EVolution

Key Takeaway:

This trend highlights the rapid shift toward sustainability with over 40 million electric vehicles in use and a growing preference for renewable over fossil fuels. While consumers demand seamless, authentic sustainable options and infrastructure support, the market for electric transportation—from cars to eVTOLs—is expanding, driven by significant innovations and regulatory efforts to combat greenwashing.

Trend Type: Social & Business

Sub-trends: Evolutionary Sustainability, Greenwashed Out, Electric Vehicles (EVs), Electrification of Everything

May, 2024 • Less than 4 min read

Electric Vehicles Adoption
The global shift towards clean energy, that we have dubbed as “EVolution,” is gaining momentum, with over 40 million electric vehicles (EVs) already in use and renewable energy investment surpassing fossil fuel investment for six consecutive years, according to HBR. As the world grapples with the urgency of addressing climate change, people are seeking seamless integration of sustainable solutions into their everyday routines. However, the adoption of EVs faces challenges, such as concerns about insufficient charging infrastructure, which may hinder widespread acceptance.
Green Fatigue & Green Washing
Despite the growing environmental consciousness, green fatigue is setting in, with 35% of European professionals reporting that their companies leveraged product claims to communicate sustainability initiatives last year, as Euromonitor recently reported. Consumers are demanding accountability and affordable options, pushing companies to make sustainability an easy and convenient choice. The EU is also working on new rules to limit false advertising and offer consumers enhanced information, aiming to eradicate greenwashing, having published in September 2023, the EU Greenwashing Ban.
EVs Beyond Cars
Having said that, the future of transportation is most probably electric, with a diverse array of new electric vehicles covering land, air, and sea. The global electric vehicle market has been experiencing significant growth in recent years, with a compound annual growth rate of 14.5% expected from 2023 to 2030, according to Grand View Research. The market is dominated by passenger cars, which accounted for 86.7% of the market share, but the market is rapidly evolving. From personal eVTOLs like the Jetson One to electric trucks developed by Tesla and Einride, and from electric boats like the Arc One to electric scooters like the Honda Motocompacto, the market is rapidly evolving. In 2024, eagerly anticipated innovations include the Aptera solar car, Zapata’s recently announced Air Scooter, and a new boat in development from Arc.
Electrification of Everything
The electrification of everything is a pivotal shift away from fossil fuels to renewable energy, particularly evident in the decline of coal usage and the rise of solar energy. Chinese solar panels have seen a cost reduction of approximately 40% in 2023, reaching as low as 12 cents a watt. This cost reduction, alongside the rapid addition of solar power capacity, underscores the accelerated move towards electrification. With a potential sub-decade transition period for EV adoption from the point where 5% of all new cars sold are electric, as per HBR, the “EVolution” is poised to reshape the global energy landscape and pave the way for a more sustainable future.

Use Cases

India: Environmental Studies Are Now Compulsory

Evolutionary Sustainability: In June 2023, the Indian University Grants Commission (UGC) has instructed its affiliated universities and colleges to introduce a compulsory subject on environmental studies at all branches of undergraduate degree.

Held Vs Montana Case

Evolutionary Sustainability: In a case called Held vs State of Montana, sixteen young Montanans sued their state over climate change and emerged victorious on August 14, 2023 from the trial. The plaintiffs claimed that state energy policies violate their constitutional right to “a clean and healthful environment” — a right that has been enshrined in the Montana Constitution since the 1970s.

Jetson One: The Electric Flying Car

Electric Vehicles: It’s fully electric, with the battery tucked underneath the pilot’s bucket seat, which is made from carbon fiber and Kevlar. The Jetson One has enough motors that it can stay in flight even after one motor fails. GPS on the top and lidar on the bottom power an automatic-landing feature.

China's Leadership in Solar Energy

Electrification of Everything: China controls the majority of the global manufacturing process for solar energy – a stark contrast to its position 15 years ago, when Europe was the sector’s unchallenged leader. The reason? A heavily subsidized industry and lots of government financing. As well as a sharp decline in costs for consumers.

Provenance: Validating Sustainability

Greenwashed Out: Provenance is a digital platform that enables businesses to share information about the journey of people, places and ingredients behind their products. In making this information available, anyone can make informed decisions about the products being bought, based on their impact on the environment and society.”

Use Cases

India: Environmental Studies Are Now Compulsory

Evolutionary Sustainability:

Held Vs Montana Case

Evolutionary Sustainability:

Jetson One: The Electric Flying Car

Electric Vehicles: It’s

China's Leadership in Solar Energy

Electrification of Everything:

Provenance: Validating Sustainability

Greenwashed Out: Provenance

Sub-Trend Sources
Evolutionary Sustainability: Ford Trends
Greenwashed Out: Euromonitor Digital Shopper Trends, Mintel Consumer Trends
Electric Vehicles (EVs): Ford Trends
Electrification of Everything: HBR Tech Trends

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