New Market, Entrants & Challenges for Battery Electric Vehicles - Summary
New Market, Entrants & Challenges for Battery Electric Vehicles
The year 2018 marked a significant turning point for new market entrants and challenges for battery electric vehicles. With approximately 2 million units sold globally, we anticipate an astounding 950% growth, reaching 21 million units in battery electric vehicle sales. This represents a remarkable 70% of the total global sales in the electric vehicle market. 🚗⚡
Market Dynamics for Battery Electric Vehicle
- The decrease in the cost of electric vehicle batteries is leading to a reduction in the overall cost of electric vehicles.
- However, the lack of adequate infrastructure for EV charging stations is preventing many potential buyers from purchasing electric vehicles.
Impact on EV Battery Market
The outbreak of COVID-19 had a profound impact on the production and sales of new vehicles worldwide. Despite the challenges faced, the market for electric vehicles showed resilience, as the demand for zero-emission vehicles surged during 2020. Nonetheless, there were adverse effects on the manufacturing of essential components.
For more insights into the challenges and emerging markets for battery electric vehicles, and to explore the latest trends, be sure to download the New Market, Entrants & Challenges for Battery Electric Vehicles PDF linked below. Stay informed and ahead in the evolving landscape of electric mobility! 📈🔋
