At CM Batteries, we’ve been at the forefront of custom battery pack design and manufacturing for over 15 years. As experts in the field, we’re closely monitoring the exciting developments in the electric vehicle (EV) market. According to the International Energy Agency (IEA), electric car sales grew 25% from the first quarter of 2023 to the first quarter of 2024, and this is just the beginning of the EV revolution. Demand is skyrocketing because of the rising prices of gas, social factors, and a general collective movement toward a greener future. As electric vehicles begin to take over the roads, here are a few EV battery trends to watch out for.
Sales in Emerging Markets Are Increasing
Not only are EVs taking over the market share in China and quickly rising in the US, but they’re also rising in popularity in emerging markets. This push is led by Southeast Asia and Brazil, where popularity is starting to boom. Rising gas prices and social factors are big drivers for this change. While you may be thinking that EVs are a trend specific to the world’s leading economic nations, studies have shown that it is a more global spread than you might think. One reason for this expansion is the emergence of affordable second-hand EV vehicles.
Second-Hand EV Sales Are on the Rise
As the popularity of buying new EVs increases, so does the popularity of buying used EVs. Most low and middle-class families (up to 90%) look to buy used vehicles rather than new ones. The practicality of this is made possible due to increased global infrastructure — such as the newly amended used clean vehicle tax credit as of 2023, an increase in charging stations in major cities, and avoiding the rising prices of gas. Look for EVs to take over a bigger portion of the market share as more and more used EVs become available for purchase, especially as technology improves.
Increased Energy Density
Consumer demand calls for more energy stored on smaller and lighter batteries. This equates to longer driving times without charging, without increasing the size of their car batteries. One of the main factors that will make this possible is the emergence of the solid-state battery, a new development that can vastly increase energy density while also promising to be a safer product. Read more about the fascinating AI-driven development of the solid-state battery here.
Faster Charging Times
To meet rising demand and accommodate more EV drivers looking to charge their vehicles, charging stations are being improved to speed up charging times. In addition to newly developed battery technologies being capable of faster charging, ultra-fast charging stations are also being implemented around the world. Charging stations by Electrify America offer three connectors: Green Hyper-Fast labels indicating CCS connectors deliver up to 350 kW, Teal Ultra-Fast labels indicating CCS connectors deliver up to 150 kW, and Blue CHAdeMO labels indicating that CHAdeMO connectors deliver up to 50 kW.
Our Engineering team at CM Batteries is developing battery packs optimized for ultra-fast charging, working hand-in-hand with charging infrastructure advancements. We’re excited about the potential of new technologies that could dramatically reduce charging times while maintaining battery longevity.
As the world moves towards electric vehicles for financial, social, and environmental benefits, CM Batteries stands ready to power this transition with our custom battery solutions. To learn more about our capabilities in lithium battery pack design and manufacturing, or to discuss how we can support your specific energy storage needs, please visit our website or contact our team of battery experts directly.
At CM Batteries, we’re not just observing the EV battery trends – we’re helping to create it, one custom battery pack at a time.
