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.
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:
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.
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.
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