Global Hybrid and Electric Vehicle On-Board Charger Market 2018-2022
About this market
Increased marketing by vendors and widespread awareness led to the rise in the popularity of EVs. Benefits such as low air and noise pollution are the major reasons for triggering the demand for EVs in the market. There has been a strong increase in the penetration of EVs due to governments extensive support to both manufactures and consumers. The cost of EVs depends on the range, hours of use, cost for charging and subsidies from the government. The increased volume of EVs has increased the demand for electricity, especially during peak hours. The growth of the V2G market and the bi- directional on- board charger market will have a positive impact on the market in the forecast period. The global hybrid and electric vehicle on-board charger market is expected to register a CAGR of over 52% during the forecast period.
Improvements in power capacity of on- board AC chargers
The essential characteristics of on- board chargers are that they have low power transfer capability and are installed inside vehicle adding weight to the latter.
Growth of wireless charging infrastructure
EVs compatible with wireless charging also have a provision for wired charging with pre- installed on- board charger, the growing demand for wireless charging infrastructure will adversely impact the market in focus during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the hybrid and electric vehicle on-board charger market during the 2018-2022, view our report.
The global hybrid and electric vehicle on-board charger market is moderately concentrated since the market has a few vendors that offer limited products with presence of few global and local vendors. The vendors are increasingly competing against each other based on factors such as innovation, price, operational cost, and product quality, and factors such as technological innovations and product extensions. To maintain their market positions, the vendors in this hybrid and electric vehicle on-board charger are focusing on adopting various strategies and this will in turn, help them to strengthen and restructure their activities.
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