The global On-Board Charger Market size is expected to reach USD 13.96 billion by 2028, registering a CAGR of 17.2% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increase in electric car sales globally. According to the statistics provided by the IEA organization, in 2019, electric car sales accounted for 2.1 million, registering a 40% year-on-year growth.
The
ban imposed by various governments on the use of fossil fuel vehicles is
expected to increase the sales of electric vehicles, which is subsequently
expected to create the need for on-board chargers. In the U.K., the government
has released its plan of banning new fossil fuel vehicle sales by 2030 to help
accentuate electric vehicle use. Additionally, in the U.S., California is also
expected to ban the sales of gasoline-powered new trucks and passenger cars by
2035.
Tax
benefits provided on the purchase of electric cars are also one of the major
factors driving the market growth. In the U.K., significant tax benefits are
being provided to company fleet operators and car drivers for switching to
electric vehicles from April 2020. The zero tax rate will be applicable for
electric vehicles with a range of over 130 miles and hybrid vehicles with
emissions from 1 to 50 g/km.
The
outbreak of the COVID-19 pandemic negatively impacted the market growth at the
initial stages; however, the subsidies provided by various countries on the
purchase of electric vehicles during the pandemic boosted the EV sales in the
latter stage of the pandemic. For instance, in July 2020, the Chinese
government extended the period of its subsidy program for new energy vehicles
by two more years. Thus, the program that was expected to end by 2020 will be
ending in 2022.
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On-board Charger Market Report Highlights
- The less
than 11 kW segment is expected to witness the highest growth over the
forecast period. The segment growth can be attributed to the growth in
electric vehicle charging at homes
- The buses
segment is expected to witness the highest growth over the forecast
period. The rise in sales of electric buses across the globe is expected
to accentuate the segment growth
- The Plug-In
Hybrid Electric Vehicle (PHEV) segment is expected to witness the highest
growth over the forecast period. Increased fuel efficiency and a longer
driving range offered by a PHEV is driving the segment growth
- The Asia
Pacific regional market is expected to witness the highest growth owing to
the increasing government initiatives for adopting electric vehicles in
the emerging economies of the region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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