The Global On-Board Charger market accounted for $1.43 billion in 2019 and is expected to reach $5.44 billion by 2027, growing at a CAGR of 18.2% during the forecast period says the report of ResearchAndMarkets.com.
Development in electric vehicle charging system and growth in a number of the autonomous driving vehicle is propelling market growth. However, the availability of other charging types in the market supporting electric vehicle charging at a low price is hampering market growth.
The on-board charger takes alternating current (AC) input from a charging point and converts it to direct current (DC) to charge a vehicle battery. An on-board charger (OBC) is used in an electric vehicle (EV) or hybrid electric vehicle (HEV) to charge the traction battery.
Based on the vehicle type, the passenger vehicle segment is going to have a lucrative growth during the forecast period due to rising adoption of automated and hybrid cars globally. By geography, Asia Pacific is going to have a lucrative growth during the forecast period owing to strong economic growth, high disposable income, and efforts made by the government in terms of regulations regarding vehicular emission.
Some of the key players profiled in the On-Board Charger Market include Texas Instruments, STMicroelectronics, Panasonic Corp., NXP Semiconductor N.V., Current Ways, Inc., Mitsubishi Electric Corp., Lear Corporation, Infineon Technologies AG, Eaton Corporation, Delta-Q Technologies Corporation, NOCO Company, Minn Kota (Johnson Outdoors Inc.), CLARIOS, BRUSA Elektronik AG, AVID Technology, and Delphi Technologies.