Abstract:

Global auto sales plunged during the COVID-19 crisis, but electric mobility has remained remarkably resilient in some countries. The economic slowdown has significantly disrupted the auto industry, causing rapid declines in LV sales. Given the disruptions, previous predictions about EV growth are now obsolete. To create more accurate forward-looking perspectives, this study examined the emerging developments that will shape the market over the coming years. The authors then conducted separate analyses of the EV markets in China, the European Union, and the United States, since trends might vary significantly by region. One of the most striking findings: the EV market is much more likely to see a quick recovery and strong growth in China and Europe than in the United States. Over the long term, EV market share is also more likely to increase in China and Europe.