The global SUV on-board charger market is anticipated to grow at a CAGR of 3.8 % during the forecast period (2022-2028). Automotive on-board AC-DC power inverters are electronic devices that convert a battery’s direct current (DC) power supply into alternating current (AC) to power electronic devices such as a mobile phone chargers, infotainment systems, and others. Automotive on-board AC-DC power inverters also assist in allowing power electrical equipment to be disconnected from normal main power for safety reasons. However, reduced safety due to high currents flowing through terminals and wired connections is one of the key factors restraining market growth over the forecast factor.
The rise in the number of travelers, rise in the number of electronic devices or technologies, rise in the adoption of handheld devices inside an automobile, and rise in the prevalence of handheld devices are the factors contributing growth to the market during the forecast period. Furthermore, an increase in technological advancements and modernization of manufacturing techniques, an increase in research and development activities, and an increase in demand from emerging economies are expected to create new opportunities for the SUV on board charger market during the forecast period.
The North American region is expected to hold a significant share in the market during the forecast period due to the growing number of electronic devices or technologies such as drive-by-wire, GPS, collision sensors, and the adoption of handheld devices inside an automobile increases in the region. Moreover, due to an increase in the number of rental cab services that use GPS, telematics systems, and an increase in passenger car production in the Asia-Pacific region, Asia-Pacific is expected to be the fastest-growing region during the forecast period.
Some major players in the market include BYD Auto Co., Ltd., Nichicon Corp., Tesla Inc., Infineon Technologies AG, Panasonic Holdings Corp., Aptiv Plc, LG Corp., Lear Corp., Shijiazhuang Dilong Tech. Co., Ltd., Kongsberg Gruppen, Kenergy Corp., Wanma Co., Ltd., and others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in April 2022, Toyota had launched the ‘Hum Hai Hybrid’ campaign. The campaign is aimed at promoting Toyota’s self-charging hybrid powertrain technology.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- BYD Auto Co., Ltd., Nichicon Corp., Tesla Inc., Infineon Technologies AG, Panasonic Holdings Corp., Aptiv Plc, LG Corp., Lear Corp., Shijiazhuang Dilong Tech. Co., Ltd., Kongsberg Gruppen, Kenergy Corp., Wanma Co., Ltd., and others.
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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Global SUV on Board Charger Market Report by Segment
By Type
- 0 – 3.7 kw
- Higher than 3.7 kw
- Lower than 3.0 kw
By Application
- EV
- PHEV
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