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Strict emission regulations, supportive government policies, and increased vehicle electrification are some factors driving revenue growth of the market
VANCOUER, BC, CANADA, September 15, 2022 /EINPresswire.com/ -- The global on-board charger market size is expected to reach USD 8,001.4 Million in 2030 and register a revenue CAGR of 19.0% over the forecast period, according to the latest analysis by Emergen Research. Increased efforts by governments to promote electric vehicles is a key factor that is expected to support revenue growth in the market between 2022 and 2030. The restriction on the use of fossil fuels as a vehicle fuel imposed by various countries is likely to increase sales of electric vehicles. This is expected to drive revenue growth of on-board charger market.
This is creating the need for on-board chargers for an electric vehicle. An on-board charger is used in an electric vehicle for charging the traction battery by converting the AC input received from the grid to the DC input required to charge the batteries. The increase in the number of AC private and public charging stations across the globe is one of the major factors driving the market growth. The AC level 1 on-board charger is deployed in all types of electric vehicles and can be plugged into ordinary power outlets. The on-board charger market is growing due to increased deployment of electric charging stations around the world. On-board chargers are used in electric cars that allow AC level 1 and level 2 charging. The flow of electricity from the grid to the battery is managed by an OBC. This means that on-board chargers must meet the grid's specifications in locations where it will be used.
Some of the key participants in this On board Charger Market include:
Bel Fuse Inc., Delta Energy Systems, STMicroelectronics, Stercom Power Solutions GmbH, innolectric AG, BRUSA Elektronik AG, AVID Technology Limited, Ficosa Internacional SA, Kenergy Corp., and BorgWarner Inc.
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The Global On board Charger Market report provides full coverage of the companies’ data, including details about their production and manufacturing capacity, product portfolio, business overview, revenue, gross profit margins, sales network and distribution channel, financial standing, and market position. The report offers a comprehensive overview of the regional and competitive landscape and provides a deeper insight into the current market scenario and future growth prospects.
Some Key Highlights From the Report
The passenger cars segment is expected to lead, in terms of revenue, during the forecast period. Growing environmental concerns over rising CO2 emissions have prompted the development and selling of electric passenger vehicles around the world. The introduction of a technologically advanced electric vehicles has led to increased demand for autonomous vehicles. Government's increasing investments in manufacturing units is expected to drive demand for an onboard charger.
The battery electric vehicle (BEV) segment is expected to register a steady revenue growth rate during the forecast period. The propulsion of a BEV is provided by a plug-in charged battery. BEVs have an increased travel range and can store more energy for longer periods. Several companies, including Volkswagen, Audi, and Mercedes-Benz, account for the largest market share in the BEV segment.
Asia Pacific market is expected to account for the largest revenue share during the forecast period. Growth of the market in Asia Pacific is mainly attributed to increased demand in China as it is a major market for on-board chargers. BYD Qin Pro EV, Tesla Model 3, and GAC Aion S are the electric vehicles that use on-board chargers in China. In addition, increased government efforts in countries, such as China and India, to promote electric vehicle sales are boosting growth of regional market.
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The report studies the impact of the COVID-19 pandemic on the On board Charger Market .The report offers valuable insights into the market size, market share, sales channel and distribution network, segmentation of the market, demands, and trends, and growth prospects. The report also studies the growth of the market on a global and regional scale.
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This report tells you Today how the On board Charger Market will develop in the next 10 years, and in line with the variations in COVID-19 economic recession and bounce. This market is more critical now than at any point over the last 10 years.
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Emergen Research has segmented the global on board charger market based on power output, vehicle type, propulsion type, and region:
Power Output Outlook (Revenue, USD Million; 2019–2030) Less than 11 kW 11 kW to 22 kW More than 22 kW
Vehicle Type Outlook (Revenue, USD Million; 2019–2030) Passenger Car Buses Vans Medium and Heavy Duty Vehicles Others
Propulsion Type Outlook (Revenue, USD Million; 2019–2030) Battery Electric Vehicle (BEV) Plug-in Hybrid Electric Vehicle (PHEV) Hybrid Electric Vehicle (HEV)
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The report provides a comprehensive analysis in an organized manner in the form of tables, graphs, charts, figures, and diagrams. The organized data paves the way for thorough examination and research of the current and future outlook of the market. The report further offers a thorough SWOT and Porter’s Five Forces analysis to impart a better understanding of the competitive landscape of the On board Charger Market
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
Eric Lee Emergen Research +91 90210 91709 sales@emergenresearch.com Visit us on social media: Facebook Twitter LinkedIn
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