Electric Vehicle On-Board Charger Market worth $10.82 Bn, Globally, by 2027 at 22.4% CAGR: Allied Market Research

Increase in penetration of electric vehicles and surge in initiatives by governments for developing electric vehicle charging infrastructure and other components drive the growth of the global electric vehicle on board charger market.

News provided by

Allied Market Research

Oct 13, 2020, 09:50 ET

PORTLAND, Ore., Oct. 13, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Vehicle On Board Charger Market by Power Output (Less than 10kW, 10kw to 20kw, and More than 20kW), Vehicle Type (Electric Passenger Car, Electric Vans, Electric Buses, Electric Medium Duty Vehicles, Electric Heavy Duty Vehicles, Electric Agriculture Tractors, Electric Construction Equipment, Electric Mining Vehicles and Electric & Hybrid Boats and ships), and Propulsion Type (BEV, HEV and PHEV): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global electric vehicle on board charger industry was estimated at $2.15 billion in 2019, and is anticipated to hit $10.82 billion by 2027, registering a CAGR of 22.4% from 2020 to 2027.

Download Report Sample at https://www.alliedmarketresearch.com/request-sample/6672

Drivers, restraints, and opportunities-

Surge in penetration of electric vehicles and rise in government initiatives for development of electric vehicle charging infrastructure and related components fuel the growth of the global electric vehicle on board charger market. On the other hand, lack of standardization of EV charging and increased installation of DC fast chargers restrain the growth to some extent. However, development of two-way on-board chargers for future electric and plug-in hybrid vehicle is expected to create multiple opportunities for the key players in the industry.

COVID-19 scenario-

The unprecedented COVID-19 outbreak has almost put a brake in the automobile industry and in turn, the electric vehicle on board charger market has been impacted pretty badly.
Also, the intensity of the impact has been much sharper, as lockdowns have spread at full tilt all over the world. Dwindling consumer demand, disruptions in the supply chain, and several government restrictions have now resulted in the production shortage of electric vehicle on board charger.

Get Detailed COVID-19 Impact Analysis on the Electric Vehicle On Board Charger Market Request Here!

The HEV segment to dominate by 2027-

Based on propulsion type, the HEV segment accounted for nearly half of the global electric vehicle on board charger market share in 2019, and is expected to rule the roost by the end of 2027. This is attributed to the fact that Hybrid electric vehicles (HEVs) incorporate the benefits of gasoline engines and electric motors, as they carry both propulsion techniques such as ICE coupled with EV, and can be configured to meet different objectives such as improved fuel economy, increased power, or additional auxiliary power for electronic devices and power tools. The BEV segment, on the other hand, would grow at the fastest CAGR of 23.5% throughout the forecast period. This is due to the fact that BEV vehicles have longer electric driving ranges as compared to PHEVs.

The electric passenger car segment to maintain the dominant share-

Based on vehicle type, the electric passenger car segment contributed to around two-thirds of the global electric vehicle on board charger market revenue in 2019, and is anticipated to lead the trail during the study period. Rise in sale of four wheeler vehicles and improvements in charging infrastructure needed for charging different electric vehicles are creating demand for on board chargers equipped with them. This factor drives the segment growth. At the same time, the electric buses segment would register the fastest CAGR of 26.2% till 2027. Increasing investment in the sector from public and private sources is expected to significantly escalate the number of light & medium duty electric buses on road which, in turn, propels the segment growth.

Interested to Procure The Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/6672

Asia-Pacific, followed by Europe and North America, garnered the major share in 2019 –

Based on geography, Asia-Pacific, followed by Europe and North America, held the major share in 2019, generating nearly half of the global electric vehicle on board charger market. Availability of raw material, government regulations, rise in urbanization, increase in fuel prices, surge in trend toward adopting non-fossil fuel-based vehicles, cheap labor cost, and increase in disposable income drive the market growth in this region. Simultaneously, Europe would manifest the fastest CAGR of 23.1% by 2027. Increase in investment in R&D activities related to electric vehicles and rise in demand for electric vehicle across the continent fuel the market growth.

Key players in the industry-

Bel Power solution
Current Ways Inc.
Ficosa Internacional SA,
Toyota Industries Corporation
Innoelectric GmbH
Eaton
Stercom Power Solutions GmbH
BRUSA Elektronik AG
Xepics Italia SRL
AVID Technology Limited
Delphi Technologies
Infineon Technologies AG
STMICROELECTRONICS
Hangzhou Aodi Electronic Control Co., Ltd.

Schedule a Free Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business at https://www.alliedmarketresearch.com/connect-to-analyst/6672

Similar Reports We Have on Automotive & Transportation Industry:

Europe Electric Vehicle Chargers Market by Vehicle Type (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Hybrid Electric Vehicles), Charging Type (On-board Chargers and Off-board Chargers), and End User (Residential and Commercial) - Opportunity Analysis and Industry Forecast, 2017-2023.

Electric Vehicle Charger Market by Vehicle Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)), Charging Type (On-board Chargers, and Off-board Chargers), and EndUser (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2020-2027.

Electric Vehicle Charging System Market by Product (Home Charging Systems, Commercial Charging Stations), Mode of Charging (Plug-in, Wireless) - Global Opportunity Analysis and Industry Forecast, 2015 – 2022.

Wireless Electric Vehicle Charging Market by Power Source (3–<11 Kw, 11–50 Kw and >50 Kw), Installation (Home and Commercial), Distribution Channel (OEMs and Aftermarket), and Vehicle Type (Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicle (HEV) and Commercial Electric Vehicles): Global Opportunity Analysis and Industry Forecast, 2018–2025.

Turbocharger Market by Technology (Twin-Turbo, Wastegate Technology, and Variable Geometry Technology), Fuel Type (Diesel and Gasoline), Application (Light Commercial Vehicle, Heavy Commercial Vehicle, Ships & Aircrafts, Agriculture & Construction,and Locomotives), Material (Cast Iron and Aluminum), and End-User (Original Equipment Manufacturer and Aftermarket): GlobalOpportunity Analysis and Industry Forecast, 2020–2027.

About Allied Market Research

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | Twitter | LinkedIn |