FREMONT, California, Aug. 16, 2019 /PRNewswire/ -- The global on-board charger market is projected to grow over $7.27 billion by 2029, according to a new market intelligence report by BIS Research titled "Global On-Board Charger Market- Analysis and Forecast, 2019-2029". The global on-board charger market is expected to be valued at $1.60 billion in 2019 and is anticipated to grow at a CAGR of 16.31% during the forecast period, 2019-2029. The high cost associated with DC fast charging systems, and growing regulations and guidelines for EV adoption are acting as the key market drivers for the global on-board charger market.
Browse 112 Market Data Tables and 31 Figures spread through 157 Pages and in-depth TOC on "Global On-Board Charger Market"
The global automotive industry is undergoing a period of wide-ranging transformation, especially with a dynamic change in the consumer behavior as well as an increase in the implementation of stringent environmental regulations. The stringent government regulations toward the increasing adoption of EV has been the strongest driving force for a fast deployment of this vehicle category, especially at the manufacturing level.
However, a huge challenge related to the range or the distance covered in one single charge is restraining the process toward a fast adoption of EVs among consumers. This is coupled with a lack of charging infrastructure in various countries such as the U.S., India, and certain European countries.
Additionally, various governments' role in developing charging infrastructure, cutting down the electric vehicle component's cost, and regulations are among the major drivers for the global on-board charger market. Owing to the popularity and an impending need for these solutions and services, major players such as Toyota Motor Corporation, Delta Electronics Inc., and LG Chem Ltd., among others, are competing with each other to increase their market share in this regard.
BIS Research Report: https://bisresearch.com/industry-report/on-board-charger-market.html
Geographically, Asia-Pacific is expected to lead the global on-board charger market in 2019, followed by North America, and is also expected to maintain its dominance during the forecast period. This unprecedented growth is primarily attributed to the efforts made by governments of various countries in APAC, to escalate the production of electric vehicles (EV) by introducing EV subsidies and incentives. Moreover, the region is known for being one of the fastest technology adopters, being a manufacturing base to many key players. These factors are expected to further lead to major breakthroughs in the Asia-Pacific market.
As stated by Arpit Benjwal, Principal Analyst at BIS Research, "The on-board charger market is witnessing a high growth rate due to the inclination of consumer and enterprises toward a safe and sustainable environment. Moreover, the demand for electric vehicles and on-board chargers is further going to increase in the coming years, owing to the rising demand from both passenger and commercial vehicle segment. Further, the growth of on-board charger market in Asia-Pacific is currently the highest, due to a strong economic growth, high disposable income, and efforts made by government in terms of regulations regarding vehicular emission in the region. The on-board charger market in this region is expected to grow at a CAGR of 15.73% in terms of value, during the forecast period (2019-2029)."
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The BIS Research report provides a detailed analysis of the trends influencing the global on-board charger market, along with a comprehensive study of the future trends and developments. It also includes patent analysis, market ranking, competitive benchmarking, technology trends, and who supplies whom. The overall market has been segmented based on propulsion type, power output, and end market. The report also includes a comprehensive section on the geographical analysis which has been sub-segmented into four major regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW).
This report is a meticulous compilation of research on more than 500 major players in the on-board charger market. Moreover, it draws upon insights and in-depth interviews of key industry leaders of more than 100 leading companies, market participants, and vendors.
Key Questions Answered in the Report:
- What are the key technological and market trends of on-board chargers?
- What are the factors that are expected to drive and restrain the demand for on-board chargers?
- What are the various opportunities for the on-board chargers?
- What is the patent landscape for on-board chargers?
- Who are the active suppliers of on-board chargers? What are the key strategies and developments happening in the market?
- What is the industry attractiveness of the on-board charger market for the existing companies as well as the new entrants?
- What is the supply chain adopted by the manufacturers of on-board chargers?
- What is the market share of the leading suppliers of on-board chargers?
- Which is currently the most preferred on-board charger?
- What is the market size in terms of value ($million) and volume (thousand units), and what are the major market trends 2018 to 2029 for on-board chargers across:
- different propulsion types such as battery electric vehicle, and plug-in hybrid electric vehicle
- different power output such as below 7.2 KW and above 7.2 KW
- different end markets such as original equipment manufacturers (OEM) and aftermarket
- different regions and countries such as Asia-Pacific, Europe, North America, and Rest-of-the- World
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With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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