TMCnet Feature
September 22, 2020

COVID 19: How It Changed The Percentage Of Electric Cars In The World


To this day, the world still fights the increasing COVID 19 outbreak of cases. In different countries, the number of people and industries affected continues to rise as well. Right now, everyone is super cautious, choosing to stay at home and eat in instead.



While it reduces the possibilities of contact with infected people, this has also greatly affected the economy. As expected, some industries are hit badly by the impact of COVID 19, especially travel and events.

Others, on the other hand, are booming. For instance, there’s an increased demand for pharmaceuticals. The auto industry is also one of those negatively affected. But somehow, the increasing number of EVs shows that this sector is at a bright spot.

How Many EVs Are There on the Road?

It is hard to estimate how many electric cars are on the road right now. Before COVID 19, EVs have experienced over ten years of rapid growth. At least in February last year, the number of electric vehicles on the road are about 5.6 million.

It was 64% higher than in 2018 at the same time. It was the second year in a row when the EV sector experienced unprecedented growth. In 2018, the growing zero-emissions transport market had a record-setting number of electronic car registrations.

There were 2.2 million EVs worldwide that were registered that year. Among the most popular EVs then until early 2019 was Tesla Model 3, BAIC EC-Series, Nissan Leaf, and BMW 5 Series. China and the USA lead the countries with most registered EVs.

Today, there are still millions of EVs driving on roads worldwide. Despite the noticeable negative impact of COVID 19 in the auto industry, the increasing number of EVs show this industry is not without a fight.

EV Sales Around the World

The forecast for EV sales around the world by the Global Electric Vehicle market is that it will reach $716.87 billion come 2027. But this prediction is now affected by the COVID-19 lockdowns that overshadowed the first half of 2020.

Due to the pandemic, there have been unparalleled declines in the monthly sales of vehicles since February. Six months into 2020, the total light vehicle market has already lost 28% in sales than the H1 of 2019.

But it is a different case with EV as it’s holding up much better. The electronic vehicle market showed only a 14% loss year-on-year for H1. At the forefront of this increasing number of EVs in Europe, which has 57% growth for H1 despite the 37% decline in the vehicle market.

How COVID 19 Impact on the Sales of EV

Despite the lockdowns due to coronavirus that effectively stalled the market, hybrid and electric cars somehow become popular among European buyers. In all European markets, 17% of the sales are from battery EVs and various hybrid vehicles.

Coronavirus has affected almost all industries, some more than others. The auto industries were impacted as well, with global sales dropping about 1/3 from January to April. The decline was more evident in the monthly sales because of the lockdowns happening in many countries worldwide.

The steepest decline was in April when the car markets are almost on a complete breakdown. The effect of COVID 19 is up to a point where India did not report any car sales. But now that lockdowns are gradually easing, many countries are seen with a chance for quick recovery.

After coming out from quarantine, it looks like car buyers have become more aware of their surroundings. They have more priorities now, propelling the growth of the EV market. One of the factors signaling this growth is the concerns over environmental pollution.

There are also more favorable government policies that are now being implemented. Moreover, people are demanding more vehicle range for every charge. The rising prices of fuel are also poised to boost the increasing number of EV sales even further.

Due to the increasing demand for the decrease of carbon emission, Asia-Pacific is the likeliest region to expect the most significant EV sales growth. It is not surprising since China, Japan, and South Korea are some of the leading countries in the auto industry.

With these countries’ inclination to technology, innovation, and advanced EV development, the growth of electronic vehicles is almost guaranteed. The spiking numbers of coronavirus cases will undoubtedly cause problems along the way, but the future of EVs looks promising.


 

Author: Meggie Nahatakyan 

Meggie is a marketing expert and a data junkie with more than six years of experience in the field. Aside from being a marketing nerd, she loves taking her life to the extreme with bungee jumping and skydiving when she feels some freedom.



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