July 20, 2020
According to the research report titled ‘Global COVID Impact on Electric Vehicle Market Size study, 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) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global electric vehicle market was valued at USD 162 billion in 2019 and is expected to witness a CAGR of 22.6% through 2026.
Rising adoption of electric vehicles and increasing concerns about environmental pollution are the major factors responsible for high CAGR of the market space, cites global COVID impact on electric vehicle market report.
Electric vehicles (EV) run on an electric motor that requires constant energy supply from batteries. These vehicles are intended to replace conventional ways of commuting and consequently reduce environmental pollution. These vehicles can either be charged by turbochargers or powered through a collector system with electricity from charging stations.
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However, rising prevalence of COVID-19 worldwide has led to restricted production of electric vehicles due to imposition of lockdown in various countries, thereby negatively impacting the global automobile industry. Further, the pandemic has impacted operations of some leading companies like BMW, Nissan, and Tesla as they had to halt their vehicle production and shift their interests towards manufacturing personal protective equipment. Although, EV market is expected to revive with the help of government’s stimulus packages facilitating heavy investment in EV charging infrastructure. On the contrary, high manufacturing cost will remain a major challenge for the industry growth over the analysis timeline, claims global COVID impact on electric vehicle market report.
With respect to type, the market is divided into plug-in hybrid EV, battery EV, and hybrid EV. Based on vehicle class, global COVID impact on electric vehicle market report segments the industry into luxury and mid-priced. Speaking of the vehicle type, the market is categorized into passenger cars, two-wheelers and commercial vehicles.
As per the regional analysis, Asia-Pacific currently holds significant market share due to growing acceptance of electric vehicle along with deployment of advanced and fast charging stations in the region. Moreover, government initiatives towards reducing carbon footprint, especially in countries such as China and India are supporting the regional market expansion, as per the report on global COVID impact on electric vehicle market.
Leading industry players are Nissan Motor Co., Ltd., Daimler AG, Tesla, Inc., Bayerische Motoren Werke AG (BMW), Energica Motor Company S. p. A, General Motors Company, Toyota Motor Corporation, Volkswagen AG, BYD Company Limited, and Ford Motor Company.