ID: MRFR/AM/6669-CR | October 2020 | Region: Global | 125 pages
Impact of COVID-19 on the Electric Three-Wheelers Market
The COVID-19 pandemic has spread across the globe and has significantly impacted the growth of the electric three-wheelers market. The spread of the novel COVID-19 has affected most of the industries across the globe. The governments of various countries have imposed lockdowns that have forced people to stay at home, which, in turn, has minimized the physical interaction among people. Most companies have allowed employees to work remotely from their homes to ensure business continuity during the COVID-19 pandemic, which is expected to hamper the growth of the electric three-wheelers market over the forecast timeframe. The increasing focus on remote working will restrict the growth of the automotive industry, which, in turn, will limit the growth of the electric three-wheelers market.
Operations in the automotive sector have been interrupted due to the COVID-19 crisis across the globe. However, the electric vehicles market in India may experience a shift as consumers seek affordable products amidst the COVID-19 crisis, and it could make manufacturers resume the production of conventional vehicles. The pandemic may also delay the production of electric vehicles (EV) as manufacturers focus on reviving demand and producing BS-VI vehicles. Furthermore, the COVID-19 outbreak has resulted in the sealing of international borders, which has caused a severe decline in the demand for electric three-wheelers across the globe. Governments worldwide have imposed restrictions on travel. Hence, the market is also expected to be affected due to lowered vehicle usage. Additionally, the restrictions on public gatherings along with travel bans in several countries are expected to hinder the growth of the electric three-wheelers market over the forecast timeframe.
Total Number of Electric vehicles ON THE ROAD, 2014–2020 (Units in MILLION)
The figure above shows the statistics for the number of electric vehicles on the road globally from 2014 to 2020. The number of EVs on the road is expected to reach almost 10 million this year, as sales are growing despite the COVID-19 pandemic, which would account for a record 3% of the total global car sales. That means the COVID-19 pandemic will affect the global electric vehicles market, although to a lesser extent than it will the overall passenger car market.
Source: International Energy Agency