Welcome to the start of a brand new year with EV News Rewind! Read on to discover the latest developments in EV news, from the cutting-edge advancements in hydrogen fueling to the dynamic shifts in EV market trends.
Fasten your seatbelts and get ready to zoom through the latest and greatest in the world of electric vehicles!
Heavy trucks paving the way for hydrogen fueling
Automakers in Japan have recently begun testing a new type of experimental heavy truck powered by hydrogen fuel cells.
The vehicles could help accelerate the decarbonization process with their fuel cell technology, which generates power by combining hydrogen with oxygen in the air and completely avoiding carbon emissions.
Though it has not yet been determined how well the trucks will navigate important aspects of the shipping process like handling cargo and refueling, automakers theorize that they could be an effective alternative to battery-powered vehicles. The fuel cells used to power the trucks will take up less space than batteries and refueling the cells will also require less time than waiting for a battery to charge.
If all goes according to plan, Honda Motor and Isuzu Motors hope to have the hydrogen-powered trucks on the market by 2027.
Demand for EVs in last-mile delivery continues to grow
According to recent estimates, the global EV market for last-mile delivery will have a compound annual growth rate (CAGR) of 15.6% between the years 2023 and 2028.
The growth is estimated to arise from a combination of increasing demand for sustainable initiatives in the business sector and the potential advantages of incentives provided by government policies.
The GME report predicts that both government agencies and businesses will push for EV adoption in last-mile delivery to meet government regulations and reduce carbon emissions.
Fleets will most likely continue to incorporate more advanced technologies as well, including telematics, route optimization algorithms, and real-time tracking systems.
The service industries expected to hold the largest market shares in EV-powered last-mile delivery are food delivery, retail delivery, and courier delivery.
Light-duty vehicles like cars, vans, SUVs, and pickup trucks will also hold a large market share with medium-duty and heavy-duty vehicles expected to exhibit the fastest growth over the next five years.
Honda gears up to release new EV series
Honda has also announced the debut of a new series of EVs that will hit the market in 2026.
The “Honda 0 Series” is part of the automaker’s effort to have battery-powered and fuel-cell vehicles comprise the entirety of new car sales by the year 2040. This series will most likely also contribute to Honda’s initiative to build two million EVs and introduce 30 battery-powered vehicles before 2030.
The concept models introduced at the Las Vegas CES trade show included the Saloon, a sedan expected to seat between four and five passengers, and the Space-Hub, a van made to transport up to six or seven passengers.
Automakers pivot to meet the changing EV market by lowering prices and standardizing charging
EV sales have appeared less than positive heading into the new year, but experts believe the fluctuating market is not a cause for concern.
Although the growth rate has begun to flatten, the overall costs of EVs will continue to decrease, making them gradually more accessible to residents and businesses alike. This past November, car dealers helped lower the average transaction price of EVs by nearly 9% through increased discount rates.
Automakers have also made moves to expand EV accessibility by directly addressing common adoption issues like range anxiety.
In December, a number of industry giants agreed to standardize charging plugs for all United States EVs, allowing all models to utilize Tesla Supercharger stations. Tesla operates the largest EV charging network in the nation, so this change means that more and more drivers will have easy access to charging stations around the country.
EV drivers looking for chargers in unfamiliar areas can also make use of the online Electric Vehicle Charging Station Locations map provided by the U.S. Department of Energy.
Simply type in your location and quickly learn the location of the closest charging stations. You can also narrow your search to include specific types of chargers and connectors. Many charging companies, such as Chargepoint, also have their own charger port maps to guide users to the facilities.
Colorado showcases stellar EV report card
An 2023 progress report found that Colorado drivers have shown an increasing interest in the purchase of EVs over the past three years. Currently, 10% of car owners drive EVs, with another 50% of drivers who participated in the survey indicating an intent to invest in an EV by either buying or leasing one by the year 2028.
Colorado houses nearly 5,000 public EV chargers at the moment. As a result, 66% of those surveyed stated that there are chargers located near their parking area, while over 50% at least knew the location of public chargers.
Colorado has stepped into the spotlight as a state to watch when it comes to pulling the plug on gas-powered vehicles and helping residents make the switch to electric. It’s an exciting time to be a Colorado business!
Key takeaways from January's EV market trends
From Japan's pioneering hydrogen fuel cell heavy trucks to Honda's ambitious "0 Series" EV launch, the industry is not just embracing change – it's leading it. This month's insights reveal a future where EVs are not just an alternative, but the mainstay, bolstered by innovative technologies and evolving consumer mindsets.
The movement towards a more sustainable and efficient transportation future is gaining unprecedented momentum. As Colorado's burgeoning EV adoption and the global surge in demand for EVs in last-mile delivery exemplify, the transition to electric is no longer a distant vision; it's happening right here, right now.
With automakers slashing prices, standardizing charging infrastructure, and governments incentivizing the shift, the EV revolution is about a new way of life, a cleaner environment, and a smarter, more connected world of transportation.