Bullet EV Charging Solutions, an installer of EV chargers, solar panels, and battery storage systems, on Jan. 24 released its predictions for major electric vehicle charging trends expected to affect the automotive and fleet industries in 2024.

Among them are:

• EV prices gradually decreasing as battery technology evolves.

• Auto manufacturers sitting on a glut of inventory, whether auto dealers will comply with the EV infrastructure mandated by manufacturers.

• Auto rental companies paving the way to renters eventually becoming EV buyers.

• Growing number of apartment buildings now providing charging options for residents.

Prediction 1: Electric Vehicles Will Prevail

Despite a short-term slowdown in EV sales, the EV's superior technology will win in the long run. Prices will inevitably come down as battery technology evolves, and EV infrastructure will ultimately be built to alleviate drivers' range anxiety.  

Prediction 2: Dealer Confusion Will Continue

Depending on which brands they sell, dealers face a complex and sometimes contradictory set of rules and deadlines about EVs and EV chargers as we head into 2024. For those dealerships in markets with little demand for EVs, there may be some difficult decisions ahead:

1. Will they have to take EV inventory?

2. Do they have to install expensive EV infrastructure?

3. What happens if they do neither?

Whether or not a dealer complies with short-term manufacturer mandates, dealers will have to consider what if any futureproofing they should do of their electrical infrastructure and how to communicate with landlords to approve the work.

Prediction 3: EV Renters Will Become EV Buyers

Look for certain rental fleets to become EV-heavy this year. Over time, rental car companies will become more accustomed to renting and charging EVs and will provide customers with the required information for them to find chargers while renting. In the next few years, renting an EV will become another way for customers to become interested in buying an EV. Some renters will love EVs, some will hate them. But more people will become familiar with EVs and EV charging.

"As the EV push continues, we will begin to see manufacturers pushing their EV inventory down to the rental companies with added pressure to find a way to rent them to customers," said Allen Rezapour, co-CEO of Bullet EV, in a news release. "This, in turn, will create wider adoption of EVs overall due to EV renters becoming EV buyers."

Prediction 4: Apartments Will Pave the Way for Charging Access 

As EVs become more affordable, apartment-dwellers will get on the EV train. And since most EV charging occurs at a driver's home, those living in apartments are demanding charging. Increasingly, landlords are realizing that EV charging is a must-have amenity. Once seen as a superfluous perk, EV chargers will become a necessary expense property managers need to compete with other landlords. More EV chargers in the grounds means less range anxiety.

"Electric vehicles are not a trend," Pinter said. "They might seem buggy and expensive now, but prices will inevitably come down as battery technology evolves and EV infrastructure becomes more commonplace. EVs are the future, and they are here to stay."

Bullet EV offers commercial and residential EV charger installation services in Texas, California, Arizona, and Colorado and is set for national expansion this year.