COVID-19 Impact on EV and EV Infrastructure Market

Market Leadership - COVID-19 Impact on EV and EV Infrastructure Market

Post COVID-19, the global electric vehicle and electric vehicle infrastructure market is projected to reach 4.18 million units by 2021 from an estimated 3.42 million units in 2020, at a CAGR of 22.1%. The projection for 2021 is expected to be down by 34% as compared to pre-COVID estimation.

The electric vehicle market has witnessed rapid evolution with ongoing developments in the automotive sector. Favorable government policies & support in terms of subsidies & grants, tax rebates, and other non-financial benefits in the form of carpool lane access and new car registration (specifically in China where ICE vehicle registration are banned in some urban areas) are the primary factors driving the growth of the market.

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Increasing vehicle range, better availability of charging infrastructure, and proactive participation by automotive OEMs are other factors likely to drive the global electric vehicle sales over the next few years. Additionally, the growing sensitivity of various governments towards a cleaner environment has increased the demand for zero-emission vehicles. Developed nations such as the US, Germany, and the UK are actively promoting the use of electric vehicles to reduce emissions, which has resulted in the growth of electric vehicle sales.

The electric vehicle market is dominated by globally established players such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan). These companies developed new products, adopted expansion strategies via collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth electric vehicle and electric vehicle infrastructure market.

Tesla (US) is one of the leading players in this market. The company is continuously delivering new advanced electric vehicles and charging technologies. Despite COVID-19 impact, Tesla delivered more than 88,000 electric vehicles in the first quarter of 2020, surpassing Volkswagen sales. The company has the potential to manufacture highly innovative automobiles and has proved it over a period of time. The company has kept making deliveries in the US despite shutting down production at its Fremont, California factory, and it also started delivering the Model Y — its fifth electric vehicle — this quarter as well.

BYD (China) is considered as one of the leading players in the electric vehicle market. It has a presence in various regions, including Asia Pacific, the US, and Europe. The company has focused on product development and partnerships established across the globe. For instance, in 2019, Nobina, Swedens and Nordic regions largest bus operator, added a further 20 e-buses to its growing intake of orders from BYD.

With sales disrupted by the COVID-19 outbreak, BYD delivered 30,674 vehicles in the first two months of the year 2020. Despite the pandemic impact, the company incorporated a USD 48.6 million joint venture in Shenzhen, China, with Toyota Motor Corp. The 50-50 partnership will develop electric vehicles and market them under the Toyota brand in China.

Related Reports:

COVID-19 Impact on EV and EV Infrastructure Market by Vehicle (Passenger Cars and Commercial Vehicles), Propulsion (BEV, PHEV and FCEV), Charging Station (Normal and Super) and Region - Global Forecast to 2021

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Report Code
AT 7616
RI Published ON
4/24/2020
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