Portland, OR, July 01, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global electric vehicle on board charger market generated $2.15 billion in 2019, and is estimated to reach $10.82 billion by 2027, registering a CAGR of 22.4% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key winning strategies, industry roadmap, major segments, and competitive landscape.
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Increase in market penetration of electric vehicles, rise in government initiatives for development of electric vehicle charging infrastructure, and stringent government regulations to limit environment pollution drive the growth of the global electric vehicle on board charger market. However, limited number of EV charging stations and lack of standardization of EV charging hinder the market growth. On the other hand, development of a two-way on-board charger (V2G) for future electric and plug-in hybrid vehicle create new opportunities in the coming years.
Covid-19 scenario:
• The sales of electric vehicle (EV) on board chargers have been significantly dropped during few months of coronavirus pandemic due to the decrease in demand for vehicles all over the globe.
• The import/export of raw material required for the EV chargers and production activities in the EV industry have been stopped during global lockdown to avoid spread of coronavirus.
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The report offers a detailed segmentation of the global electric vehicle on board charger market based on power output, propulsion type, vehicle type, end user, and region.
Based on power output, the less than 10kw segment contributed to the largest share in 2019, accounting for more than four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the 10kw to 20kw segment is expected to register the highest CAGR of 25.4% from 2020 to 2027.
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Based on propulsion type, the HEV segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the BEV segment is estimated to portray the highest CAGR of 23.5% during the forecast period.
Based on region, Asia-Pacific contributed the highest share, accounting for nearly half of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Europe is expected to grow at the highest CAGR of 23.1% from 2020 to 2027.
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Leading market players analyzed in the research include BRUSA Elektronik AG, Current Ways Inc., Bel Power solution, Innoelectric GmbH, Toyota Industries Corporation, Stercom Power Solutions GmbH, Eaton, Delphi Technologies, Xepics Italia SRL, Infineon Technologies AG, AVID Technology Limited, Hangzhou Aodi Electronic Control Co., Ltd., STMICROELECTRONICS, and Ficosa Internacional SA.
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Europe Electric Vehicle Chargers Market: Europe Electric Vehicle Chargers Market was valued at $477.2 million in 2016, and is projected to reach at $2,756.4 million by 2023, growing at a CAGR of 29.4% from 2017 to 2023.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research 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.
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