Surge in Government Support and Favorable Policies Promoting the Adoption of Electric Vehicles Across the Region Have Propelled the Growth of the EV on-Board Charger Market in APAC!
- Vikas Kumar
- December 23, 2023
- AUTOMOTIVE, NEWS
- EV On-Board Chargers Market Analysis, EV On-Board Chargers Market Forecast, EV On-Board Chargers Market Growth, EV On-Board Chargers Market Outlook, EV On-Board Chargers Market Share, EV On-Board Chargers Market Size, EV On-Board Chargers Market Trends
- 0 Comments
One significant factor driving the growth of Electric Vehicle (EV) on-board chargers in the Asia Pacific region is the robust government support and favorable policies promoting the adoption of electric vehicles. Many countries in Asia Pacific have recognized the urgent need to combat pollution, reduce greenhouse gas emissions, and address the challenges posed by climate change. As a result, governments have implemented various initiatives to incentivize the uptake of electric vehicles and accelerate the development of charging infrastructure. For instance, On June 21, 2023, China announced a substantial tax incentive package amounting to 520 billion yuan (USD 72.3 billion) over a span of four years. This package is specifically designed to provide tax breaks for electric vehicles (EVs) and other environmentally friendly vehicles. It represents the largest tax incentive ever offered by China to the automotive industry, reflecting the government’s efforts to stimulate growth in the face of sluggish auto sales.
Access sample report (including graphs, charts, and figures): https://univdatos.com/get-a-free-sample-form-php/?product_id=43838
Additionally, China has invested heavily in building a vast network of charging stations, both in urban centers and along major highways, to alleviate range anxiety and encourage widespread EV adoption. Similarly, countries like Japan and South Korea have also taken proactive measures to promote EVs. Japan offers subsidies for the installation of home charging systems and supports research and development of advanced charging technologies. South Korea has also implemented policies to enhance public charging infrastructure and encourages partnerships between public and private entities to facilitate charging accessibility. This strong government backing and clear policy direction have provided the necessary impetus for automakers and private enterprises to invest in the development and production of advanced on-board chargers. As a result, the EV charging technology in the Asia Pacific region has witnessed rapid advancements, enabling faster charging times, increased charging efficiency, and compatibility with various charging standards.
Further, the APAC EV On-Board Charger Market is expected to grow at a strong CAGR of 16.2% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest growth in the battery industry. Moreover, manufacturers in APAC are investing in research and development to produce innovative and technologically advanced products. These new products are designed to meet the specific requirements of different industries and are aimed at improving efficiency, reliability, and safety.
APAC EV On-Board Charger Market Revenue (2022-2030)- USD Mn.
Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. Among these, the passenger car segment is expected to attain a high market share in 2022. The growth of the passenger car segment in the EV on-board charger market is primarily fueled by increasing awareness and acceptance of electric vehicles among consumers. Governments worldwide are implementing stringent emission regulations and offering incentives to promote clean transportation, leading more consumers to consider electric cars as viable alternatives to conventional gasoline vehicles. As charging infrastructure continues to expand, range anxiety diminishes, making electric vehicles a more practical choice for daily commuting and long-distance travel. Technological advancements in on-board chargers, such as higher power outputs and bidirectional capabilities for vehicle-to-grid (V2G) integration, are also boosting consumer confidence in electric cars, further driving the growth of this segment.
Based on propulsion, the market is segmented into BEV, PHEV, and HEV. Among these, the BEV segment is expected to hold a significant share of the market share in 2022 and will dominate during the forecast period. BEVs are emission-free and offer a more sustainable mode of transportation, aligning with the global push for eco-friendly solutions to combat climate change. As battery technology continues to advance, the driving range of BEVs has improved significantly, increasing their appeal to consumers. On-board chargers play a critical role in charging BEVs efficiently and conveniently, enhancing the overall ownership experience. With governments offering incentives and investing in charging infrastructure specifically tailored to BEVs, the demand for on-board chargers in this segment is projected to surge in the coming years. For instance, In December 2021, Toyota Motor Corporation announced a line-up of its battery electric vehicle plans, unveiling 16 new BEV models. The 16 new BEVs unveiled at the Mega web showcase included five Toyota “bZ” (beyond Zero) vehicles, one of which was the bZ4X launched in 2022.
For a detailed analysis of the Global EV On-Board Charger Market browse through – https://univdatos.com/report/ev-on-board-chargers-market/
Global EV On-Board Charger Market Segmentation
Market Insight, by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market Insight, by Propulsion Type
- BEV
- PHEV
- HEV
Market Insight, by Power Output
- Less than 20KW
- More than 20KW
Market Insight, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of APAC
- Rest of the World
Top Company Profiles
- Bel Fuse Inc
- BRUSA Elektronik AG
- Current Ways
- BorgWarner Inc.
- Eaton
- Infineon Technologies AG
- innolectric Agi
- Stercom Power Solutions GmbH
- Toyota Industries Corporation
- Xepics Ltd
Related Posts
