Electric Vehicle On-Board Charger Market to reach USD 13.8 billion by 2027 - Report by Market Research Future (MRFR)
/EIN News/ -- New York, June 23, 2021 (GLOBE NEWSWIRE) -- EV On-board Charger Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Vehicle On-board Charger Market Research Report, Current Type , Propulsion Type, Vehicle Type and Region - Forecast till 2027”. The global electric vehicle on board charger market is projected to reach USD 13.8 billion by 2027 from an estimated USD 3.4 billion in 2020, at a CAGR of 23%.
EV charging infrastructure projects for public spaces are boosting worldwide. With the proliferation of e-mobility and environmentally friendly charging solutions, the market is estimated to witness significant growth during the upcoming period.
The market is witnessing the rising demand for new automated EV charging systems. Therefore, evolution in this segment has been constant. Mobility services providers are increasingly using a charging system precisely adapted to the charging infrastructure requirements for charging in public spaces.
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Key Companies profiled in the Electric Vehicle On-Board Charger Market Research Report are:
- BRUSA Elektronik AG
- Bel Power solution
- Current Ways Inc.
- Eaton Corporation
- Delphi Technologies
- Infineon Technologies AG
- Stercom Power Solutions GmbH
- Innoelectric GmbH
- Toyota Industries Corporation
- Xepics Italia SRL
COVID 19 Impact on the Market
The onset of Coronavirus affected the electric vehicle on-board charger industry severely. Lockdown mandates severely disrupted the supply chain, making manufacturers face various problems such as obtaining raw materials and components required for the production, attracting workers from quarantines, and delivering end products. Many manufacturers cut down on their production output.
On the other hand, the rising demand for healthcare products offered significant opportunities, driving the uptake of electric vehicles in the logistic industry. Resultantly, the electric vehicle on-board charger market rapidly returned to normal, witnessing the steadily increasing demand. The electric vehicle on-board charger market demand is anticipated to pick up further following the uplift of the lockdown in many countries.
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Industry Trends
Governments in countries across the globe have realized the potential that electric vehicle onboard chargers hold. Many of them have initiated new policies and proposals, designing programs for e-mobility charging infrastructure. Such initiatives have further helped them meet their own goals to address climate change and net-zero carbon targets. Besides, e-vehicle onboard chargers have a set standard for speed and convenience.
Additional factors influencing the market growth include large-scale implementations of these EV powering solutions and increasing government initiatives to revolutionize mobility. Conversely, requirements of a large structure and high investments to develop charging stations or infrastructures are major growth impeding factors for the market. Nevertheless, increasing R&D investments to develop innovative EV charging solutions would support the market growth throughout the review period.
Segmentation
The market is segmented into current types, propulsion types, vehicle types, and regions. The current type segment is sub-segmented into AC and DC. The AC segment holds the largest market share. The segment is forecasted to register an impressive CAGR in the coming years.
The propulsion type segment is sub-segmented into BEV, HEV, and PHEV. The BEV segment holds the largest market share. The segment is forecasted to register an impressive CAGR in the coming years.
The vehicle type segment is sub-segmented into passenger cars, LCV, and HCV. The passenger cars segment holds the key market share. The segment is forecasted to register an impressive CAGR in the coming years. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
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Regional Analysis
The Asia Pacific region leads the global electric vehicle on-board charger market. The region witnesses a significant rise due to its raw material advantage and the availability of cost-competitive workforces. Besides, the market is driven by advancements in EV charging technologies and devices used for electric vehicles.
Massive increase in production and sales of e-vehicles in the region increases electric vehicle onboard charging system sales. Furthermore, increasing foreign direct investments and heavy investments by key players for advanced product developments are major factors impacting the electric vehicle on-board charger market growth.
Europe stands second in terms of electric vehicle on-board charger market value. The presence of major players and well-developed infrastructure in this region influence the market growth. Factors such as investments in research & development and a large EV user base create a huge demand for EV charging devices. Additionally, regulatory laws implemented to minimize vehicle emissions and favorable incentives policies substantiate the market demand, increasing electric vehicle sales.
Moreover, collective efforts by governments and environmentalists to control rising air pollution levels provide significant market opportunities. Rising government initiatives and incentives, subsidies, and schemes to encourage the manufacturing and sales of electric vehicles boost the electric vehicle on-board charger market share.
North America also accounts for considerable electric vehicle on-board charger market revenue. Government initiatives to create adaptable vehicle charging solutions and reduce dependency on fuel-driven vehicles drive the market growth. Moreover, the proliferation of electric vehicles to reduce operating costs and government support the development of the wireless EV charging industry push the regional market growth.
Rapidly increasing awareness of the impacts of fossil fuel emissions on the environment creates substantial market demand. Furthermore, the increasing adoption of electric vehicle onboard chargers acts as major tailwinds for the regional market.
Competitive Analysis
The e-vehicle on-board charger market is estimated to witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technology integration. Leading market players make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on June 14, 2021, Magenta (India), an EV startup, announced the development of Solar Smart Charging, a one-of-its-kind streetlight charging station. Magenta has created history in the clean and renewable energy space with various projects, including Electric Vehicle (EV) charging stations. The company has close to 2,000 stations in India, with its efficient ChargeGrid segment creating a robust EV charging infrastructure in the country.
Magenta is the first in India to launch a solar charging station followed by an EV charging corridor. The company has worked in the automotive and clean energy space to know the hazardous implications of non-renewable resources like coal, petrol, etc.
Electric Vehicle On-Board Charger Market
Information By Current Type (AC and DC), By Propulsion Type (BEV, HEV and PHEV), By Vehicle Type (Passenger Cars, LCV and HCV) and Region (North America, Europe, Asia-Pacific and the Rest of the World)
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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