Market Research Report
Automotive On-board Charger Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Automotive On-board Charger Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 70 Pages
Delivery time: 2-3 business days
The global automotive on-board charger market is anticipated to register a CAGR of about 30% during the forecast period (2020 - 2025).
In 2019, the global electric passenger car fleet exceeded 7.2 million, in which around 47% of the world's electric car fleet was in China. Global passenger cars have witnessed sluggish sales in 2019 but the electric cars are recording new sales records, with 2.6% share of electric cars in worldwide car sales with China at 4.9% and Europe at 3.5% achieved new records in electric vehicle share in 2019. Whereas the number of charging points worldwide reached around 7.3 million in 2019, in that 6.5 million chargers are privately owned. The increase in sales of passenger electric cars and an increase in the number of chargers will ultimately propel the growth of the automotive on-board charger market
Governments of many developed and developing countries have framed their plan for green mobility, in which they are banning the diesel vehicles and providing incentives to the EV buyer, For instance, the United Kingdom is planning to ban sales of all type of gasoline and diesel engine cars by 2040, India is planning to ban all type of diesel-engine cars in the roads by 2030. On the other hand, Norway is way ahead of the curve, it plans to make every new car a zero-emission car by 2025.
Asia-Pacific is expected to lead the automotive on-board charger market as it is the hub of the electric vehicle industry owing to the availability of cheap raw materials, cheap manpower, presence of numerous numbers of industry players, large population, and government participation. For instance, The Chinese government has spent around USD 60 billion to support the electric-vehicle industry, including R&D funding, tax exemptions, and financing for battery-charging stations.
China is the largest market for electric cars and buses across the world and sold 872 thousand units of New Energy Vehicles (both passenger and commercial vehicles) for the first 9 months in 2019, exhibiting a growth rate of 20.8%. China has the biggest infrastructure for EV charging in the world with 976,000 charging units (June 2019).
Global electric car sales reached 2.1 million marks in 2018, compared to 2.0 million in 2018. Showing year-on-year growth in electric car sales of 6% between 2018 and 2019. China remained its top spot in the global electric car market with nearly 1.06 million electric cars sold in 2019.
The global automotive on-board charger market is fragmented, has several active players, owing to the presence of new startups and major automotive electronics manufacturers. Some of the major players in the market are BorgWarner Inc., Ficosa Corporation, and LG Electronics amongst others. Some of the electric vehicle OEMs manufacture onboard charger in-house such as BYD and Tesla. As the market is witnessing the entry of various new electric models the on-board charger companies are expanding their presence by forming strategic alliances with other players in the market and launching new automotive on-board chargers. For instance,