The burgeoning electric mobility development in different countries is imposing a positive growth on the Global Onboard Market. The surging demand for an electric and hybrid vehicle is mainly due to the strict government norms for the increasing carbon emission and inclination toward additional energy sources. Thus, it is propelling the market growth. Besides the surging production of electrified vehicles, government investment in charging infrastructure development is likely to drive the market growth 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 likely to grow at a CAGR of 18% between 2021-26. Based on propulsion, the Battery Electric Vehicle segment accounts for the highest market share in 2019 due to its declining cost and government initiative to curb greenhouse emissions. The surging government initiative to provide subsidies to fuel BEV sales propels the need for an onboard charger. Besides, the increasing government inclination toward banning diesel vehicles can significantly impact the market growth. The UK government plans to ban selling new petrol & 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 the market growth, hotspots, and available opportunities for an onboard charger provider. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure competitors' capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific Exhibits Fastest Growth
Asia-pacific is likely to register the fastest growth in the Global Onboard Charger market over the forecast period between 2021-26. China acquired the majority market share in the Asia-pacific region. China is the prime manufacturer and buyer of electric vehicles globally. The rising government subsidies to promote the sale of an electric vehicle has boosted the demand for onboard charges. The government aims toward an eco-friendly car market by 2035. Hence, it 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 boosting the demand for electric vehicles. Thereby, it is likely to contribute to the growth of the Global Onboard Charger market in the forecast period, reveals MarkNtel Advisors in their research report, "Global Onboard Charger Market Analysis, 2021."
According to the MarkNtel Advisors, the major leading players in the Global Onboard 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.