On Board Charger Market May See Epic Expansion


An on-board charger is used to recharge the traction battery of an electric vehicle (EV), hybrid electric vehicle (HEV), or plug-in hybrid electric vehicle. An electric vehicle’s on-board charger converts the grid’s AC input into a DC input used to charge the battery.

In 2021, the market for on-board charger was worth USD 4.6 billion, and by 2030 it will reach USD 16 billion, growing at a 15% CAGR during the forecast period.

The on-board charger market will flourish in the near future due to rising government measures to advance and encourage the adoption of electric vehicles.

Market Dynamics

Drivers

The high expense of recharging an electric vehicle at public charging stations is driving the demand for on-board chargers. Public charging stations next to roads, malls, and commercial buildings have higher commercial electric rates than residential ones. By converting the grid’s AC input to the DC input required to charge the batteries, an on board charger allows an electric vehicle to recharge its traction battery. The expansion of public and private AC charging stations globally is the main driver of the market’s growth.

Furthermore, the on-board charger market is growing due to expanding use of electric vehicles on a global scale. The population’s tendency to use less gasoline and other fossil fuels are driving market demand in favor of the sustainable development program.

Restraints

The COVID-19 pandemic negatively impacted the electric vehicle onboard charger sales in the first half of 2020, limiting industry growth. The association of Electric Vehicle Manufacturers said that the production rate of E.V. onboard chargers decreased by 20% in 2021 from 295,683 units in 2020 to 236,802 units, drastically slowing the market expansion rate.

Opportunity 

Silicon carbide semiconductor technology is now used more frequently for the production of E.V. onboard chargers because of its high power density and efficiency of over 98%. As a result, many companies are focusing on providing higher power and more efficient silicon carbide onboard chargers creating new opportunities for market expansion. For instance, the debut of a 22-kW silicon carbide onboard charger was announced by the onboard charger manufacturer Innolectric in January 2020.

Market Segmentation 

By Power Output 

On the basis of power output, the market is segment into 11kW to 22kW, less than 11kW, and more than 22kW. 

In 2020, the market was led by the 11 kW to 22 kW segment, with 41.0% of the revenue share. The tri-phase AC 11-22 kW chargers take nearly 2-4 hours to fully charge an electric vehicle. Public charging stations are frequently utilize in tri-phase AC chargers. Data from Transport & Environment show that nearly 61% of European public chargers are frequently used in tri-phase AC chargers.

Over the forecast period, less than 11 kW will increase at the fastest rate. In the upcoming years, the majority of electric vehicles will include 6 kW to 11 kW on-board chargers.

By Vehicle Type

On the basis of vehicle type, the on-board charger market is segment into boats, medium & heavy-duty vehicles, passenger cars, vans, buses, and others. 

In 2020, the passenger car segment held a commanding share of more than 35.0% of worldwide revenue. The demand for on-board chargers will rise with the global sales of electric passenger automobiles. The sales of plug-in passenger cars in the United States reached 5.5% of the market share in 2020, up from 4.2% in 2019, according to data given by HIS Market.

By propulsion Type

On the basis of propulsion type, the on-board charger market is segment into plug-in-hybrid electric vehicles, battery electric vehicles, and hybrid electric vehicles. 

In 2020, the battery electric vehicles segment led the market with 67.0% of the total revenue share. The increase in battery electric vehicles sales is boosting the expansion of the market segment. Most of the market share in the BEV segment has been hold by a number of manufacturers, including VW, Audi, and Mercedes-Benz. 

Regional Overview 

In 2020, the Asia Pacific region ruled the market and generated more than 38.0% of global sales. The expansion of the markets is drive by the rising government initiatives to promote. The sales of electric vehicles in economies like India & China.

Over the forecast period, Europe will have tremendous growth. The players in Europe are working hard to increase the number of EVs they provide. Which is raising demand for on-board chargers. The BMW Vision states that by 2030, the corporation will electrify its SUVs, sedans, and Mini cars throughout Europe. 

Key Players 

  • Innoelectric GmbH
  • Infineon Technologies AG
  • Eaton Corporation
  • Current Ways Inc.
  • Innoelectric AG
  • Siemens
  • Brusa Elektronik AG
  • AVID Technology Limited
  • Stercom Power Solutions GmbH
  • STMicroelectronics
  • Toyota Industries Corporation
  • Ficosa International SA
  • Bel Fuse Inc.
  • Delta Energy Systems

In 2021, the market for on-board charger was worth USD 4.6 billion. And by 2030 it will reach USD 16 billion, growing at a 15% CAGR during the forecast period. The on-board charger market is expanding globally because there are more AC public and private charging stations than ever before. 

Related Reports:

Surgical Sutures Market Report – The global surgical sutures market will witness a robust CAGR of 6.23%, valued at $4.04 billion in 2021. Expected to appreciate and reach $6.97 billion by 2030, confirms Strategic Market Research.


Muteeb Asim

Subscribe to our Newsletter

Subscribe to receive the weekly Newsletters from our website. Don’t worry, we won’t spam you.