Pune, India, Nov. 26, 2021 (GLOBE NEWSWIRE) — According to the report, the global Electric Vehicle On-Board Charger market size is expected to grow from USD 3.45 billion in 2021 to USD 11.64 billion by 2028. This information is published by Fortune Business Insights in its report, titled “Electric Vehicle On-Board Charger Market, 2021-2028.” The report further mentions that the market stood at USD 3.31 billion in 2020 and is likely to exhibit a CAGR of 18.9% between 2021 and 2028. The increasing demand for hybrid vehicles and the growing focus on the development of plug-in charging infrastructures worldwide propels the product’s demand in the forthcoming years. For instance, an upcoming startup, SparkCharge, announced the development of an ultrafast and portable charging unit that the consumer can request anytime, anywhere.
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|Forecast Period 2021 to 2028 CAGR||18.9%|
|2028 Value Projection||USD 11.64 billion|
|Market Size in 2020||USD 3.31 billion|
|Historical Data for||2017-2019|
|No. of Pages||200|
|Segments covered||Propulsion Type, Power Output, Vehicle Type and Region|
|Growth Drivers||Increasing Demand for Hybrid Vehicles to Spur Market Growth|
|Eminent Companies Focus on Product Innovation to Strengthen Their Market Positions|
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Based on propulsion type, the market is divided into BEV (Battery Electric Vehicle), HEV (Hybrid Electric Vehicle) and PHEV (Plug-in Electric Vehicle). The BEV segment held a market share of about 66.75% in terms of revenue during the forecast period. This is due to the growing demand for BEV chargers owing to their efficiency and improved performance across the globe. Based on the vehicle type, the market is segmented into Passenger cars and Commercial Vehicles. On the basis of power outputs, the market is bifurcated into <20 kW and >20Kw. Based on the region, the market is classified into North America, Asia-Pacific, Europe, and Rest of the World.
Asia Pacific – The region stood at USD 1.30 billion in 2020. It is likely to dominate with the largest global electric vehicle on-board charger market share during the forecast period. This is attributable to the presence of a high population in countries such as India and China leading to the higher demand for advanced electric vehicles.
Europe – On the other hand, the region is expected to hold second-position in the market during the forecast period. This is ascribable to factors such as the stringent government regulations on road safety that is propelling the manufacturers to include safety features such as advanced electric vehicle on-board chargers for electric automotive.
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Increasing Demand for Hybrid Vehicles to Spur Market Growth
The implementation of stringent government regulations to reduce vehicular emissions is propelling the demand for hybrid vehicles. According to the Alternative Fuels Data Center, in the U.S. around 17,600 plug-in hybrid vehicles were sold in 2020. The rising emission levels and the supportive government policies to promote the sales of electric vehicles is anticipated to fuel the global electric vehicle on-board charger market growth during the forecast period. In June 2021, Eaton Corporation announced that it will be supplying 24-to-12-volt DC-DC converters for an unspecified heavy-duty commercial battery electric vehicle (BEV) that will be sold over China and the North American region. The companies are focusing on the development of plug-in chargers to cater to the growing consumer demand. Such initiatives are further expected to boost the product’s demand during the forecast period.
Eminent Companies Focus on Product Innovation to Strengthen Their Market Positions
This market is fragmented by the presence of major companies that are striving to maintain their presence by adopting modern technologies to develop advanced EV on-board charging equipment. Additionally, key players positioned in the market are trying to gain a competitive edge over their rivals by adopting strategies such as merger and acquisition, partnership, and collaboration during the forecast period.
List of the Companies Operating in the Market:
- Bel Power solution (California, U.S.)
- BRUSA Elektronik AG (Sennwald, Switzerland)
- Current Ways Inc. (California, U.S.)
- Delphi Technologies (London, U.K.)
- Eaton Corporation (Dublin, Ireland)
- Infineon Technologies AG (Neubiberg, Germany)
- Innoelectric GmbH (Bochum, Germany)
- Stercom Power Solutions GmbH (Weyarn, Germany)
- Toyota Industries Corporation (Aichi, Japan)
- Xepics Italia SRL (Chiasso, TI, Switzerland)
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Global Electric Vehicle On-Board Charger Market Segmentation:
By Propulsion Type:
By Power Output:
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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