On- Board Battery Charger Market is Expected to Grow at a CAGR of 16.7% from 2022 to 2028
As stated in our extensive report; providing insights on Power Output, Vehicle Type and Propulsion Type; the Global On- Board Battery Charger Market accounted for USD 4,129.5 Million in 2021.
The On-Board Charger (OBC) is a mechanism installed into the car that uses the AC grid to recharge the high voltage battery while the vehicle is parked. By improving the battery capacity and the energy efficiency of the electric components, plug-in hybrid (PHEV) and battery electric (BEV) vehicles can achieve longer driving ranges. Battery voltage classes are becoming more standardized at around 450 V, with a trend toward higher voltages, as this allows for faster charging periods and lighter cabling within the car. As module-based solutions become more expensive, discrete high voltage components are increasingly being used for OBC (on-board charger) applications. The shifting trend towards fast charging has an impact on the power range required of OBC topologies; as a result, new designs are trending toward 11 kW or even 22 kW. This trend, combined with a desire for high efficiency and power density at a low system cost, is driving the use of three-phase solutions. The increase in government initiatives for the development of electric vehicle charging infrastructure is likely to fuel the growth of the market during the forecast period.
The increase in penetration of electric vehicles is anticipated to augment the growth of the On- Board Battery Charger Market during the forecast period. Gasoline is not a renewable source of energy and is expected to run out sooner or later. Hence, the need for the development of alternative fuel sources must be used to support sustainable development. This has increased the use of electric vehicles, which do not require gasoline and are more cost-effective than traditional vehicles. Further, electric vehicles have a number of advantages such as lower fuel usage and lower emissions which are also expected to drive the demand across the globe. During the estimated time period, this is likely to increase the need for onboard chargers in electric or plug-in hybrid vehicles. Further, the industry is also growing owing to the increased deployment of electric charging stations around the world. Shell, for example, said in February 2021 that it will deploy 500,000 electric charging stations by 2025.
However, the absence of EV charging standardization and an increase in the installation of fast DC chargers are limiting the market's growth. Furthermore, the development of a two-way onboard charger (V2G) for future electric and plug-in hybrid vehicles offers significant growth potential for electric vehicle on-board charger market players.
Asia Pacific dominated the Global On- Board Battery Charger Market in 2021 and is likely to continue with the same trend during the forecast period. This is attributable to the increase in government initiatives for the adoption and promotion of electric vehicle sales in the region. Furthermore, the rising urbanization and smart city initiatives are also expected to fuel the regional growth of the market. Additionally, an increase in the availability of cheap raw materials along with cheap manpower is also expected to support the growth of the market in the region.
Some of the prominent players operating in the Global On- Board Battery Charger Market include Bel Fuse Inc., Delta Energy Systems, STMicroelectronics, Toyota Industries Corporation, Eaton, Stercom Power Solutions GmbH, Innolectric AG, BRUSA Elektronik AG, AVID Technology Limited, Ficosa Internacional SA and others.
Browse the full Report - On- Board Battery Charger Market Size, Share & Trends Analysis Report by Power (Less than 11 kW, 11 kW to 22 kW, More than 22 kW), by Vehicle Type (Passenger Car, Buses, Vans, Medium & Heavy Duty Vehicles), by Propulsion Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)