Market Research Report
Asia-pacific Electric Vehicle On-board Charger Market Forecast 2021-2028
|Asia-pacific Electric Vehicle On-board Charger Market Forecast 2021-2028|
Published: August 9, 2021
Content info: 138 Pages
Delivery time: 2-3 business days
The Asia-Pacific electric vehicle on-board charger market is evaluated to record a CAGR of 20.92% in terms of volume and 19.45% in terms of revenue during the projected years of 2021 to 2028. Key drivers, including increased rates of industrialization, the steadily growing population, the presence of leading automobile manufacturers, as well as the availability of raw materials and cheap labor, are set to fuel the market growth of the region.
The Asia-Pacific electric vehicle on-board charger market growth assessment constitutes the analysis of Japan, Singapore, South Korea, India, Australia & New Zealand, China, and the rest of the Asia-Pacific. The electric vehicle industry in India is currently in its nascent stage and requires a boost from the government in terms of campaigns, incentives, and increased subsidiaries to gain momentum. As per the CEO of NITI Aayog, India targeted the deployment of nearly seven million electric vehicles in the country by 2020, under the National Electric Mobility Mission Plan (NEMMP), 2020. Furthermore, the use of electric and hybrid cars will significantly minimize CO2 emissions as well as other pollutants, thereby strengthening India's productivity.
South Korea is one of the leading exporters and manufacturers of automotive vehicles across the world. The nation exports approximately 70% of its automobile production, as it engages in free trade agreements with European Union (European Union Korea Free Trade Agreement) and the United States (Korea US Free Trade Agreement). As a result, the abovementioned factors are evaluated to influence the Asia-Pacific electric vehicle on-board charger market growth over the forecasting period.
Key companies operating in the market are Shinry Technologies, Hangzhou AODI Electronic Control Co Ltd, Toyota Industries Corporation, etc.