August 12, 2022 08:03 ET | Source: Research and Markets Research and Markets

Dublin, Aug. 12, 2022 (GLOBE NEWSWIRE) -- The "On-Board Charger Market - A Global and Regional Analysis: Focus on Product, Application, and Country-Wise Analysis - Analysis and Forecast, 2022-2032" report has been added to ResearchAndMarkets.com's offering.

The global on-board charger market is expected to reach $43.94 billion by 2032 from $2.16 billion in 2021, growing with a CAGR of 29.54% during the forecast period 2022-2032. The growth in the global on-board charger market is expected to be driven by increasing sales of electric vehicles worldwide.

On-board chargers used in an electric vehicle are advancing technologically and are expected to grow faster in the forecast period. Key market development activities are expected to be boosted by ongoing research and development activities in manufacturing high-performance on-board chargers.

The global on-board charger market is still in the growth phase. An increasing fleet of electric vehicles is propelling the sales of the on-board charger in the market. As a result, the global on-board charger market is expected to flourish in the forecast period.

Market Segmentation by Propulsion Type

Based on the propulsion type segment, the global on-board charger market is expected to be dominated by the battery electric vehicles segment during the forecast period.

The passenger vehicles segment is expected to be the leading segment in the market as the sales of electric passenger vehicles are anticipated to increase globally.

In 2021, <=6.6 kW segment dominated the global on-board charger market (by charging power) due to the increased sales of electric vehicles equipped with these on-board chargers.

In terms of design type, unidirectional was the predominant segment in 2021. In the forecast period, the bidirectional segment is expected to grow at a high rate compared to the unidirectional segment.

The OEMs distribution channel segment dominated the global on-board charger market (by distribution channel) in 2021. This is due to the low replacement rate of the on-board charger and the increased production of electric vehicles by OEMs.

China generated the highest revenue of $1.28 billion in 2021, which is attributed to the increased sales of electric vehicles in China. The on-board charger market is attractive in China due to the availability of diverse market segments.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Some of the prominent names established in this market are:

Company Type 2: Tier-2 (Component Suppliers)

5 Markets - Competitive Benchmarking & Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/qsyiyl