Electric Vehicle Industry Growth, Demand & Opportunities

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2022
Electric Vehicle Industry Opportunities, Demand,
Trends, Insights by Geography and Growth
Opportunity
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The COVID-19 pandemic has massively hampered the
progress of the global electric vehicle (EV)
industry. As a result, the industry fell by
nearly 15 in 2020 in comparison to the sales
recorded in 2019. Moreover, electric vehicle
sales fell to 1.8 million units in 2020 from the
2.1 million units recorded in 2019, and the
market recorded a decline of 43 in comparison to
the forecast done for 2020 before the pandemic.
This is attributed to the sharp fall in vehicle
manufacturing and sales, due to the imposition of
lockdowns and restrictions on mobility in several
countries. However, the impact of these lockdowns
has been less severe on the electric vehicle
industry, with the market recording a reduction
in its gross value added (GVA) by 1416
(automobile production) in 2020. China, which is
the biggest EV market in the world, recorded a
sharp decline in EV sales because of the pandemic.
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In the country, the decline in EV sales was the
largest in February, with car sales dropping to
16,000 units, and recording a fall of nearly 60
from the number recorded in February 2019.
However, the sales picked up sharply during April
and reached nearly 80 of the April 2019 number.
Furthermore, the sales of plug-in cars were down
by 32 in May 2020 in comparison to the previous
year. It is expected that the Chinese EV
industry will see an overall fall of 14 in 2020.
The COVID-19 impact on the EV industry in the
U.S. has been quite severe. The lockdown measures
have been hugely unsuccessful in controlling the
spread of the virus, and thus, the demand for
electric vehicles fell steeply in 2020. However,
the industry is exhibiting strong growth in the
European region, even during the pandemic.
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In many European countries such as the U.K.,
Germany, Italy, and France, COVID-19 impact on
the EV industry has been quite positive, with EV
sales rising to more than 145 thousand units in
the first four months of 2020, and recording an
increment of around 90 from the number reported
in 2019. In Norway, EV sales during the first
four months of 2020 remained the same as in 2019,
as per the observations of the market research
company, PS Intelligence. In Germany, the
government announced increment in electric
vehicle purchase subsidies in February 2020. In
Italy, the sales of electric cars grew
considerably, on account of the system launched
in the country in 2019. One major way in which
the COVID-19 impact on the EV industry is visible
is that it has made many EV market players and
industry stakeholders re-examine their plans and
strategies and prepare accordingly for the auto
industrys long- and medium-term growth.
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Moreover, the sales of EV will shoot up in the
post-COVID world, as people will prefer using
personal vehicles over shared cabs or public
transport. Many major players operating in the
electric vehicle industry such as BYD Company
Ltd., Tesla, Inc., General Motors Company, and
Toyota Motor Corporation are increasingly
focusing on taking measures such as conducting
regular sanitization of the workstations and
within the factor premises, ensuring the delivery
of sanitized products, and maintaining social
distancing with the dealerships.
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• This study covers
• 1. Historical and the present size of the
  Electric Vehicle Industry
• 2. Historical and the present size of the market
  segments and understand their comparative future
  potential
• 3. Potential of on-demand logistics services, so
  the market players make informed decisions on the
  sales of their offerings
• 4. Competitive scenario of various market
  segments across key countries in several regions
  for uncovering market opportunities for the
  stakeholders
• 5. Major players operating in the market and
  their service offerings

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