Future Growth Of Electric Vehicle Industry In Global Regions

By Author: Pramod Kumar
Total Articles: 97
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Moreover, electric vehicle sales fell to 1.8 million units in 2020 from the 2.1 million units recorded in 2019, and the market recorded a decline of 43% in comparison to the forecast done for 2020 before the pandemic.

This is attributed to the sharp fall in vehicle manufacturing and sales, due to the imposition of lockdowns and restrictions on mobility in several countries. However, the impact of these lockdowns has been less severe on the electric vehicle industry, with the market recording a reduction in its gross value added (GVA) by 14–16% (automobile production) in 2020. China, which is the biggest EV market in the world, recorded a sharp decline in EV sales because of the pandemic.

In the country, the decline in EV sales was the largest in February, with car sales dropping to 16,000 units, and recording a fall of nearly 60% from the number recorded in February 2019. However, the sales picked up sharply during April and reached nearly 80% of the April 2019 number. Furthermore, the sales of plug-in cars were down by 32% in May 2020 in comparison to the previous year.

It is expected that the Chinese ...
... EV industry will see an overall fall of 14% in 2020. The COVID-19 impact on the EV industry in the U.S. has been quite severe. The lockdown measures have been hugely unsuccessful in controlling the spread of the virus, and thus, the demand for electric vehicles fell steeply in 2020. However, the industry is exhibiting strong growth in the European region, even during the pandemic.

In Germany, the government announced increment in electric vehicle purchase subsidies in February 2020. In Italy, the sales of electric cars grew considerably, on account of the system launched in the country in 2019. One major way in which the COVID-19 impact on the EV industry is visible is that it has made many EV market players and industry stakeholders re-examine their plans and strategies and prepare accordingly for the auto industry’s long- and medium-term growth.

Moreover, the sales of EV will shoot up in the post-COVID world, as people will prefer using personal vehicles over shared cabs or public transport. Many major players operating in the electric vehicle industry such as BYD Company Ltd., Tesla, Inc., General Motors Company, and Toyota Motor Corporation are increasingly focusing on taking measures such as conducting regular sanitization of the workstations and within the factor premises, ensuring the delivery of sanitized products, and maintaining social distancing with the dealerships.

Get More Details COVID-19 Impact Analysis on Electric Vehicle Industry Impact Of Domestic and Global Market Players https://www.psmarketresearch.com/market-analysis/covid-19-impact-analysis-electric-vehicle-industry

Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others. He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd. Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.