An electric vehicle (EV) runs on electricity contrasting its counterpart, which functions on fuel. As opposed to the internal combustion engine, these vehicles operate on an electric motor that involves a continuous supply of energy from batteries. Electric vehicles are mainly intended to replace typical ways of travel as they cause environmental pollution. The vehicles are powered either through a collector system with the help of electricity from charging stations or can be charged by self-charging devices like turbochargers and regenerative braking systems. However, the COVID-19 outbreak poses a great challenge to the global automobile industry as there is a lockdown in several countries, due to which production of electric vehicles is restricted. Also, the operations of some vital companies are being affected by the COVID-19 pandemics such as Nissan Motor Co., BMW AG, Daimler AG, Tesla, Inc, and Kia Motors Corp. These companies have stopped their production facilities and moved their interest towards the production of personal protective equipment, which has resulted in the changing dynamic of these market spaces. Whereas, in the future, the government stimulus packages could help the EV market to come out through an economic crisis by COVID-19 by investing heavy amounts in EV charging infrastructure. Thus, this factor is expected to drive market growth in the forthcoming years. Further, the increasing adoption of electric vehicles and growing concerns over environmental pollution are some other factors responsible for the high CAGR of the market over the forecast period. According to the Edison Electric Institute, it is estimated that global electric vehicle sales totaled about 312,000 in Q1 2018, an increase of 58% compared to Q1 2017. However, the high manufacturing cost is one of the major factors constraining the market growth over the forecast period of 2020-2026.
Global COVID Impact on Electric Vehicle Market is valued approximately at USD 162 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 22.6% over the forecast period 2020-2026.
The regional analysis of global COVID Impact on the Electric Vehicle market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to the rising acceptance of electric vehicles, along with the development of more advanced and fast-charging stations in the region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2026, due to the government efforts for reducing carbon emission, particularly in the countries such as China and India.
Major market player included in this report are:
Bayerische Motoren Werke AG (BMW), BYD Company Limited, Daimler AG, Energica Motor Company S. p. A, Ford Motor Company, General Motors Company, Nissan Motor Co., Ltd., Tesla, Inc., Toyota Motor Corporation, Volkswagen AG
The detailed segments and sub-segment of the market are explained below:
By Type: Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicles (PHEV)
By Vehicle Class: Mid-Priced, Luxury
By Vehicle Type: Two-wheelers, Passenger Cars, Commercial Vehicles
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global COVID Impact on Electric Vehicle Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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Bizwit Research & Consulting LLP