Hybrid and Electric Vehicle On-Board Charger market | Exactitude Consultancy Reports

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The global On-Board Charger Market is estimated to increase at a 15.2% CAGR from 2023 to 2029, from USD 3.99 billion in 2022.

In an electric car, an on-board charger is used to charge the traction battery by converting the AC input from the grid to the DC input required to charge the batteries. One of the primary factors driving market expansion is the increase in the number of AC private and public charging stations around the world. The AC level 1 on-board charger may be plugged into standard power outlets and is used in all sorts of electric vehicles.This sort of charger is popular among customers because it does not require any additional electrical work, lowering the overall cost of installation. Furthermore, approvals for AC Level 2 charging stations are one of the primary drivers driving market growth.

Segment Analysis
Passenger automobiles held 35% of the market in 2021, and the bus category is expected to develop at a spectacular CAGR from 2022 to 2030. This market might be divided into traveler cars and business vehicles based on vehicle type. The passenger car segment will dominate the total market in 2021. Rapid urbanization, which raises demand in monetary transportation mediums such as electric cars, is a major factor impacting market expansion. Electric vehicles are more practical than IC automobiles and have a lower natural effect. As a result, state-run administrations in major economies such as China, India, and the United States support the use of such vehicles.

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