A significant rise in the demand for electric vehicles (EVs) were reported globally owing to the stringent environmental regulations. In April 2015, the European Commission had voted to implement ‘real world’ Nitrogen dioxide and nitric oxide (NOx) emissions testing procedures in the automobile industry. This has shifted the focus of automobile manufacturers towards pollution reduction solutions and fuel alternatives vehicles. As a result, Nissan Motor Co., Kia Motors Corp., BMW AG, Nissan Motor Co., Daimler AG, and Tesla, Inc. are some major automobile companies have increased their production of EVs. As per the International Energy Agency (IEA), in 2018, the global demand for electric passenger car exceeded 5 million, an increase of 63% from 2017. China was the major contributor to the sales of EVs which accounted for nearly 45% of the global EV market, followed by Europe and the US with 24% and 22%, respectively.
However, due to the COVID-19 outbreak, the production of vehicles has been temporarily stopped in most of the countries, including Germany, India, UK, and Italy, which resulted in a decline in the growth of the automobile market. Both the production and sales are significantly affected by the lockdown effect, and thus, the automobile industry, including EVs is among the majorly affected industries due to the COVID-19 outbreak. The OMR report titled “Impact of COVID-19 on the Global Electric Vehicle Industry” has provided the pre and post COVID-19 industry size along with segments and region-wise analysis. Multiple authentic sources are used to properly estimate the effect of the outbreak on the global EV industry and values are derived accordingly.
Fall in EV production due to the COVID-19 outbreak
China, a battery production hub across the globehas a significant impact due to the coronavirus pandemic. The major Lithium-ion manufacturing companies, including Contemporary Amperex Technology Co. Ltd. (CATL) and BYD Co., Ltd., has been facing a probability of production delays. The country’s effort to fight against the COVID-19 outbreak has resulted in production delays in a large number of battery manufacturing facilities situated in majorly coronavirus affected provinces. China is the major producer of automobile batteries and delays in the production of batteries will eventually affect the production of EVs.
In addition, restrictions on labour movement will have a huge impact on the battery production facilities that are situated in the majorly affected coronavirus provinces. Due to the coronavirus outbreak, it seems that there will be lower the output of Chinese battery manufacturers, which in turn, will have an impact on the global EV production in 2020. The supply chain disruption will also have a negative effect on the global EV industry, along with energy storage projects, which would result in delays in projects and increase in cost.
OMR Global recently published report on https://www.omrglobal.com/industry-reports/electric-vehicle-industry-market
The Report Covers
Industry Overview
- Historical market growth estimation in electric vehicle industry excluding COVID-19 pandemic effect
- Deviations in the electric vehicle industry growth rate due to COVID-19 pandemic effect
Industrial Segmentation
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Hybrid Electric Vehicles
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/electric-vehicle-industry-market
Companies Profiled
- AB Volvo
- Audi AG
- BAIC Group
- BYD Auto Co., Ltd.
- Daimler AG
- Ford Motor Co.
- General Motors Co.
- Groupe PSA
- Honda Motor Co., Ltd.
