Electric Vehicle On-Board Charger Market Rising Trends, Growth Rate, and Comprehensive Research Report

Global electric vehicle on-board charger market is expected to grow at a significant CAGR of 29% in the upcoming period as the scope and its applications are rising enormously across the globe. Electric vehicle on-board charger is a device that converts AC power from charging station to DC power to charge a 350V or 650V battery in the vehicle. The most common on-board chargers are 3.3 kW on plug-in hybrid electric vehicles (PHEVs) and .6 kW on battery electric vehicles (BEVs).

The factors that are playing a major role in the growth of electric vehicle on-board charger market are growing population using an electric vehicle, rising concern regarding environmental pollution, and growing government initiative by offering several subsidies on electric vehicles. However, the lack of public charging stations and lack of standardization may restrain the overall market growth in the years to come. The market is segmented based on component, application, end-user, and region.

Based on components, outer casing, battery, thermal management, power electronics, and others classify electric vehicle on-board charger market. The market is categorized based on applications like battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and FCEV. Battery electric vehicle (BEV) sector accounted for the substantial share of the market and is estimated to lead the overall market in the years to come.

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Based on end-users, commercial, residential, and others classify electric vehicle on-board charger market. Commercial sector accounted for the substantial share of the market and is estimated to lead the overall market in the years to come. Also, the residential sector is estimated to grow at the fastest pace in the years to come.

Globally, Asia Pacific accounted for the substantial share of the market and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could the growing population preferring electric vehicles, rising government initiative by offering subsidies, rising concern regarding air pollution, and increasing disposable income.

Europe and North America are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, North America is estimated to grow at the highest CAGR in the forecast period.

The key players of electric vehicle on-board charger market are LG, CurrentWays, Inc., Continental AG, Infineon technologies, Lear Corporation, Delta-Q Technologies Corp., Texas Instruments, Innoelectric GmbH, and BRUSA Elektronik AG. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.

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