The global on-board charger market size was valued at USD 5.54 Billion in 2022 and is projected to surpass USD 22.76 Billion by 2031, expanding at a CAGR of 17% during the forecast period, 2023–2031.
The charging price at driveways, shopping centers, and working environments are higher when contrasted with private rates. This is increasing the requirement for on-board chargers for an electric vehicle. An on-board charger is utilized in an electric vehicle for charging the traction battery by converting the AC input got from the framework to the DC input required to charge the batteries.
The AC level 1 on-board charger is conveyed in a wide range of electric vehicles and can be connected to standard electrical plugs. This sort of charger is preferred among the clients as it doesn't require additional electric work, which limits the general costing of installation.
Additionally, endorsements got for AC Level 2 charging stations are likewise one of the central points complementing the market development. For example, in October 2020, EVBox, an electric vehicle charging foundation supplier, declared that its EVBox Icon, a level 2 business charging station, has gotten a UL authentication and is presently accessible for installation across North America.
Silicon carbide semiconductor innovation is progressively being utilized for assembling on-board chargers as they provide a productivity pace of over 98%. Different organizations are expanding their emphasis on providing higher force and more productive silicon carbide on-board chargers, which is setting out new open doors for the market development.
For example, in January 2020, Innolectric, an on-board charger supplier, declared the dispatch of a 22-kW silicon carbide on-board charger. This new charger was created by the organization under its association with STMicroelectronics.
On-board Charger Market Trends, Drivers, Restraints, and Opportunities
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The significant expense of charging an electric vehicle at public charging stations is driving the interest for on-board chargers across the globe.
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The increment in the quantity of AC private and public charging stations across the globe is one of the main considerations driving the market development.
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Lack of government investment can create challenges for the market.
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State-run administrations in nations across the globe have understood the potential that electric vehicle onboard chargers hold in the coming years. Large numbers of them have started new strategies and propositions for the e-portability charging foundation. Such drives have additionally assisted them with meeting their objectives to address environmental change and net-zero carbon targets.
Scope of On-board Charger Market Report
The report on the on-board charger market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Global On-board Charger Market - Industry Analysis, Size, Share, Growth, Trends And Forecast
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Base Year
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2022
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Historic Data
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2016 & 2021
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Forecast Period
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2023–2031
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Segmentation
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Power Output (Less than 11 kW, 11 kW to 22 kW, and More than 22 kW), Vehicles Types (Passenger Cars, Buses, Vans, Medium & Heavy Duty Vehicles, and Boats), Propulsion (Battery Electric Vehicles and Plug-in Hybrid Electric Vehicles)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Bel Power solution, BRUSA Elektronik AG, Current Ways Inc., Delphi Technologies, Eaton Corporation, Infineon Technologies AG, Innoelectric GmbH, Starcom Power Solutions GmbH, Toyota Industries Corporation, and Xepics Italia SRL.
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On-board Charger Market Segment Insights
Less than 11 kW segment to expand at a robust pace
Based on power output, the market can be classified as less than 11 kW, 11 kW to 22 kW, and more than 22 kW The less than 11 kW segment is expected to expand at a robust CAGR during the forecast period.
Most electric vehicles rely upon 6 kW to 11 kW on-board chargers in. As per the insights distributed by OpenSystems Media, roughly 98.2% of on-board chargers are expected to be between 6 kW and 11 kW, instead of 3 kW to 5 kW, in the coming days. Simultaneously, benefits presented by less than 11 kW on-board chargers, for example, expanded charging effectiveness and amplified execution, are relied upon to drive the segment development.
Buses segment to account a large market share
On the basis of vehicles types, the market can be segregated into passenger cars, buses, vans, medium & heavy duty vehicles, and boats.
The buses segment is anticipated to hold a major market share. An on-board charger is utilized in buses for changing the AC over to DC for charging the battery. The expansion in deals of zero-outflow buses internationally is relied upon to emphasize the segment development.
Plug-in hybrid electric vehicles segment to exhibit a high CAGR
In terms of propulsion, the market can be fragmented into battery electric vehicles and plug-in hybrid electric vehicles.
The plug-in hybrid electric vehicles segment is expected to exhibit a healthy CAGR during the forecast period. Different plug-in hybrid electric vehicle (PHEV) makers are adopting on-board chargers with a yield between 3 to 3.7 kW, which is driving the segment development.
Vehicle models, for example, Hyundai Sonata PHEV, Kia K5 PHEV, and Outlander PHEV use on-board chargers for charging their batteries. In 2020, BYD, a China-based electric vehicle maker, sold 7,126 PHEVs, an increase of 60% in sales contrasted with 4,454 PHEVs in 2019.
Europe to dominate the market
Based on regions, the market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Europe is projected to account for a major market share during the forecast period. The players in Europe are continuously putting forth attempts to extend their EV contributions, which is consequently driving the interest for on-board chargers. As indicated by the BMW vision, the organization has intended to charge its SUVs, cars, and Mini vehicles in Europe by 2030.
Simultaneously, an increment in endowments gave on the acquisition of electric vehicles is additionally one of the central points driving the market development in the region.
Segments
By Power Output
- Less than 11 kW
- 11 kW to 22 kW
- More than 22 kW
By Vehicle Types
- Passenger Cars
- Buses
- Vans
- Medium & Heavy Duty Vehicles
- Boats
- Others
By Propulsion Types
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
By Key Players
- Bel Power solution
- BRUSA Elektronik AG
- Current Ways Inc.
- Delphi Technologies
- Eaton Corporation
- Infineon Technologies AG
- Innoelectric GmbH
- Starcom Power Solutions GmbH
- Toyota Industries Corporation
- Xepics Italia SRL
Competitive Landscape
Key Players in the Global On-board Charger Market are Bel Power solution, BRUSA Elektronik AG, Current Ways Inc., Delphi Technologies, Eaton Corporation, Infineon Technologies AG, Innoelectric GmbH, Starcom Power Solutions GmbH, Toyota Industries Corporation, and Xepics Italia SRL.
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