On board Charger Market Size to Reach USD 5102.2 Million by 2027 at CAGR 19.4% - Valuates Reports
BANGALORE, India, Dec. 7, 2021 /PRNewswire/ -- The On board Charger Market is Segmented by Type (Lower than 3.0 Kilowatts, 3.0 - 3.7 Kilowatts, Higher than 3.7 Kilowatts), End User (PHEV, EV). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.
In 2020, the global On-board Charger market size was USD 1400.8 Million and it is expected to reach USD 5102.2 Million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 19.4% during 2021-2027.
Major Factors driving the growth of the On-Board Charger Market:
The on-board charger market is being driven by the high cost of charging an electric vehicle at public charging stations. Commercial electric rates apply to public chargers near roads, malls, and businesses, which are more than residential rates. This necessitates the use of onboard chargers in electric vehicles.
Factors such as rising electric car penetration and increased government measures to improve electric vehicle charging infrastructure are propelling the On-Board Charger market forward.
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Trends Influencing The Growth Of The On-Board Charger Market:
The ban on the use of fossil fuel as a fuel for vehicles imposed by various governments is expected to boost sales of electric vehicles, which in turn is expected to drive the growth of the on-board charger market.
The onboard charger market is growing due to the increased deployment of electric charging stations around the world. In an electric car that supports AC level 1 and level 2 charging, onboard chargers are used. An on-board charger (OBC) is responsible for managing the flow of electricity from the grid to the battery. This means that the OBC must meet the grid's specifications in the areas where it will be used.
The beginning phases of the COVID-19 pandemic had a negative impact on on-board charger market growth; however, subsidies granted by various governments on the purchase of electric cars during the epidemic bolstered EV sales in the later stages of the pandemic.
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On-Board Charger Market Share Analysis
During the projected period, the PHEV segment is expected to be the most lucrative. Several Plug-in Hybrid Electric Vehicle (PHEV) manufacturers are using onboard chargers with outputs ranging from 3 to 3.7 kW, which is propelling the market forward. PHEVs are exploding in popularity around the world.
During the projected period, the Asia Pacific area is expected to be the most profitable. Government initiatives to promote electric car sales are increasing in nations like China and India, which is boosting regional on-board chargers market growth.
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Leading Companies in the On-Board Charger Market
- BYD
- Nichicon
- Tesla
- Infineon
- Panasonic
- Delphi
- LG
- Lear
- Dilong Technology
- Kongsberg
- Kenergy
- Wanma
- IES
- Anghua
- Lester
- Tonhe Technology
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