Our changing EV world. Or is it merely evolving?
by Eric Cohen, WiTricity
There have been ups and downs in the growth of the EV market. Each time you look, one story says the market is rising, while another mentions market forces slowing it down. rho motion reports that more than 1.7 million EVs were sold over October, overtaking the previous record, set in September, by 50,000. In fact, the global EV market (BEV & PHEV) grew by 24% in Jan-Oct 2024 vs Jan-Oct 2023, with BEVs growing by 11% and PHEVs by 48%.
Yet, as the EV market grows, automakers are bracing for new tariffs in the U.S. on vehicles from Mexico (and potentially from other countries) and a reversal of many existing pro-electric vehicle policies – including the $7,500 EV tax credit. With the U.S. reaching a new EV high in Q3 2024, how much does a U.S. EV market share of 8.9% impact the global EV market? Many would say, “not much.”
Despite all the hurdles, fleet adoption is proving to be a major driver of EV growth globally. As reported by The Climate Group, leading global businesses are boosting international demand for EVs by switching over 630,000 cars and vans to electric across 71 global markets. Over the last 12 months, 231,000 vehicles changed from ICE to EV – a jump of 57% from last year. Many are doing it because of cost savings from reduced fuel expenses and lower maintenance, while others are changing due to sustainability benefits or mandates. Currently, there are a lot of funding opportunities, from both public and commercial entities.
Why wireless charging is gaining ground in fleet electrification
As fleets move from fuel to electric, a lot of the discussion is about infrastructure. And a part of that discussion is wired vs. wireless charging. Many fleets are considering wireless charging due to the lower total cost of ownership (TCO) from reduced peak loads and associated utility company demand charges with vehicle-to-grid (V2G), as well as build-out costs, reduced maintenance, and no need to hire staff solely for the task of plugging and unplugging vehicles. They’re finding wireless charging is safer than wired because there are no unwieldy cords or cables. And they like that wireless charging can go places that cords and cables cannot, which means that charging can be done at the same time as other tasks, i.e., loading, unloading, and cleaning.
No one knows, for certain, how quickly the EV market is going to grow. But everyone is convinced that it’s here to stay. And will continue to grow. As we move forward, the question is not if fleets will adopt wireless charging, but how quickly. Explore how we’re driving this change.