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Economic Impact of COVID-19 on the Global Electric Vehicle Industry Market Growth, Industry Analysis, Trends and Forecast 2025

03-26-2020 01:55 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Research

Global Economic Impact of COVID-19 on the Global Electric Vehicle Industry Market

Global Economic Impact of COVID-19 on the Global Electric Vehicle Industry Market

Electric vehicles are a renewable alternative to fuel cars, that uses one or more electric motors, rather than an internal combustion engine that produces energy by burning a mix of gases and fuel. Owing to the stringent emission regulations, there is an increasing demand for electric vehicles as it reduces emission and lowers fuel cost. Under the Energy Policy Act of 1992, hydrogen is considered an alternative fuel and eligible for alternative fuel vehicle tax credits. Increasing consumer awareness regarding greener alternatives has led to the adoption of electric vehicles. As per the International Energy Agency (IEA), the global electric passenger car stock surpassed 5 million in 2018, which represented a rise of 63% from 2017.

Get Sample Copy of Economic Impact of COVID-19 on the Global Electric Vehicle Industry Market at: https://www.omrglobal.com/request-sample/electric-vehicle-industry-market

The operations of some crucial companies affected by coronavirus epidemics include Nissan Motor Co., Kia Motors Corp., BMW AG, Nissan Motor Co., Daimler AG, and Tesla, Inc.

In 2018, China accounted for the largest share of nearly 45% in the global electric cars on the road, which is 2.3 million, followed by Europe (24% of the global fleet) and the US (22% of the global fleet). With the rise in the demand for electric vehicles and stringent emission norms, the automakers have shifted their focus towards the development of electric vehicles as an opportunistic approach to growth within a defined area. Hyundai Motor Group, a South Korean automotive company is focusing on electric vehicles powered by hydrogen fuel cells. In addition, Honda Motor Co. Ltd. and Toyota Motor Corp. are also focusing on hydrogen FCEVs.

A full report of Global Economic Impact of COVID-19 on the Global Electric Vehicle Industry Market is available at: https://www.omrglobal.com/industry-reports/electric-vehicle-industry-market

However, the global automobile industry is facing a slowdown due to the lockdown in several countries amid the coronavirus outbreak, which in turn, is restricted to the production of electric vehicles. In February 2020, the automobile industry sales plunged 79% in China due to the coronavirus outbreak. Shenzhen electric vehicle manufacturer, BYD Auto Co. Ltd. sold 5,501 cars in February 2020, 79.5% decline year on year, and another Chinese electric vehicle manufacturer, Nio Inc. delivered 707 cars in February 2020, declined 12.8% year on year.

Industrial Segmentation

o Battery Electric Vehicles
o Plug-in Hybrid Electric Vehicles
o Hybrid Electric Vehicles

For more customized data, request for report customization @ https://www.omrglobal.com/report-customization/electric-vehicle-industry-market

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Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
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About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

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