By 2027, the market size of car chargers will reach 5.102.2 billion U.S. dollars, with a compound annual growth rate of 19.4%-Evaluation Report

2021-12-08 08:22:04 By : Ms. Sheila Xi

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Bangalore, India, December 7, 2021/PRNewswire/-The car charger market is segmented by type (below 3.0 kW, 3.0-3.7 kW, and higher than 3.7 kW) and end users (PHEV, EV). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.

In 2020, the global car charger market is worth 1.408 billion U.S. dollars and is expected to reach 5.102.2 billion U.S. dollars by the end of 2027, with a compound annual growth rate (CAGR) of 19.4% from 2021 to 2027.

The main factors driving the growth of the car charger market:

The high cost of charging electric vehicles at public charging stations is driving the on-board charger market. Commercial electricity prices apply to public chargers near roads, shopping malls and businesses, and are higher than residential electricity prices. This requires the use of on-board chargers in electric vehicles.

Factors such as the increasing penetration rate of electric vehicles and the government taking more measures to improve the charging infrastructure of electric vehicles are driving the on-board charger market forward.

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Trends affecting the growth of the car charger market:

Governments banning the use of fossil fuels as vehicle fuels are expected to promote the sales of electric vehicles, which in turn will promote the growth of the on-board charger market.

Due to the increase in the deployment of charging stations worldwide, the car charger market is growing. In electric vehicles that support AC level 1 and level 2 charging, an on-board charger is used. The on-board charger (OBC) is responsible for managing the current from the grid to the battery. This means that OBC must meet the grid codes of the area where it is used.

The beginning of the COVID-19 pandemic has had a negative impact on the growth of the car charger market; however, government subsidies for the purchase of electric vehicles during the epidemic have promoted the sales of electric vehicles in the later stages of the epidemic.

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Market share analysis of car chargers

During the forecast period, the PHEV segment is expected to be the most profitable. Several plug-in hybrid electric vehicle (PHEV) manufacturers are using on-board chargers with output power ranging from 3 to 3.7 kW, which is driving the market forward. PHEV is very popular all over the world.

During the forecast period, the Asia-Pacific region is expected to be the most profitable. In countries such as China and India, government initiatives to promote electric vehicle sales are increasing, which is driving the growth of the regional car charger market.

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Leading company in the car charger market

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-In 2019, the market value of electric vehicle chargers is 2.15 billion U.S. dollars and is expected to reach 10.82 billion U.S. dollars by 2027, with a compound annual growth rate of 22.4% from 2020 to 2027.

-It is estimated that by 2027, the global electric vehicle charging infrastructure market will reach USD 27.69 billion from USD 10 billion in 2020, with a compound annual growth rate of 18.5% from 2021 to 2027.

-In 2020, the global electric vehicle supply equipment market will reach US$2.1693 billion and is expected to reach US$12.81 billion by the end of 2027, with a compound annual growth rate of 28.9% from 2021 to 2027.

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-It is estimated that by 2027, the global electric commercial vehicle market will reach USD 178.56 billion from USD 101.27 billion in 2020, with a compound annual growth rate (CAGR) of 8.3% from 2021 to 2027

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