Economic Impact of COVID-19 on the Global Electric Vehicle Industry Size, Share, Forecast 2019-2025

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.

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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.

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As a result, the automakers in China appealed the government to support industry-wide sales through measures, such as encourage sales in rural markets, reduction in sales tax on smaller vehicles, and decrease in requirements for vehicle emissions. In March 2019, the Chinese government had declared a plan to scale back subsidies on electric vehicles to promote domestic players to rely on innovation as compared to government support. This is also a major factor for decline in the demand for electric vehicles in the country. China Association of Automobile Manufacturers (CAAM) called for authorities to increase subsidies for new energy vehicles, increase investment in electric vehicle charging infrastructure, and reduce limitations on the number of consumers in big cities who can buy eco-friendly cars.

Based on types of electric vehicles, the global electric vehicle industry is classified into battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. The production of battery electric vehicles is being significantly affected by COVID-19 epidemics due to disruption in the supply chain process. China and South Korea are some major countries with major electric vehicle battery manufacturers, including Contemporary Amperex Technology (China), BYD Co. Ltd. (China), and LG Chem Ltd. The coronavirus outbreak has significantly affected their industrial capability to produce electric vehicle batteries that may have interrupted the global production of battery electric vehicles.

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. Most of these companies have shut down their automobile production facilities and shifted their focus towards the manufacturing of personal protective equipment.

Segment by Region
North America
United States
Canada

Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe

Asia-Pacific
China
Japan
India
Rest of Asia-Pacific

Rest of the World
Latin America
Middle East and Africa

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