According to the research report titled ‘Global EV and EV Infrastructure Market Size study with COVID-19 Impact, by Vehicle (Passenger Cars and Commercial Vehicles), Propulsion (BEV, PHEV and FCEV), Charging Station (Normal and Super) and Regional Forecasts 2020-2026’, available with Market Study Report, global EV and EV infrastructure market is predicted to expand substantially during 2020-2026.
 

Notably, EV and EV infrastructure technology is based on alternative source of fuel for automobiles. These electric vehicles comprise of batteries which are charged through electric charging stations and power the engine of the automobile.
 

Increasing emission levels from petrol-based automobiles along with inflating prices of petroleum are key factors fueling the growth of global EV and EV infrastructure industry. Rising concerns regarding climate change and environmental depredation are also aiding the market size. Favorable government initiatives such as tax benefits and subsidies promoting the use of electric vehicles is stimulating the industry outlook.
 

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However, the unexpected outbreak of COVID-19 has compelled worldwide governments to enforce temporary lockdowns in order to flatten the curve, which in turn has adversely impacted the automobile industry. In March 2020, for instance, Tesla Inc. halted its production facility in San Francisco, which not only led to production losses but also resulted in 8% decline in the company shares. Likewise, Volkswagen restarted two production facilities after almost 2 months of shutdown. The German automaker started the production with around 50 vehicles per day, which is in fact 3 times lower than the company’s conventional output. These automakers are focusing towards developing personal protective equipment instead of electric vehicles amidst the COVID-19 pandemic, which is negatively impacting the market growth. In addition, scarcity of workforce may also act as a restraining factor for global EV and EV infrastructure market.
 

Nevertheless, introduction of relief funds by various governments is expected to create growth opportunities for the overall market in the forthcoming years.
 

Regionally, North America holds the majority market share and is expected to showcase similar growth in the ensuing years, primarily driven by rising number of production facilities and increasing utilization of EVs.
 

On the other hand, Asia-Pacific market is poised to generate substantial revenues during the forecast period. Favorable government initiatives and escalating disposable income are augmenting the regional demand for EV and EV infrastructure.
 

Robert Bosch GmbH, Panasonic Corp., LG Chemical Ltd., Nissan Motor Co. Ltd., Volkswagen Group, Bavarian Motor Works (BMW) AG, BYD (Build Your Dreams) Co. Ltd., and Tesla Inc. are the key participants in worldwide EV and EV infrastructure market.