Worldwide On-board Charger Market Size is projected to expand at 17.2% CAGR over the analysis timeframe from 2021 to 2027, taking the industry valuation of USD 4.05 billion in 2020 to USD 12.3 billion by the year 2027.
An on-board charger is used to charge the traction battery in electric vehicle or hybrid vehicle. This charger converts the AC input from the grid into DC input to charge the battery of the vehicle.
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Rising awareness regarding environment protection has shifted focus of the customers towards electric vehicles, which is increasing the demand for on-board charger worldwide. For instance, according to USA Facts, all-electric vehicle sales in the United States increased from 86,731 units in 2016 to 2,41,912 units in 2019. Also, government initiatives to increase the adoption of electric vehicle and developing charging infrastructure has increased the demand for on-board chargers. Such as, in May 2019, Canadian government introduced a rebate of up to CA$5,000 (USD 3973) for electric-battery or hydrogen-fuel-cell vehicles, in which fully electric cars with sticker below CA$ 45000 (USD 35763) are eligible for full rebate and plug-in hybrids can qualify for up to CA$2,500 (USD 1986) off. Additionally, in August 2021, government of Australia funded USD 25 million to five companies for new Electric Vehicle (EV) chargers across metropolitan and regional Australia, to increase the adoption of electric vehicles across the region. Furthermore, lack of standardization of EV charging and increasing installation of fast DC chargers are expected to restrain the growth during forecast period. However, new product launches and growing installation of in-house charging by customers are anticipated to fuel the demand for product in coming years. For instance, in January 2020, Innolectric, launched a 22-kW silicon carbide on-board charger under partnership with STMicroelectronics.
Major market player included in this report are:
- Bel Fuse Inc.
- Delta Energy Systems
- Toyota Industries Corporation
- Stercom Power Solutions GmbH
- Innolectric AG
- Brusa Elektronik AG
- Avid Technology Limited
- Ficosa Internacional SA
Asia Pacific is leading the market among Asia Pacific, North America, Europe, Latin America, and Rest of the World, due to government support for adoption of electric vehicles and rising sales of EVs in countries such as China and India. Whereas, Europe is expected to grow with a significant growth rate during forecast period, owing to growing investment in charging infrastructure and presence of prominent automobile players in the region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Power Output:
- Less than 11 kW
- 11 kW to 22 kW
- More than 22 kW
By Vehicle Type:
- Passenger Car
- Medium & Heavy Duty Vehicles
By Propulsion Type:
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Global On-board Charger Market: regional analysis
Geographically, this report is segmented into several key countries, with market size, growth rate, import and export of On-board Charger market in these countries, which covering North America, U.S., Canada, Europe, UK, Germany, France, Spain, Italy, ROE, Asia Pacific, China, India, Japan, Australia, South Korea, RoAPAC, Latin America, Brazil, Mexico and Rest of the World.
Furthermore, years considered for the study are as follows:
- Historical year – 2018, 2019
- Base year – 2020
- Forecast period – 2021 to 2027.
Some of the major questions addressed in the report are:
- What are the crucial factors driving the market?
- What shall be the expected growth acceleration and rate of the market during the forecasted timeframe?
- What was the market size value of the On-board Charger in 2020?
- What shall be the On-board Charger Market size by 2027?
- Which region shall account for the largest market share of the On-board Charger Industry?
- What are the market threats and opportunities considered by the vendors in the On-board Charger Market?
Questions? Get them answered via https://www.marketstudyreport.com/enquiry-before-buying/4164223/?utm_source=Marketwatch.com/&utm_medium=SP before taking a buying decision on On-board Charger Market Report
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