Press release
Global Electric Vehicle On-Board Charger Market Growth Linked to Fast Charging Systems' High Costs
Global Electric Vehicle on-board Charger Market
"Browse 60 Market Data Tables and 46 Figures spread over 166 Pages, along with an in-depth TOC on the Global Electric Vehicle On-Board Charger Market Forecast 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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