On-board Charger Market: Overview
The increasing demand for electric vehicles across the world is projected to aid in the expansion of the global on-board charger market. The onboard charger (OBC) is the framework incorporated into the vehicle to re-energize the high voltage battery from the AC lattice while the vehicle is leaving. Higher driving scopes of the module half breed (PHEV) and battery electric (BEV) vehicles are acknowledged by expanding the battery limit and the energy productivity of the electric components.
The global on-board charger market is classified based on power, vehicle type, propulsion type, and region. In terms of power output, the market is grouped into more than 22 kW, between 11kW to 22 kW, and less than 11kW. As per segmentation by vehicle type, the market is grouped into boats, medium & heavy-duty vehicles, vans, buses, passenger cars, and others. With respect to classification by propulsion type, the market is bifurcated into plug-in-hybrid electric vehicle or PHEV, and battery electric vehicle or BEV.
The report on the global on-board charger market offers a 360-degree overview of the global market and its prime growth trajectories such as drivers, restraints, challenges, and upcoming opportunities. It also focuses on the impact of the COVID19 pandemic on this market and how can manufacturers benefit from it by applying various branding and marketing strategies. The list of key players is also provided in this report. The report is available for sale on the company website.
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On-board Charger Market: Company Profiles
The nature of competition for the global on-board charger market is highly fragmented on account of the presence of multiple players. The key objective of most players is to expand their electronic vehicle charging capabilities for better performance. This will not only increase the brand presence but also draw significant revenues in the coming years. Besides this, manufacturers of the on-board charger market are indulging in joint ventures, and collaborations to gain impetus in the coming years.
Some of the players of the global on-board charger market include:
- Ficosa International SA
- AVID Technology Limited
- BRUSA Elektronik AG
- Innoelectric AG
- Stercom Power Solutions GmbH
- Toyota Industries Corporation
- Delta Energy Systems
- Bel Fuse Inc.
On-board Charger Market: Notable Industry Developments
- KPIT and Eaton entered into a strategic partnership in January 2019 for the development of the next-generation technology concerning e-mobility.
- Green Motion SA was acquired by Eaton in March 2021 for the production of both hardware and software of electric vehicles. The main objective is to improve the electric charging capabilities of their products.
On-board Charger Market: Trends and Opportunities
The quick expansion in the electric vehicle charging framework is relied upon to cultivate the development of the onboard charger market. This is because of the diminished force misfortune and expanded influence saving, which brings about expanded influence thickness and worked on generally speaking execution of the batteries. In addition, rising information among the end clients in regards to a reasonable environment with less ozone harming substance emissions is additionally enhancing the market development. On the flip side, the severe unofficial law toward the expanding adaption of EV has been the strongest main impetus for the quicker arrangement of this vehicle class, particularly at the assembling level.
Despite this fact, the exorbitant cost of electric vehicles, dainty and inconsistent framework, and reach uneasiness, when contrasted with a similar section inward combustion motor (ICE) controlled vehicle has been a significant hindrance to EV adoption. One of the main considerations controlling the development of the worldwide on-board charger market is expanding push from governments for the installation of DC quick chargers. Despite that, developing mechanical necessities, around the world, attributable to environmental concerns have impelled innovative work (R&D) interest in electric vehicle innovation can set out more open doors for the further development of the market
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On-board Charger Market: Demographics
Geographically, the market was dominated by the Asia Pacific in 2020 on account of the increasing efforts by the government on the promotion and sales of electric vehicles. Countries such as India and China are at the top in terms of revenue generation. Europe ranks second on account of the rapid expansion of electronic vehicle offerings, which ultimately propels the demand for onboard chargers.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.