Global Electric Vehicles Market to Grapple with Economic Uncertainty in Near Term, Resurgence anticipated post-COVID-19

Abstract

The scope and market attractiveness for electric vehicles (EVs) has been surging since the past several years. This is in response to growing calls for environmental sustainability and reduction in carbon footprint. Presently, there are five million electric vehicles on the world’s roads. China dominates the global electric vehicles market, followed by Europe and the United States. Technological advancements have paved the way for substantial price cuts in battery prices, key stimulators being research and development in battery chemistry and burgeoning battery production for electric vehicles. The fall in battery prices is attributed to increased economies of scale generated by the EV market. Unfortunately, the novel coronavirus outbreak, commonly known as COVID-19, has crippled the entire world. With the number of cases rising exponentially every day, the international community is finding it exceedingly difficult to seek treatment for the infected patients. The rate of infections is asymmetrically distributed. While countries such as Singapore are witnessing a resurgence, Western Europe has reached a plateau, thus debating whether they should reopen their economies or not.