On-board Charger Market Worth $13.96 Billion By 2028 | CAGR: 17.2%
On-board Charger Industry Overview The global on-board charger market size was valued at USD 4.05 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 17.2% from 2021 to 2028. The high cost of charging an electric vehicle at public charging stations is creating the demand for on-board chargers in the current days. The public chargers near highways, malls, and workplaces are subject to commercial electric rates, which are higher as compared to residential rates. This is creating the need for on-board chargers for an electric vehicle. An on-board charger is used in an electric vehicle for charging the traction battery by converting the AC input received from the grid to the DC input required to charge the batteries. The increase in the number of AC private and public charging stations across the globe is one of the major factors driving the market growth. The AC level 1 on-board charger is deployed in all types of electric vehicles and can be plugge...