The electric vehicles market was developing fast, and demand was increasing steadily until the beginning of 2020. How did the COVID-19 pandemic affect the electric vehicles market? The pandemic caused a sudden decrease in demand for major investments, such as automobiles. It also caused a decline in fuel prices and stopped production across industries. These factors took a significant toll on the electric vehicles market. However, experts forecast recovery in the coming months. Trends such as supportive government initiatives and rising environmental concerns are expected to propel growth. Therefore, it is crucial for electric vehicles market players to always stay informed and ahead of current and upcoming trends. To leverage Infiniti’s market trends analysis, and stay ahead of the curve in the growing electric vehicles market, request a free proposal.
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Major Trends in the Electric Vehicles Market (Graphic: Business Wire)
The economic shock of the COVID-19 pandemic was felt across industries. The automotive industry suffered from a sudden decrease in demand, and the electric vehicles market was disrupted as demand started to grow. With increasing concern regarding the environment, carbon footprints, and the possibility of alternatives, the automotive industry has shifted a large segment of investment and development to electric vehicles. Consumers, particularly millennials and Gen Z consumers, are more conscious and particular about their carbon footprints, which has increased demand for EVs. However, the drop in GDPs and lack of disposable income have brought the automotive industry to a standstill. As the world recovers, experts forecast immense growth for the electric vehicles market. Therefore, electric vehicles market players must prepare for the major trends and challenges in the industry before they enter this period of recovery. In their recent article, Infiniti’s industry experts discuss the impact of COVID-19, major trends, and challenges in the electric vehicles market.
Attempting to strategize for the post-COVID era? To learn how Infiniti’s market trends analysis can help electric vehicles market players stay ahead of the curve, and adapt to the new normal, request more information.
"Some of the most significant contributors to the increasing demand for electric vehicles have been the need to reduce personal carbon footprints and the high prices of petroleum. As economies struggle due to various factors, and fossil fuels run short, millennial, and Gen Z consumers are willing to invest more in safer, environmentally responsible alternatives," says an electric vehicles market expert at Infiniti Research.
Infiniti’s market trends analysis experts identified three major trends in the electric vehicles market for automakers worldwide to note:
- Increasing awareness about carbon emissions has changed consumers’ buying behaviors and increased emission-related policies in recent years.
- Governments worldwide are taking initiatives to promote the deployment of EVs, and automakers have significantly increased investment into EV development.
- Consumers’ demands lead to an increasing need for a better battery range and various options and models within EVs.
- Gain in-depth insights into the major trends influencing the electric vehicles market by reading the complete article here.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to analyze competitive activity, see beyond market disruptions and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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