Due to the rising pollution and increasing public awareness about the toxic emissions released from fossil fuel-powered vehicles, the global electric vehicle market has observed a sharp surge in recent years. Moreover, the enhanced safety and comfort provided by the electric vehicles and the implementation of several favorable government initiatives in many countries have caused the rapid advancement of the market during the last few years, especially from 2014 to 2019.
Due to this expansion, the global electric car fleet in 2019 recorded a growth of over 40% from 2018 and later surpassed 7.2 million units at the end of the year. According to reports, 2.1 million units of electric vehicles were sold all over the world in 2019. Many industry experts predicted that 2020 would be an even better year for the market. However, the COVID-19 pandemic had other plans.
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According to the forecast of the market research firm, P&S Intelligence, the market would register a fall of as much as 43% from the previously expected pre-COVID forecast for 2020. Furthermore, the sales of electric vehicles would fall to only 1.8 million units in 2020, which is a considerable reduction from the global sales observed in 2019. China, which is the biggest electric vehicle market in the world, recorded a huge fall in electric vehicle sales because of COVID.
Hence, it is safe to say from the above paragraphs that the COVID-19 pandemic has significantly affected the progress of the market and as a result, the market would now fall sharply all over the world in the coming months. However, the market would rebound strongly once the COVID situation improves and start exhibiting rapid expansion throughout the world.