HEV and EV On-Board Battery Chargers Market - Forecast(2021 - 2026)
HEV/EV on-board chargers are widely used in electric vehicles. With the growing demand for electric vehicles, on-board chargers that increase the efficiency of the vehicle, increase the power density of the battery, and retain the battery charge for long durations are increasingly being adopted. The surplus energy of powerful battery can work as an inverter for the on-board charger and provide essential functionality to the numerous end users. Government regulations to reduce CO2 emissions will positively impact the growth of on-board chargers across various industries. The HEV-EV On-Board Battery Chargers market generated revenue of $3.49 billion in the year of 2017 and is estimated to grow at a CAGR of 17.6% during forecast period i.e. 2018-2023. APAC is the fastest growing market for the HEV and EV on-board battery chargers. APAC market is growing due to the high surge in demand for electric vehicles and growing environment concerns in the region. Europe is estimated to grow ...