In an electric car, an onboard charger is used to charge the traction battery by converting the AC input from the grid to the DC input needed to charge the batteries. EV charging infrastructure initiatives in public areas are increasing all around the world with the rise of electric vehicles and ecologically efficient charging options. As a result, an increase in the number of AC private and public charging stations throughout the world is driving the market’s growth.
Automotive Onboard Charger Market Overview:
The Automotive Onboard Charger market study gives a complete picture of the competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Automotive Onboard Charger Market, as well as the reasons for variations in the industry’s growth in various locations.
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Global Automotive Onboard Charger Market is anticipated to reach US$ 11.98 Bn. by 2027 from US$ 4.6 Bn. in 2020 at a CAGR of 17.3% during a forecast period.
Market Scope:
Post completion of market engineering, which included calculations for market statistics, market size estimations, market forecasts, market breakdown, and data triangulation, thorough primary research was done to acquire information and verify and validate important numbers. To perform market estimating and forecasting for the overall market segments and sub-segments described in this research, both top-down and bottom-up methodologies, as well as multiple data triangulation methods, were widely employed throughout the whole market engineering process. Extensive qualitative and quantitative analysis is also performed on all of the figures obtained during the whole market engineering process in order to provide essential information throughout the report.
Dynamics:
Significant factors that are anticipated to increase the sale of electrical vehicles during the forecast period include rising demand for environmentally friendly vehicles and lowering pollution regulations. Additionally, tax credits and other financial incentives are being offered by governments all over the world, which is increasing the demand for electric vehicles. Consequently, it is anticipated that the market for automotive onboard chargers will expand as more electric charging stations are installed around the world.
Segmentation:
Passenger cars accounted for 36% of the global market by vehicle type in 2020. Global demand for electric passenger cars is boosting the segment’s and the market’s growth. In 2020, the global sales of electric passenger cars increased by more than 40% compared to 2019, when China was home to 37% of the world’s electric vehicle fleet. 2019 saw the installation of 7.3 million chargers, 6.5 million of which were privately owned. Thus, the growth of the segment is being fueled by an increase in the sales of passenger electric cars as well as an increase in the number of chargers.
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Key Players:
Major players in the market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top manufacturers; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, CEOs, and marketing executives. The percentage splits, market shares, growth rate, and breakdowns of the global markets are determined by using secondary sources and verified through the primary sources. The biggest players in the Automotive Onboard Charger market are as follows:
• 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
• Analog Devices, Inc.
• AVID Technology Limited
• Bel Fuse Inc.
• BorgWarner Inc.
• Bourns, Inc.
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Regional Analysis:
Individual market influencing elements and changes in market laws that influence present and future market trends are also included in the geographical overview of the Automotive Onboard Charger market study. Current and future trends are examined in order to assess the entire market potential and uncover profitable trends in order to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Automotive Onboard Charger Market:
Due to a break in operations, end-user sectors where Automotive Onboard Charger are used had a decline in growth from January to May in various countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India. This resulted in a large drop in the revenues of firms operating in these industries and, as a consequence, in demand for Automotive Onboard Charger manufacturers, affecting the development of the Automotive Onboard Charger market in 2020. End-user business demand for Automotive Onboard Charger has dropped considerably as a result of lockdowns and a rise in COVID-19 incidents throughout the world.
Key Questions Answered in the Automotive Onboard Charger Market Report are:
- Which segment had the largest share in the Automotive Onboard Charger market in 2021?
- What is the competitive landscape of the Automotive Onboard Charger market?
- Which are the key drivers aiding the Automotive Onboard Charger market growth?
- Which region has the maximum share in the Automotive Onboard Charger market?
- What will be the CAGR of the Automotive Onboard Charger market during the forecast period (2022-2027)?
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