV market through targeted initiatives. Its diverse lineup includes electric trucks like the Chevrolet Silverado EV and GMC Sierra EV, addressing commercial needs with long-range capabilities such as the Silverado EV RST's 500-mile range.
GM is expanding charging infrastructure through partnerships with EVgo and Pilot Flying J while educating its dealer network to boost EV adoption.
Flexible manufacturing, competitive pricing and ongoing ICE investments ensure GM meets varied market demands, securing its foothold in both electric and traditional segments.
5 | Advancements in battery technology
Company: Tesla
CEO: Elon Musk
Revenue: US$82.4bn
Founding: 2003
Total employees: 121,800
Tesla's advancements in battery technology have significantly enhanced EV performance and affordability. The introduction of 4680 battery cells increased energy density by 16%, extending ranges up to 396 miles for the Model S Plaid.
These cells reduced production costs by 14%, edging closer to the $100/kWh price parity threshold. Innovations in chemical composition, dry electrode processes and vertical integration have improved durability, scalability and cost-efficiency. Tesla's Gigafactory supports mass production, further advancing EV adoption with longer ranges and competitive pricing.
4 | Increasing EV availability
Company: Volkswagen
CEO: Oliver Blume
Revenue: US$341bn
Founding: 1937
Total employees: 684,000
Volkswagen has significantly expanded its EV offerings through strategic initiatives like the ID lineup, featuring models like ID.3, ID.4, and ID. Buzz has broadened its EV portfolio. In 2023, global EV deliveries reached 394,000, a 21.1% year-over-year increase, with notable growth in key markets such as the U.S. and China.
Upcoming models include the ID.7 Tourer and affordable entry-level EVs set for 2025. Volkswagen is localising production, enhancing charging infrastructure and investing heavily in EV development to meet diverse global demands.
3 | Smart charging expansion
Company: ChargePoint
CEO: Rick Wilmer
Revenue: US$506m
Founding: 2007
Total employees: 1.650
ChargePoint has been pivotal in advancing smart charging technologies within the EV industry. Partnerships with energy firms like Holaluz optimise green energy use and support sustainable EV charging. Its solutions enhance grid stability by balancing energy demands and enabling efficient electricity system management.
Advanced software provides operators with real-time monitoring, AI-powered remote diagnostics and demand pattern analysis for optimal charger placement. Features like cost management, fleet energy monitoring, power sharing and home charging reimbursement streamline operations. By enhancing accessibility, efficiency and user experience, ChargePoint has accelerated the adoption of smart charging across diverse EV ecosystems.
2 | Advancing Vehicle-to-Grid (V2G) technology
Company: Nissan
CEO: Makoto Uchida
Revenue: US$87.5bn
Founding: 1933
Total employees: 133.580
Nissan is advancing Vehicle-to-Grid (V2G) technology with innovative solutions for affordability and sustainability. A newly developed bi-directional charging system could reduce EV charging costs by up to 50%. Set to debut with an updated Ariya model in 2026, the technology will also feature in future Nissan EVs.
Collaborating with Enovates and Dreev, Nissan plans a bespoke home charging system and tariffs to maximise V2G benefits. After successful UK trials and certification, a global rollout will follow. Nissan envisions V2G as integral to a sustainable energy ecosystem, enabling EVs to serve as mobile energy storage units while reducing emissions.
1 | Battery swap stations
Company: NIO
CEO: Willian Li
Revenue: US$8.8bn
Founding: 2014
Total employees: 32,800
NIO, a leading Chinese electric vehicle manufacturer, dominates the battery swap market with innovative strategies and rapid expansion.
By November 2023, NIO operated 2,217 battery-swapping stations across six markets, completing nearly 33 million swaps, with plans to add 1,000 more stations in 2024. It has partnered with Shell to develop swapping infrastructure and collaborates with automakers and CATL to standardise batteries and extend lifespans. NIO's Battery-as-a-Service (BaaS) model, international expansion and one-minute swap technology enhance customer convenience. Despite challenges in compatibility and standardisation, NIO's forward-thinking investments position it as a pioneer in scalable, efficient battery-swapping solutions.
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