EV Magazine January 2024 | Page 27

In regulatory moves , policies like the EU ’ s 2035 ICE phase-out and the US IRA and IIJA have encouraged significant public-private investments . Also , high EV penetration markets like China , Germany and Norway are now focusing more on EV infrastructure development , reallocating upfront subsidies .

The ongoing EV price war has also impacted profitability for most OEMs , especially EV start-ups , triggering a possible industry consolidation , especially in China .

Geopolitical tensions and trade wars influenced the overall dynamics of the EV ecosystem , prompting leading companies to invest in nearshoring to minimise costs and risks . While charging infrastructure has improved , it remains a hurdle for widespread EV adoption , with an estimated need for 20m global public chargers by 2030 , against circa 5m in 2023 .

WHAT TRENDS CAN WE EXPECT TO SEE IN 2024 ?

The growth of EV sales is expected to be lower than what was previously anticipated , as macroeconomic challenges and higher interest rates are likely to dampen consumer appetite for EV financing . However , in the long run I expect EVs to regain their initial growth trajectory as declining battery prices will help OEMs develop more attractive pricing strategies for the mass market . We expect more collaborations and technology sharing between global OEMs and other industry players to reduce cost of development and go to market time .

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