Inkwood Research estimates that the Global Electric Vehicle On-Board Charger Market is evaluated to project a CAGR of 20.13% in terms of revenue and 21.60% in terms of volume during the forecasting years of 2021-2028.
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Electric vehicle on-board chargers are mainly responsible
for charging traction batteries. Their principal function includes the
conversion of alternating current (AC) from the external charging system to the
direct current (DC) required for charging batteries. On-board battery chargers
are present in almost all electric vehicles, excluding the ones designed for DC
fast charging.
High Cost
of Fast Charging Systems to Propel Market Growth
The repair and maintenance expenses of fast charging systems
play a pivotal role in the market. DC fast charging systems for LDVs as well as
electric buses are complex in design, compared to traditional level 1 and level
2 charging systems, as DC fast charging systems entail the combinations of several
components. Besides, they require regular inspection in order to overcome
maintenance problems. Therefore, the overall cost parameters are set to
influence consumer acceptance toward DC fast charging systems, as the high prices
will eventually disrupt consumer attitudes towards buying an electric vehicle
with fast charging capabilities. Therefore, the cost factor is facilitated to
bolster the market for level 1 and level 2 charging systems and ensure a
proliferated usage of on-board chargers in electric vehicles.
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Battery
Electric Vehicle (BEV) is the Fastest-Growing Propulsion Type
Battery electric vehicles (BEV) are fueled by electricity through
an electric motor as well as a fuel cell or battery. BEVs recharge their batteries
via the process known as regenerative braking. The method uses the vehicle’s
electric motor to help in slowing the vehicle and recovering a part of the
energy that is generally converted to heat by the brakes. In addition, BEVs are
charged using electricity from an external source.
North
America is the Leading Region in terms of Revenue and Volume
The market in North America has continued to be at the
forefront of technical developments on account of significant investments and
the early adoption of technologies. As one of the swiftest consumers of
innovative and novel technologies, countries across North America have been
using on-board chargers for an extended period of time. The regional market’s
substantial growth is mainly attributed to the elevated presence of electric
vehicle automakers and component manufacturers, in addition to the introduction
of government initiatives and the growing deployment of charging stations
Leading players operating in the global market mainly
concentrate on product launches as well as business expansions for augmenting
their production capacities and increasing their portfolio. Besides, this
aspect plays a vital role in enhancing their market presence, as well. Hence,
the degree of industrial rivalry in the global electric vehicle on-board
charger market is medium.
Some of the key enterprises in the market are TDK
Corporation, Hangzhou AODI Electronic Control Co Ltd, Ficosa Corporation, etc.
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geographical analysis comprises North & South America, CEE, CIS, Middle
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