Here are 5 EV market trends for 2022 and beyond that I find important or interesting right now. There are a lot of other trends that could be listed here too, but I chose to highlight these ones as being most significant.
Trend 1: Europe continues to lead EV adoption
The biggest difference between the U.S. and Europe is EV model availability. Europe put tighter emissions standards in place in 2019 which pushed manufacturers to bring a real selection of EVs to consumers in Europe. Manufacturers quickly learned that there was a lot of demand for EVs, and the market took off. Because the U.S. doesn’t yet have robust emissions standards in place, vehicle manufacturers are still prioritising Europe when it comes to releasing and marketing the new technology. As a result, the U.S. will have a very limited number of EVs available at a limited number of dealers in select states. For EV only manufacturers like Tesla, this is great news and lets them gain market share rapidly in the U.S.
Trend 2: Range anxiety is becoming less of an issue as vehicle range continues to improve
In 2012 a Nissan Leaf provided 120km of range. This was adequate as a 2nd car or for drivers who didn’t commute long distances. However, the Leaf didn’t provide much flexibility beyond that at that point.
Since then, rapid battery technology and charging infrastructure developments have changed the game. The 2018 Nissan Leaf had double the range and in 2019 the Leaf Plus provided over three times the range at 360km+.
Now nearly all new EVs on sale have over 400km range and many are even 500km+. Range anxiety is slowing becoming a thing of the past for Irish and European car drivers.
Trend 3: Tesla continues to rule the U.S. EV market (and maybe Europe too)
Since most traditional car manufacturers still need to scramble to supply the EV demand in Europe, they continue to provide only a very limited number of EVs to the U.S. market. Tesla has also struggled a bit because demand has been outstripping supply. However, their production has been next level when compared to other manufacturers. Tesla delivered over 930,000 EVs in 2021, and there were still many customers who had to wait for months for their vehicles. The good news is that this waiting game is about to change both in Europe and the US as Tesla has opened Giga Berlin (in Germany) and Giga Austin (in Texas, USA) factories this year. When these plants are fully functional, they will double Tesla’s current production capacity.
Trend 4: Only a small number of EVs will have good availability
The market will continue to be heavily supply limited in 2022. But, there will be some models that will have a better availability, especially later this year. Tesla buyers will naturally have an easier time getting the segment-leading Model Y and Model 3s. Tesla Model S and Model X production and supply was very limited in 2021 because Tesla was concentrating on the Y and 3, but additional production capacity should help.
Chip supply constraints combined with Covid & war related production shut-downs continue to hinder production capacity of all vehicle manufacturers.
Trend 5: New homes start to get EV ready.
Overnight home charging is the most convenient and affordable way to power an EV, and surveys say that more than 80 percent of charging happens at home. You just plug the car in when you get home and unplug it when you leave in the morning. This really doesn’t differ much from plugging in your mobile phone for charging. Overnight charging during off-peak hours is the most grid-friendly & cost effective way to power an EV because the grid has a lot of extra capacity during those hours.
Most developers can see the demand and requirement for EV charging so are installing these as standard in new homes & apartments.
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