The Latin America, Middle East and Africa On-Board Charger Market would witness market growth of 18.3% CAGR during the forecast period (2021-2027).
The growing sales of electric vehicles, strict pollution laws, developments in battery technology, and improved charging infrastructure are expected to boost the demand for automotive on-board chargers. Electric passenger vehicles are already being adopted in developed nations, and new startups and significant players in the EV sector are aiming to launch their own new electric models in the next years.
The On-Board Charger is a critical component in electric vehicles because it allows the vehicle's battery to be charged by converting AC power to DC. The input filter, power factor corrector, DC/ DC Converter, and a control circuit that allows connection with other devices on the vehicle are the primary components.
The adoption of various electric vehicles to reduce the overall impact of fuel-based vehicles on environment would surge the need for vehicle chargers across this region. In addition, consumers across this region are widely spending money on electric cars and inclining towards sustainability. Owing to these aspects, the demand and growth of the on-board charger market would witness a surge during the forecast period.
The Brazil market dominated the LAMEA On-board Charger Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $174.1 million by 2027. The Argentina market would exhibit a CAGR of 18.9% during (2021 - 2027). Additionally, The UAE market is poised to grow a CAGR of 18% during (2021 - 2027).
Based on Propulsion Type, the market is segmented into Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV). Based on Vehicle Type, the market is segmented into Passenger Car, Buses, Vans, Medium & Heavy-Duty Vehicles, Boats, and Others. Based on Power Output, the market is segmented into Less than 11 kW, 11 kW to 22 kW, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global On-board Charger Market is Predict to reach $10 Billion by 2027, at a CAGR of 16.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Current Ways, Inc., Eaton Corporation PLC, STMicroelectronics N.V., Infineon Technologies AG, Bel Fuse, Inc., TDK Corporation (InvenSense), Toyota Motor Corporation, BorgWarner, Inc., Panasonic Corporation, and AVID Technology Limited.
By Propulsion Type
By Vehicle Type
By Power Output
By Country
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