According to IMARC Group's latest research report, titled "On-Board Charger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the On-Board charger market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global on-board charger market size reached US$ 5.41 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.58 Billion by 2028, exhibiting a growth rate (CAGR) of 19.20% during 2023-2028.
On-Board Charger Market Overview:
An On-Board Charger (OBC) is an integrated electrical device in electric and hybrid vehicles that helps in converting AC power from an external source into DC to efficiently and safely charge the vehicle's battery pack. It is characterized by varying power output, improved support for different charging modes, high efficiency, inclusion of safety features, and communication interfaces for vehicle-to-grid communication. The OBC communicates with the battery management system for monitoring after converting AC power to DC power and ensures safety through constant monitoring of parameters and protective measures. Additionally, OBCs are designed to accept a wide range of input voltages, and they incorporate effective thermal management systems to dissipate heat generated during the charging process.
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On-Board Charger Market Trends:
The global market is primarily driven by the increasing popularity of electric vehicles (EVs) among the masses. This can be attributed to the implementation of favorable government initiatives and regulations to promote the adoption of electric vehicles. Moreover, strict emission regulations and fuel efficiency standards are resulting in a higher production of electric and hybrid vehicles, thereby propelling the demand for OBCs as an essential component. In addition to this, the rising number of EV charging stations across the globe is augmenting the need for efficient and high-performance OBCs. Furthermore, continual technological advancements in OBCs such as higher power density, increased efficiency, and bidirectional charging capabilities are also creating a positive market outlook. Some of the other factors contributing to the market include rising affordability of EVs, need to reduce carbon emissions, and substantial investments by public and private sectors in charging infrastructure development.
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