The global hybrid and electric vehicle on-board charger market will grow by 5.94 million units during 2020-2024.
LONDON--(BUSINESS WIRE)--#GlobalHybridandElectricVehicleOnBoardChargerMarket--Due to the COVID-19 pandemic, the global hybrid and electric vehicle on-board charger market registered a YOY growth of -9.13% in 2020. However, the market is estimated to expand at a CAGR of about 30% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get Free Sample Report Delivered Instantly to Know More
Hybrid and Electric Vehicle On-Board Charger Market: Improvements in power capacity of on-board AC chargers to drive growth
On-board chargers have a low power transfer capability of less than 20 KW, which increases the charging time. Also, since they are installed inside vehicles, it increases the overall weight of the vehicle, thereby reducing efficiency. To overcome such challenges, vendors in the market are integrating high-power electronics in a single and compact device to increase the effective use of on-board chargers in EVs. This has positively impacted on-board electric charging infrastructure that can charge EVs of any size in less than one hour. Many such developments are influencing the growth of the global hybrid and electric vehicle on-board charger market.
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As per Technavio, the increasing demand for HEVs and EVs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Hybrid and Electric Vehicle On-Board Charger Market: Increasing demand for HEVs and EVs
Countries across the world are enforcing stricter regulations to control GHG emissions in the atmosphere. For instance, according to EU norms of 2009, the CO2 emission level for new passenger cars cannot exceed 130g/Km. In 2020, the target reached 95g/Km. Such targets can only be achieved with the use of hybrid or electric vehicles. In addition, several governments are introducing fiscal incentives, subsidies, and tax benefits to encourage the sales of HEVs and EVs. These factors are increasing the demand for on-board chargers, which is driving the growth of the market.
“Rise in the adoption of BEVs and PHEVs and increasing crude oil prices will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Hybrid and Electric Vehicle On-Board Charger Market: Major Vendors
The report covers details on the market’s competitive landscape and offers information on the products offered by various companies, including:
- Bel Fuse Inc.
- Continental AG
- DEFA AS
- EVolve Electrics Ltd.
- Hyundai Mobis Co. Ltd.
Hybrid and Electric Vehicle On-Board Charger Market: Segmentation Analysis
This market research report segments the hybrid and electric vehicle on-board charger market by Type (XLPE foam and Non-XLPE foam) and Geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the hybrid and electric vehicle on-board charger market in 2020, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the high sales of EVs in China.
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Some of the key topics covered in the report include:
Market Share by Competitors
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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