COVID-19 brought much of the world to a halt or a slowdown as it spread to different countries. Some industries were impacted more than others, and market volatility made it difficult to predict which industries would rebound and how quickly they would do so. An uncertain industry has always been the electric vehicle market. Experts were unsure at the beginning of the pandemic whether any investment opportunities would be present with electric vehicles. Since consumers may be more cash-strapped, spending money on an electric vehicle doesn’t make sense for many. However, other factors have driven the growth of the market through the pandemic to this point and experts believe this growth will continue long after COVID-19 has passed.
What Is Keeping The Electric Vehicle Market Relevant?
Technology is the biggest factor in keeping electric vehicles relevant. Vehicle manufacturers are investing in electric vehicles because of advances in technology, like charging stations, better battery life and more. As a result, experts predict the market size of electric vehicles will surpass four million by 2021. This number isn’t as high as it was before the pandemic hit, but it is still an upward trend. And considering the trend is still looking positive even through the pandemic, there’s plenty of optimism for investment opportunities now and in the future.
Countries Worldwide Are Adopting Electric Vehicles
China, Europe and the United States are the leaders in the sales of electric vehicles globally. Norway has the most electric cars in use per capita than any other country. And other countries like India, France, the Netherlands and Canada have also made it known that they are ramping up efforts to adopt electric vehicles more. The COVID-19 pandemic has slowed down these efforts, mainly because the production of these vehicles have had to come to a halt. But there’s confidence the slowdown will only be temporary.
Expert Projections For Global Growth Of Electric Vehicles
While the first half of 2020 is expected to look bleak for the electric vehicle market globally, experts predict the market to rebound. As an investor, understanding market volatility is going to happen in every industry and will help you look at overall projections rather than focus solely on current situations. Consumer demand will eventually increase, and the supply will ramp up also with new advancements making manufacturing processes more streamlined. Technology will allow electric cars to increase their range per charge in the near future and also promote a clean environment as opposed to traditional vehicles. These trends all point to positive growth globally for electric vehicles, even though there may be some market volatility to navigate through along the way.
Stock Investing Info stays on top of the latest trends and news when it comes to electric vehicles. The industry was set to make a major surge this year before the COVID-19 pandemic changed the world. However, when many people believed the pandemic could cripple the electric vehicle market, it appears it might rebound stronger than ever as economies begin opening and returning to some form of normalcy. To learn more about expert projections and potential investment opportunities in electric vehicles, feel free to contact us at any time.