Future On-Board Charger Market: Key Dynamics, Size & Share Analysis
The Global On-Board Charger Market size is valued at around USD 6.2 billion in 2024 and is estimated to grow at a CAGR of around 16.5% during the forecast period, i.e., 2024-30. Multiple market factors are driving the market such as the increased use of EVs at a very significant growth rate supported by advancement in technology as multiple levels of on-board chargers (Level 1, Level2, Level 3, or the DC fast charger) are being introduced to provide fast charging resolution as per requirement. Other factors that help in driving the industry include government policies supporting the growth of EVs to promote clean energy and reduce the greenhouse effects in addition to safe the depletion of nonrenewable natural resources. Global investments are being made on a mass level to support the industry with R&D and innovations.
Top Market Challenges Impacting the On-Board Charger Market Growth
Rising Adoption of EVs Driving Growth & Expansion – With the growing awareness about environmental issues more and more people are shifting to EVs as it is cost-efficient, we have seen an increased demand in the sector all over the globe. Governments around the world are working on multiple ways to boost the adoption of electric vehicles. Multiple levels of OBCs are being developed to support the growth of EVs in the market. Its, high usage specifically in the transport and passenger vehicle industry is augmenting the size & volume of the on-board charger industry. The applications of OBCs have gone way beyond passenger cars as the adoption of EVs has already expanded up to commercial vehicles, two-wheelers, and public transport and all of them require on-board chargers to function thus boosting the revenue growth of the market.
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Understanding the Core Segments in the On-Board Charger Market
On-Board Charger Market Size, Share & Industry Trends Analysis- By Propulsion Type (Battery Electric Vehicle [BEV], Plug-in Hybrid Electric Vehicle [PHEV], By Power Output (Less than 10 KW, 10 KW–20 KW, More than 20 KW), By Vehicle Type (Passenger Cars, Commercial Vehicle), By End-User (OEMs, Aftermarket), and others.
Geographical Analysis of the On-Board Charger Market
By Region
- North America
- South America
- Europe
- Asia-Pacific
- Middle East & Africa.
Who Dominates the On-Board Charger Market Insights on Key Industry Players?
Companies are strengthening their presence in the On-Board Charger market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.
- BRUSA Elektronik AG
- Current Ways Inc.
- Bel Power solution
- Innoelectric GmbH
- Toyota Industries Corporation
- Stercom Power Solutions GmbH
- Eaton
- Delphi Technologies
- Xepics Italia SRL
- Infineon Technologies AG
- AVID Technology Limited
- Hangzhou Aodi Electronic Control Co., Ltd.
- STMICROELECTRONICS
- Ficosa Internacional SA.
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