Global On- Board Battery Charger Market: Increasing Demand for this Exclusive Technology is Expected to Lead to Market Growth-Growing at a Compound Annual Growth Rate (CAGR) 16.7% from 2022 to 2028

On- Board Battery Charger
  • On- Board Battery Charger Market

The Global On- Board Battery Charger Market accounted for USD 4,129.5 Million in the year 2021. The market is anticipated to grow at a CAGR (Compound Annual Growth Rate) of 16.7% in the estimated period of 2022-2028.

COVID-19 Impact on the Global On- Board Battery Charger Market:

The COVID-19 outbreak has affected many industries severely. As a result, the industries have faced significant losses during the pandemic. Furthermore, due to the lockdowns and restrictions, the supply chain has disrupted manufacturing, and production rates declined considerably. As a result, the production of was shut down for a while, which affected the Global On- Board Battery Charger Market. Therefore, during the pandemic, the On- Board Battery Charger Market faced colossal revenue loss. However, EVs were brought into the spotlight right after the pandemic due to their low cost; also, it was a better alternative to fuel vehicles. As a result, the surging demand for EVs has fuelled the demand for across many regions leading to the Global On- Board Battery Charger Market growth.

On- Board Battery Charger Market Trends:

Increasing purchases of electronic vehicles (EV) implies the requirement for . In addition, the is used at public charging stations to charge the EV. As the number of public charging stations is increasing in residential areas, the are also required on a large scale. Therefore, the surge in demand due to EV and public charging stations is anticipated to lead the Global On- Board Battery Charger Market growth in the projected period. In addition, the technological advancements of , such as wireless charging of electronic vehicles, are projected to grow the demand for , further leading to its market growth. However, the lack of charging points is a market restraint projected to hamper the EV market, which can affect the Global On- Board Battery Charger Market growth.

Regional Analysis:

The Global On- Board Battery Charger Market based on the region is divided into and the rest of the world. However, the has been dominating the On- Board Battery Charger Market over the past few years and is expected to grow more in the future. Furthermore, owing to factors such as increasing adaption of electronic vehicles, increasing public charging stations for EVs, and government initiatives to choose EVs as a better alternative for fuel vehicles, the On- Board Battery Charger Market is estimated to grow in the forecast period.

Key Market Players:

The Global On- Board Battery Charger Market is expected to attract many competing market players owing to the increasing demand for this . Currently, there are several competing market players in the On- Board Battery Charger Market, such as Bel Fuse Inc., Delta Energy Systems, STMicroelectronics, Toyota Industries Corporation, Eaton, Stercom Power Solutions GmbH, Innolectric AG, BRUSA Elektronik AG, AVID Technology Limited, Ficosa Internacional SA, to name a few.