NEW YORK, May 5, 2021 /PRNewswire/ —
The «Hybrid and Electric Vehicle On-Board Charger Market by Type and Geography – Forecast and Analysis 2020-2024» report has been added to Technavio’s offering.
The hybrid and electric vehicle on-board charger market is poised to grow by 5.94 million units between 2020-2024, progressing at a CAGR of about 30% during the forecast period.
Some of the major factors responsible for the growing demand for EVs are low air and noise pollution. Moreover, the popularity of EVs is growing because of the increased marketing by vendors. Demand for electricity, especially during peak hours is growing with an increasing number of EVs. To cater to this growing demand vehicle-to-grid (V2G) chargers are being developed and tested which can transfer power bi-directionally between the vehicle and the grid. These factors compel plug-in vehicles to use bi-directional on-board chargers which is a key factor driving the growth of the market during the forecast period.
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54% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for hybrid and electric vehicle on-board chargers in APAC. Market growth in this region will be slower than the growth of the market in other regions. The hybrid and electric vehicle on-board charger market growth in APAC can be attributed to the adoption of innovative technologies.
Know About the Key Opportunities and Growth of Hybrid and Electric Vehicle On-board Charger Market in Auto Parts & Equipment Industry
The hybrid and electric vehicle on-board charger market is segmented by type (BEVs and PHEVs), geography (APAC, North America, Europe, South America, and MEA), and key vendors.
The growth of the BEVs market segment has been significant. Air and noise pollution can be widely reduced by BEVs which makes them the preferred mode of transportation of the future. Although BEVs are expensive, they are a better and more viable long-term option due to their long lifespan and low maintenance costs. BEVs provide a great degree of comfort to the passengers and are smooth to drive.
The hybrid and electric vehicle on-board charger market is fragmented and the vendors are deploying growth strategies such as the introduction of new technologies and increased investments to compete in the market.
Key Market Dynamics:
- Improvements in power capacity of on-board AC chargers
- Increasing demand for HEVs and EVs
- Favorable standards for electrical connectors
- Growth of wireless charging infrastructure
- Increasing popularity of DC fast charging
- Increased vehicle weight due to on-board chargers
- Invention of bi-directional on-board chargers
- Electric powertrain as universal charger
- Integration of systems for light weighting of on-board charger
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports. Register for a free trial today and gain instant access to 17,000+ market research reports.
- Bel Fuse Inc.
- Continental AG
- DEFA AS
- EVolve Electrics Ltd.
- Hyundai Mobis Co. Ltd.
- Infineon Technologies AG
- Innoelectric GmbH
- Mitsubishi Electric Corp.
- Panasonic Corp.
- Stercom Power Solutions GmbH
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Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation by Type
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
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