As 2022 approaches its end, the world of electric vehicles is buzzing with anticipation for the future advances we expect to come in 2023. While the continued development of existing technologies will drive some of these advances, others may result from innovative new ideas that have yet to hit the market. To help you stay ahead of the curve, here are ten electric vehicle trends to watch for in 2023.
1. Increased Range and Charging Speed
Though the electric vehicle market share has continued to grow, it’s been slowed by a handful of factors, most notably the limited range between charges and long waits for EV owners while charging. With advances in battery technology, the average EV will be able to travel further on a single charge than ever before. Additionally, charging times will decrease significantly, making it even easier to keep your EV charged and ready to go.
2. More Affordable And More Available EVs
In 2023, we anticipate that more affordable EVs will begin to hit the market, making them more accessible to a broader range of consumers. As electric-first vehicle brands continue to grow, the real winners will be consumers previously priced out of the EV market. Many electric vehicles and trucks are due to release in the next year. Examples include the Chevy Equinox EV, around $30,000; the Volkswagen ID.4, starting at $38,000; and the Chevy Silverado electric truck, starting close to $100,000 but could sell for $40,000 by the summer or fall.
3. An Increase in the Number of Used EVs on the Market
The growth of the primary EV market will also lead to the expansion of the secondhand market as EV owners move on to their second and third cars and put their first purchases back up for sale. 2021 saw sales of more than 40,000 secondhand electric cars, indicating nearly 120% growth over the previous year. As the EV market continues to grow exponentially, we can expect that number to continue to skyrocket.
4. The growth of the sharing economy for EVs
The sharing economy already significantly impacts how people live and work, and this impact will continue to grow in the years to come. In 2023, we expect to see the emergence of new sharing economy services that are designed specifically for electric vehicles. Companies like the UK’s JustPark are empowering home charging station owners to rent out their stations to other EV owners, while startups like Envoy are looking to help EV owners rent out their vehicles. As more EVs enter the fray, we can expect more opportunities for those owners to monetize their electric cars and charging stations.
5. Improved Infrastructure for EVs
Another exciting trend to watch for in 2023 is improved infrastructure for EVs. One of the challenges EVs currently face is the lack of infrastructure in rural areas; Bloomberg refers to this phenomenon as “charging deserts.” However, new infrastructure laws aim to provide better access to charging stations across the United States, as state and federal governments recognize that EV sector growth will only be possible with proper investment in infrastructure.
6. The growth of workplace charging stations
Since the COVID-19 pandemic, many companies have allowed their employees to continue to work at home. However, reports indicate that 9 in 10 companies will require that their employees return to the office in 2023. The rapid growth of EV ownership over the past three years incentivizes companies to provide ample charging stations for their employees.
7. The rise of EV-powered tourism
Another sector rebounding from COVID is tourism. As destinations look to lure visitors, they’ll be wise to install meaningful EV infrastructure to ensure that EV owners (or renters) feel comfortable visiting. With $5 billion available for states to improve their EV infrastructure over the next five years, domestic destinations should be well-enabled to brand themselves as EV-friendly destinations.
8. EV Charging Goes Solar
Another growing trend in EV charging is solar-powered charging. The growth of residential solar has been exponential over the past decade, and integrating that with vehicle charging could be a game-changer for drivers. Solar-powered chargers have already hit the market, allowing consumers to power their electric vehicles with renewable energy. This shift could be a major competitive advantage for EVs over gas-powered cars if it continues to become more mainstream.
9. An Increase in EV-Related Investment
As EVs become more popular, we expect a corresponding increase in investments explicitly devoted to electric vehicles – publicly traded companies are seeing bullish projections for the year ahead. The Environmental Defense Fund projects that EV investment will grow to more than $626 billion by 2030 — and 2023 should be no exception to that long-term growth.
10. The emergence of new EV-specific apps, products, and services
In 2023, we expect to see the continued emergence of new apps designed specifically for electric vehicles and charging stations. These apps will provide consumers with a convenient way to access information about EV charging stations, find nearby parking spots, and more. We also expect to see the development of new products and services tailored to EV owners’ needs, such as subscription-based charging plans and dedicated insurance packages.
These trends illustrate just how much potential the EV market holds — and 2023 promises to be a pivotal year as automakers, startups, and governments continue to invest in making EVs more accessible and affordable. We’ll be keeping our eyes open for more developments in the EV space throughout the year.
Are you interested in learning more about EV infrastructure trends? Join us at the upcoming EV Charging Summit & Expo.