On-Board Charger Market is Growing with a CAGR of 29.54% During the Forecast Period 2022-2032

FREMONT, Calif. - Sept. 22, 2022 - PRLog -- The global on-board charger market encompasses two major types of electric vehicles, i.e., plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). These vehicle types are present in the form of both passenger and commercial vehicles. While PHEV models have been present in the market for many years, the development of battery technology along with government norms for increased vehicle efficiency has led to an increase in the adoption of BEVs as they are powered solely by the battery systems in the vehicle.

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The global on-board charger market encompasses two main distribution channels, i.e., OEMs and the aftermarket. The OEMs channel is anticipated to dominate the global on-board charger market for EVs as most on-board chargers have a meager replacement rate and can last for the entire electric vehicle's lifetime. As technologies in on-board charger evolve, the performance of these chargers in EVs also increases. The aftermarket segment will grow significantly in the next few years due to the retrofitting of OBCs in the U.S. and a few European countries to enhance the performance of electric vehicles.

The demand for on-board chargers varies according to various regions. China is currently the largest region in the on-board charger market. Increased sales of electric vehicles in Asia-Pacific and Japan countries such as India, South Korea, and Japan are expected to boost the market.

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As a result, various initiatives have been launched by the government to promote the development and adoption of electric vehicles, which are expected to reduce vehicular emissions and potentially replace petrol and diesel engines in the future. In addition, concerted efforts by both governments and manufacturers to promote the sale of electric vehicles have led to the inclusion of high-performance on-board chargers inside electric vehicles to provide better driving experiences.

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