How Is COVID-19 Impacting Electric Vehicle Industry?

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The global electric vehicle industry has grown massively over the last few years. The rapid expansion of the industry since the mid-2010s has been because of the shared vision among the industry players, the civil society, and policymakers. Moreover, the governments of many countries have enacted initiatives that have massively propelled the expansion of the global electric vehicle market. The total electric car fleet in the world surpassed 7.2 million units by December 2019.




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This was a growth of over 40% from 2018. Furthermore, according to many reports, the total electric vehicle sales in the world in 2019 were 2.1 million units. However, with the outbreak of the COVID-19 pandemic, the sales of these vehicles are dropping significantly all over the world. According to surveys, there would be a fall of around 15% in the global electric vehicle industry in 2020 from 2019, with electric vehicle sales falling to 1.8 million units in 2020.

This is subsequently affecting the manufacturing rate of electric vehicles. As per industry experts, the gross value added (GVA) of the electric vehicle industry could exhibit 14–16% reduction (vehicle manufacturing) in 2020. China, which is the biggest electric vehicle market in the world, is witnessing a sharp decline in the sales of electric vehicles. The fall in electric vehicle sales was the highest in February when electric car sales fell to 16,000 units.

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Hence, it can be said with surety that the electric vehicle industry would register a massive fall in the near future, mainly due to the various restrictions and lockdowns in several countries and the slumping global economy, on account of the COVID-19 pandemic. However, the market would recover and start exhibiting huge expansion once the situation improves.

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