The impact of Coronavirus pandemic has changed the market analysis

Following the strict regulations for emission, there has been an increasing demand for electric vehicles. EV has reduced emissions and lowered the cost of fuel throughout the globe. The energy Policy Act of the year 1992 considers Hydrogen as the next best alternative fuel that reduces emission and is eligible for tax holidays. The increase in peoples aware of the importance of green energy alternatives has made more people adopt the electric vehicle. According to the data in International Energy Agency (IEA), the users of the electric cars in the whole world passed the 5 million mark in the year 2018, which was an increase of 63 percent from the previous year.

In the year 2018, China had the largest share will be about 45 percent of the total Electric vehicles in the world. China alone had more than 2.3 million cars on the road. The second in the line was Europe, which had 24 percent of total global electric vehicles on the road. The third best country in the use of the electric vehicle on the road was the US, with 22 percent of the total world electric vehicles. The increase in the demand for electric vehicles and the stricken emission regulations, the manufacturers are now concentrating on the development of the Electric cars as the chance to meet the increasing market demands as it increases in different regions. The South Korean Automotive Company Hyundai is now concentrating on the electric vehicle, which uses hydrogen fuel cells. On the other hand, Honda Motors company limited, and Toyota Motor Corp is now focusing on the development of the Hydrogen FCEVs.

However, the current pandemic has caused lockdown in most countries, which has created a slowdown of this industry. Amidst the epidemic, most sectors are still concentrating on the development of the EVs, but the sales have reduced drastically. This year February, there was an automotive sale decrease of EVs by 79 in China alone due to the increase in the pandemic. Shenzhen Company of the electric vehicle only sold 5,501 cars the same month, which is a decrease of 79.5 percent.  Nio inc is another EV manufacturing company in China sold 707 cars, which is a decline of 12 percent. Most of the automotive makes in Chin asked the government to support the industry sales by putting measures that will encourage the purchase of the vehicles in rural markets. The governments will enable it through a reduction in sales taxes.