Electric Vehicle On-board Charger (OBC) Market by Vehicle Type (Passenger Cars, LCV, HCV) by Current Type (AC, DC) by Propulsion Type (BEV, HEV, PHEV): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The Electric Vehicle On-board Charger (OBC) Market is expected to cross market value of USD 12,888.6 million in 2027 from USD 2,780 million in 2020. It is expected to grow at a CAGR of over 24.3% during the forecast period.

Key Market Drivers and Restraints

Growing penetration of electric vehicles is a key factor driving the global market growth. Rapidly improving battery technology and electric grid automation are improving the performance of the electric vehicle and aiding in lightweight vehicle construction, resulting in the growing adoption of EVs in developing and developed countries is projected to create high demand for Electric Vehicle On-board Charger (OBC) Market. Furthermore, increasing government expenditure on infrastructure development of electric charging and rising disposable income are factors expected to support the growth of the global market.

However, limited charging stations are a key factor limiting the growth of the global market. In addition, the lack of standardization required for an electric vehicle is another factor expected to challenge the growth of the global market to a certain extent.

Impact of COVID 19

As a result of the COVID-19 outburst, electric vehicle development is serious about achieving sustainable areas and carries challenges to the complete industry. Also, it has reduced EV sales in the short range but may stimulate upcoming electric vehicle demand for large electric vehicles with improved performance. In the meantime, travel limitations caused by COVID-19 have interrupted electric vehicle material supplies that depend on imports, fast-tracking domestic, additional exploitation, and inventory improvement of severe parts. Moreover, huge lockdowns for monitoring COVID-19 have disrupted operations and productions, which inclines to expel small brands out of the competitive market.

Lastly, the social distancing inclination after the pandemic is carrying challenges to outdated electric vehicle Propulsion Types and forceful automakers to develop advanced online selling channels.

North America to Dominate the global Electric Vehicle On-board Charger (OBC) Market.

The global Electric Vehicle On-board Charger (OBC) Market covers six regions: North America, Asia Pacific, Europe, Latin America (LATAM), Middle East, and Africa, including all the key economies in these regions. The North American market is projected to account for a high revenue share in the global market due to the higher adoption of EVs in the countries in the region. On the other hand, the Asia Pacific market is projected to register the highest growth rate in the target market, increasing the adoption of EVs, coupled with an increasing number of commercial EVs in countries in the region.

The AC leads the Global Electric Vehicle On-board Charger (OBC) Market

AC and DC are the key currents in the Electric Vehicle On-board Charger (OBC) Market. In 2020, the AC segment accounted for the largest share of the Electric Vehicle On-board Charger (OBC) Market. However, the DC segment is anticipated to grow at the fastest CAGR during the forecast period.

Passenger Cars would continue to dominate the global Electric Vehicle On-board Charger (OBC) Market in terms of Vehicle Type.

Passenger Cars, LCVs, and HCV, are some of the major types of Vehicles Type. The passenger cars segment accounted for the largest share of 2020 of the Electric Vehicle On-board Charger (OBC) Market 2020.

Frequently asked questions about global Electric Vehicle On-board Charger (OBC) Market

The sales of electric vehicle on board chargers have been dropped, due to decrease demand for electric vehicles

Passenger Cars and LCV are the most frequently through Electric Vehicle On-board Charger (OBC)

AC is the most Current Type in Electric Vehicle On-board Charger (OBC)

Delphi Technologies, Infineon Technologies AG, Bel Power solution, Toyota Industries Corporation, BRUSA Elektronik AG, Current Ways Inc are key players operating in this market

BEV Propulsion Type offers tremendous opportunities to players

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Published Date:  Jun 2021
Category:  Automotive & Transportation
Report ID:   60395
Report Format:   PDF
Pages:   120
Rating:    4.4 (66)
Delivery Time: 24 Hours to 48 Hours   
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