An onboard charger is a device that helps convert AC power into DC energy to store it in the battery of hybrid and electric vehicles.
Passenger Car Accounted for the Largest Market Share
Based on vehicle type, passenger cars account for the largest market share in the Global On-Board Charger market in 2019. The growing environmental concerns due to the rising CO2 emission level have propelled the production and sales of an electric passenger vehicle globally. The launch of a technologically advanced electric vehicle is burgeoning the demand for an autonomous vehicle. The snowballing investment by the government toward manufacturing units is likely to contribute to the robust requirement for an onboard charger. Moreover, the escalating adoption of automated & hybrid cars by customers is placing a positive influence on the growth of the Global On-Board Charger Market in 2021, reveals MarkNtel Advisors in their research report, "Global On-Board Charger Market Analysis, 2021."
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada|
|Europe: UK, France, Italy, Spain|
|Asia-Pacific: China, India, Japan|
|South America: Brazil|
|Middle East & Africa: GCC, South Africa|
|Key Companies Profiled||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, Others|
|Unit Denominations||USD Million/Billion|
According to the MarkNtel Advisors' research report, "Global On-Board Charger Market Analysis, 2021," the market is likely to grow at a CAGR of around 18% between 2021-26. The ongoing investment toward the charging infrastructure and electric vehicles production facility upsurge is a government initiative. It is to propel the sales of electric vehicles and rise in customer inclination toward the autonomous driving vehicle. These are the significant factors promising lucrative growth of the onboard charger market. Moreover, the increasing transportation electrification, introduction of EV charging service in countries like India, and potential demand for electric vehicles for ride-hailing services, are likely to place a lucrative opportunity for the growth of the onboard charger market in the forecast period.
Impact of COVID-19
The COVID-19 pandemic has profoundly impacted the market growth of onboard chargers due to significant disruptions in the supply chain and a halt on ongoing EV charging infrastructure in developing countries. The temporary shutdown of the production facility has adversely impacted the demand for electric vehicles as well. However, the market is back on track, and demand for electric vehicles has started to gain pace. Hence, it is likely to fuel the growth of the market.