Global Trends in Electric Vehicle Battery Efficiency and Impact on Sustainable Grid

Abstract

Over the past decade, transportation electrification has emerged as a pivotal focus of the article. Electric vehicles (EVs) have progressively gained traction in the market, displacing conventional internal combustion engine vehicles. This surge in EV popularity has led to a corresponding increase in the number of charging stations, thereby significantly influencing the power grid (PG). Various charging strategies and grid integration approaches are being devised to mitigate the potential negative impacts of EV charging while optimizing the advantages of integrating EVs with the grid. This paper provides a comprehensive overview of the current state of the EV market, standards, charging infrastructure, and the PG’s response to the impact of EV charging. The article provides a comprehensive assessment of how forthcoming advancements in EV technology, including connected vehicles, autonomous driving, and shared mobility, will intricately influence the integration of EVs with the PG. Ultimately, the article concludes by meticulously analyzing and summarizing both the challenges and recommendations pertinent to the prospective expansion of EV charging infrastructure and grid integration. The proliferation of venture capital investments in nascent start-up ventures specializing in EV and battery technologies has experienced a pronounced surge, reaching an impressive sum of nearly USD 2.1 billion in 2022. This notable increase represents a substantial uptick of 30% compared to the figures recorded in 2021. Furthermore, these investments have been directed towards two key areas: advancements in battery technology and the acquisition of critical minerals. This discernible shift in investment trends underscores the growing recognition of the strategic importance and potential profitability associated with innovations in EV and battery technologies. In 2022, global expenditures on EVs surpassed USD 425 billion, marking a substantial 50% increase compared to the previous year, 2021. Remarkably, a mere 10% of these expenditures can be attributed to governmental support, with the bulk stemming from consumer investments.