The burgeoning electric mobility development in the countries is imposing a positive growth to the Global On-Board Market. The upsurge in the demand for an electric and hybrid vehicle due to strict government norms about carbon emission and increasing inclination toward additional energy sources. Thus, this is propelling the market growth. Besides this, the surging production of electrified vehicle and the upsurge in government investment in charging infrastructure development is estimated to foster the growth of the market in the forecast period.
Key questions answered in the study
According to the MarkNtel Advisors’ research report, “Global On-Board Charger Market Analysis, 2021”, the market is expected to grow at a CAGR of 18% during 2021-26. Based on Propulsion Type, Battery Electric Vehicle accounted for the highest market share in 2020 due to its declining cost and government initiative to curb greenhouse emission. The surging government initiative to provide subsidies in order to fuel the sales of BEV is anticipated to propel the need for an on-board charger. Besides this, the increasing government inclination towards the ban on diesel vehicles is expected to create a huge impact on the growth of the on-board charger market. The UK government is planning to ban the sale of new petrol and diesel-engine cars and vans from 2040 to 2030.
“Global On-Board Charger Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting market growth, hotspots and opportunities available for On-Board Charger providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Exhibits Fastest Growth
Asia-pacific is projected to register the fastest growth in the Global On-Board Charger market over the forecast period during 2021-26. China acquired the majority market share in the Asia-pacific region. China is the major manufacturer as well as the buyer of electric vehicle globally. The rising government subsidies to promote the sale for an electric vehicle has boosted the demand for on-board charge. The government aim toward an eco-friendly car market by 2035 is aiding the market growth. Moreover, the launch of the quick charging station, investment in wireless charging infrastructure and paradigm shift of consumers from internal combustion vehicles are proliferating the demand for electric vehicle. Thereby, this is projected to contribute to the growth of global On-Board Charger market in the forecast period as revealed by MarkNtel Advisors’ research report “Global On-Board Charger Market Analysis, 2021”.
According to MarkNtel Advisors, the major leading players in the global On-Board Charger market are 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, and Ficosa Internacional etc.