New Market, Entrants & Challenges for Battery Electric Vehicles
In 2018, new market entrance and challenges for electric vehicle production hit a milestone. Approximately 2 million units are sold globally. We forecast a 950% growth to the 21 million units of its battery and electronic vehicles. It is accounting for a substantial is 70% of global sales for the EV market.
Market Dynamics for Battery Electric Vehicle
- Decrease in cost of EV batteries leads to decrease the cost of electric vehicle
- Due to the poor infrastructure of EV charging points, people are restraint from buying an electric vehicle.
Impact on EV Battery Market
Due to the outbreak of COVID-19, the production and sales of new vehicles came to a halt across the world. However, the market for electric vehicles was positive as the demand for zero-emission vehicles increases during the year 2020. However, there is a negative effect on manufacturing components.
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