Electric Vehicles Charging Stations Market Research Report - Global Forecast 2023

Impact of COVID-19 on the Electric Vehicle (EV) Charging Station Market

The COVID-19 pandemic has spread globally and has impacted the growth of the electric vehicle (EV) charging stations market. The global spread of COVID-19 has affected most of the industries. The governments of several countries have imposed lockdowns that have forced people to stay at home, which, in turn, has reduced the physical interaction among people. Multiple companies have allowed their employees to work from their homes to ensure continuity in business during the COVID-19 pandemic, which is expected to hamper the growth of the electric vehicle (EV) charging stations market over the forecast period. The increasing adoption of remote working practices is likely to restrict the growth of the automotive industry, which, in turn, will limit the growth of the electric vehicle (EV) charging stations market.

Manufacturing and supply chain operations in the global automotive sector have been disrupted due to the COVID-19 crisis. The shift in consumer preference towards essential products is likely to influence the electric vehicle (EV) charging stations market over the projected period. Furthermore, the COVID-19 outbreak has resulted in the sealing of international borders causing a severe decline in the global demand for electric vehicle (EV)s. Governments worldwide have enforced restrictions on travel. Hence, the market is also expected to be affected due to reduced vehicle usage. Moreover, the limitations on public gatherings and travel prohibitions in numerous countries are expected to impede the market growth over the forecast timeframe.

Electric vehicle (EV) charging stations facilitate enhanced vehicle operations by safely charging batteries within a specified duration. Some of the electric vehicle (EV) charging stations also support fast charging, drastically reducing the charging time. However, the increased focus on personal hygiene and care is likely to affect the demand for electric vehicles and electric vehicle (EV) charging stations in the coming months. Thus, there is uncertainty regarding the growth of the electric vehicle (EV) charging stations market. However, the market is expected to stabilize in Q4 of 2020.