Analyzing the global electric vehicle market development in 2020: COVID-19 pandemic challenges and new electrification initiatives

Abstract

Subject. The article analyzes development factors of some food markets that have relatively successfully survived the economic crisis during the protracted pandemic. Objectives. We aim at analyzing the development of the world market of electric road vehicles in the context of the pandemic and the economic crisis. Methods. The study applies methods of content analysis, descriptive statistics, and comparative analysis. The information base of the study was analytical reviews and databases of the International Energy Agency, official websites of automakers, analytical materials of the International Climate Alliance, and the International Carbon Neutrality Coalition. Results. We unveil new trends in the development of the electric vehicle market, in particular, the development of urban micromobility as an alternative to personal and public transport. The study identifies the main growth factors of the global market of electric vehicles and other electric road vehicles. The findings can be used in designing the State programs to support innovative transport technologies, as well as programs to improve the quality of urban environment. Conclusions. The global electric car market has shown a significant growth in 2020. The main factors of growth were the long-term climate policies of European countries, within the framework of gradual tightening of requirements and standards for vehicle emissions, State programs to mitigate the consequences of the economic crisis, stimulating the development of innovative technologies, and changes in consumer behavior.