The study says, irrespective of the impacts of COVID-19 on the workforce and factory operation, the electric vehicle market is expected to grow shortly. Post COVID-19, the EV market is projected to increase because of the growing sensitivity of various government rules towards a greener and cleaner environment.
The major factor behind the growth of electric vehicle usage are technological advancements in EV charging and increased range capacity in a single charge. The acceptance rate of electric vehicles is increasing across the globe and many countries are investing heavily in R&D. Many countries have introduced various campaigns to boost the adoption of electric vehicles. It is also increasing awareness among people to make the environment safe. However, because of the COVID-19 outbreak, the global automobile industry is facing a slowdown due to the lockdown and restricted the production of electric vehicles.
Because of the COVID-19 pandemic, the operations of electric vehicle companies like Kia Motors, Nissan Motor Co, Tesla Motors, BMW AG, and many more have been affected badly. Many electric vehicle companies had to shut down the production of electric vehicles. Their main focus is on manufacturing PPE and to protect the employees.
Tesla is one of the leading players in the EV market. The company is constantly delivering new advanced electric vehicles and charging technologies. Despite COVID-19 impact, Tesla delivered more than 88,000 electric vehicles in the first quarter of 2020.
The pollution levels have almost halved in the UK due to staying indoors and off the roads. A recent study says that 45% of people have reconsidered their electric vehicle ownership plans as a result of the radical improvement in air pollution seen across the globe thanks to the demobilization of transport. A further 17% said it reaffirmed the decision they had already made to make the switch to an EV.
The charging station is estimated to be the fastest-growing segment during the forecast period. Stimulus measures adopted in a post-pandemic world will demonstrate the full impact of the virus on the environment. A dash for growth is inevitable – and something that many will welcome following a time of real hardship. The key will be how we can rebuild sustainably, maintaining the momentum we gained in 2019. EVs are dignified to deliver greater value as a grid resource benefiting utility customers and vehicle owners.As a result, it is strongly believed that the growing demand for EVs will not be knocked off because of this crisis. Thus, the electric vehicle market will keep growing despite COVID-19.