Nearly one in five cars sold around the world in 2023 was electric.
According to the International Energy Agency (IEA), almost 14 million new electric cars were registered globally in 2023, bringing their total number on the roads to 40 million.
That means last year’s electric car sales were 3.5 million higher than in 2022, a 35% year-on-year increase and more than six times higher than in 2018, just five years earlier.
More than 250,000 new registrations per week outstripped the total for the entirety of 2013!
Electric cars accounted for around 18% of all cars sold in 2023, up from 14% in 2022 and only 2% five years earlier, in 2018.
If that sort of growth pattern continues through 2024 – and the IEA reports that sales topped 3 million in the first quarter of this year – it’s fair to say that the prediction of EVs accounting for 40% of all vehicles by 2030 looks achievable.
Trying to overcome the barriers
Several factors continue to inhibit the uptake of EVs in most markets around the world, not least here in Australia.
These factors include range anxiety, concerns over battery charging speeds, and questions about the overall cost of ownership.
More recently, there have been fears over the potential combustibility of rechargeable lithium-ion batteries after a number of fires (not to mention that their performance tends to degrade at high temperatures).
Of course, EV companies understand the issues currently preventing wider EV adoption and are constantly researching ways to get around these key problem areas.
Most are pinning their hopes on revolutionary improvements to battery technology, but there are also other innovations being looked at and trialled.
A lot of innovation is happening in China
You won’t be surprised to know that the EV market is extremely competitive in China, where there are a lot of manufacturers.
There were 8.1 million new EV registrations there last year, while China also exported over 4 million cars, 1.2 million of which were EVs, making it the largest auto exporter in the world.
Although it’s not only Chinese manufacturers doing extensive research and development, they are doing a lot of that.
For example, GAC International has recently developed a motor that is placed in the wheel of an EV, eliminating many of the drivetrain’s parts, and significantly reducing weight to help improve range.
It’s worth noting that Aptera, the American EV company producing three-wheeled solar-powered cars, has also developed prototypes with in-wheel engines (although those won’t feature in its first production model).
Meanwhile, one of the lesser-known Chinese brands, Zeekr (part of the giant Geely Group that owns brands such as Polestar and Volvo) has demonstrated a groundbreaking new battery that slashes charging times.
Dubbed the Golden Brick battery, the lithium-iron-phosphate (LFP) battery is now in its second generation and is claimed to be the fastest-charging electric car battery in the world, with tests demonstrating charging from 10 to 80 per cent capacity in just 10-and-a-half minutes.
Japanese marques are working toward solid-state batteries
Solid-state batteries are seen by many as the way forward for EVs, given that they are smaller, lighter, more energy-dense, faster charging and less fire-prone than current lithium-ion batteries.
Among the manufacturers working on solid-state batteries are Toyota and Nissan, targeting 2027 and 2028, respectively, to have these batteries fitted to production cars.
It wouldn’t be surprising to see any new battery technology being enhanced by the advent of advanced battery management systems to make the entire system more efficient.
Other potential battery breakthroughs
While solid-state batteries are expected to result in more energy-dense, sustainable batteries in the near future, there’s still some development to be done.
Similarly, lithium-sulphur batteries are more energy-dense and can therefore offer a greater range than lithium-ion batteries, but that technology isn’t yet commercially viable for large-scale manufacturing.
Efforts are also underway to develop sodium-ion batteries.
One innovative solar-powered vehicle is now on the backburner
Last year, we reported that a Dutch start-up called Lightyear had started production of the first road-ready solar-powered electric car.
It now looks like Lightyear has abandoned its solar car plans, announcing a change of management and a change of focus away from making its own vehicles and toward supplying its breakthrough technology to the broader automotive industry.
In a media release earlier this year, the company said: “Lightyear now strives to offer its innovative on-board solar charging system technology to the entire passenger vehicle market”.
One other trend that’s become apparent – bigger cars
Even as innovation continues to be a focus of the EV industry, electric vehicles are getting bigger, following the trend of traditional ICE (Internal Combustion Engine) vehicles.
According to the IEA’s Global EV Outlook: “In 2023, the number of available models for electric cars increased 15% year-on-year to nearly 590, as carmakers scaled up electrification plans, seeking to appeal to a growing consumer base.”.
However, while more models hit the market, the share of small and medium EVs is decreasing among available electric models: in 2023, two-thirds of available battery-electric models were SUVs, pick-up trucks, or large cars.
The main issue with this trend is the additional critical minerals needed to manufacture the correspondingly larger batteries: the average electric SUV in Europe has a battery almost twice as large as the one in the average small electric car.
EVs are here to stay, so we’ll keep an eye on where they’re improving
The worldwide take-up of EVs is a critical component of the battle to reduce emissions. Batteries that are cheaper to manufacture, charge faster, and provide greater range will certainly move the sector forward.
Given the volatility of the world at the moment, not having to rely as much on petrol imports will potentially make an isolated country like Australia more self-sufficient.
With our abundance of solar energy, it makes a lot of sense for Aussies to use the power of the sun for whatever we can.
However, we also face the challenges of having a vast country to navigate so, for many people (and industries), the range available from a single charge will continue to be the most significant issue holding back a greater penetration of EVs.