COVID-19 Impact on EV and EV Infrastructure Market - Global Forecast to 2021
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COVID-19, the global Electric
Vehicle and Electric Vehicle Infrastructure Market size 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 the growing trend of greener transport is the primary factor responsible for the
expected advancements in this market. Electric vehicles, including BEVs, PHEVs,
and FCEVs, are expected to play a major role in the future to achieve the
emission targets for different countries and de-carbonization of transportation
systems around the world. OEMs worldwide are investing heavily in research
& testing applications leading to continuous advancements in electric
vehicles and charging solutions.
On the other hand, factors such as disruptions in the supply chain of
components and automobile
manufacturing plants are being shut around the world are restraining the growth of the electric vehicle market.
However, the electric vehicle charging infrastructure sector has had a minimal
impact from COVID-19. For instance, the Chinese government has announced
stimulation packages toward boosting the development of a network of electric vehicle charging stations
in China. Increased focus on EV charging infrastructure means the sector could
see exponential growth in the coming years.
Among
the electric vehicle ecosystem market, the charging station market is expected
to grow at the highest CAGR during the forecast period. The growth of the
charging station is driven by stimulus policy announced by governments for
investing heavily in charging infrastructure. Also, the increasing demand for
reducing carbon emission and developing more advanced & fast-charging
stations are expected to propel the market growth.
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The Asia Pacific
electric passenger car market is estimated to be the largest and
fastest-growing during the forecast period. It comprises some of the fastest
developing economies in the world, such as China and India. Market experts
predict EVs are likely to account for around 50% of the market share in China
by 2025. The government in these countries have recognized the growth potential
of electric vehicles and the advantages of using them.
Increasing
demand for electric vehicles in Asia
Pacific is anticipated to boost infrastructure development and ensure
remarkable economic growth. China is also investing heavily in the production
of commercial electric vehicles with
plans for export. OEMs such as BYD plan to open plants in other parts of the
world to manufacture electric buses and electric trucks to meet regional
demand. All these factors will drive the electric vehicle market in the Asia
Pacific region.
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