Press release
On-Board Charger Market Analysis, Size, Applications Share, Trends And Forecast 2024-2033
The Business Research Company presents an extensive market research report on the ""On-Board Charger Global Market Report 2024,"" furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the On-Board Charger industry. This report on On-Board Charger market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The on-board charger market size has grown rapidly in recent years. It will grow from $4.31 billion in 2023 to $5.13 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to government incentives, electric vehicle (ev) adoption, emission reduction goals, cost reduction, government incentives.
The on-board charger market size is expected to see rapid growth in the next few years. It will grow to $10.09 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to consumer demand, sustainable practices, automotive industry, faster charging, electric vehicle (ev) fleets. Major trends in the forecast period include high-power charging stations, ev charging infrastructure, technological advancements, battery technology, vehicle-to-grid (v2g).
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Key Market Players:
Delta Energy Systems Corp., Toyota Motor Corporation, Eaton Corporation, STMicroelectronics NV, Stercom Power Solutions GmbH, BorgWarner Inc.
Market Drivers:
The increase in demand for electric vehicles is expected to propel the growth of the on-board charger market. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EVs has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. These EV and hybrid vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles. For instance, in June 2022, according to the Edison Electric Institute (EEI), a US-based association representing all investor-owned electric companies, the projected number of electric vehicles (EVs) on U.S. roads is expected to increase from 2.4 million in 2021 to 26.4 million by 2030. The annual sales of EVs are estimated to reach nearly 5.6 million in 2030, comprising around 32% of total annual light-duty vehicle sales. Therefore, rising demand for electric vehicles is expected to boost on-board charger market during the forecast period.
More information about the Global On-Board ChargerMarket Report -
https://www.thebusinessresearchcompany.com/report/on-board-charger-global-market-report
Market segments for On-Board Chargerinclude:
1) By Power Output: Below 7.2 kW, 7.2 kW-15 kW, Above 15 kW
2) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
Check Out The On-Board ChargerMarket Report's Discount Options Here -
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