Amid the COVID-19 crisis and the looming economic recession, the Electric Vehicles (EVs) market worldwide will grow by a projected 89.6 Billion Units, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 61.5%, says the report of Reportlinker. Battery Electric Vehicles (BEV), one of the segments analyzed and sized in this study, is forecast to grow at over 60% and reach a market size of 59.8 Billion Units by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Battery Electric Vehicles (BEV) market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 68.2% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over 1.7 Billion Units to the region’s size over the next 7 to 8 years. In addition, over 4 Billion Units worth of projected demand in the region will come from Rest of European markets. In Japan, the Battery Electric Vehicles (BEV) segment will reach a market size of 1.5 Billion Units by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Electric Vehicles (EVs) market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world’s second largest economy will grow at 62% over the next couple of years and add approximately 5.9 Billion Units in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Electric Vehicles (EVs) market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.