On-board Charger Market

Market Synopsis:

The Global On-Board Charger Market was valued at USD 4.67 Billion in 2022 and is expected to reach a value of USD 16.07 Billion by 2030. Over the forecast period, the Global Market is anticipated to grow to exhibit a CAGR (Compound Annual Growth Rate) of 16.70%.

The battery's lifespan can be increased by using the On-Board Charger's voltage or current control mode to alter the current and voltage at which the battery is charged. Chargers offer constant voltage or constant current charging; both are easy to use, and each has advantages and disadvantages. High efficiency and rapid charging are benefits of regular current charging, but there is a chance that the battery could eventually become overcharged, thereby shortening its life. On the other hand, there is a possible danger that when employing constant voltage charging, too much current will immediately flow into the battery, overheating it and reducing its lifespan. Thus, the charger ensures that it is first charged with a constant current, maintaining speed & efficiency, and switches to constant voltage charging when the voltage at both ends of the battery reaches a certain amplitude.

On-Board Chargers are currently in demand due to the expensive cost of charging an electric vehicle at public charging stations. One of the critical factors fueling the market expansion is the rise in the number of AC private and public charging stations worldwide. Users choose this charger style since it reduces the overall cost of installation and doesn't require additional electrical work. One of the critical elements promoting industry expansion is the approvals obtained for AC Level 2 charging stations. The global deployment of electric charging stations is accelerating market expansion.

On the other hand, strict rules & regulations imposed by governments worldwide for the On-Board Charger prove to be a restraining factor for market growth.

Market Segmentation:

The On-Board Charger Market is segmented based on Vehicle Type, Power Type, Propulsion Type, Sales Channel, and Region. Based on the Vehicle Type segment, the market is further segmented into Boats, Vans, Passenger Cars, Buses, Medium & Heavy-Duty Vehicles, and Other Vehicle Types. Furthermore, based on the Power Type, the market is further bifurcated into 11 kW to 22 kW, less than 11 kW, and More than 22 kW. In addition, based on the Propulsion Type, the market is further divided into Plug-in Hybrid Electric Vehicles and Battery Electric Vehicles. Additionally, based on the Sales Channel segment, the market is further bifurcated into Original Equipment Manufacturers (OEM) and Aftermarket.

Based on Vehicle Type:

Passenger Cars category dominated the market in 2021

The Passenger Cars segment dominated the market, and the segment is anticipated to have the highest revenue growth rate during the projected period. This supremacy can be attributed to the fact that electric passenger vehicles are now being developed and sold worldwide due to growing environmental concerns over rising CO2 emissions. The availability of electric vehicles fitted with cutting-edge technology has fueled the demand for autonomous vehicles. The strong demand for an On-Board Charger is projected to be influenced by the government's rising investment in industrial facilities. Consumers' use of autonomous and hybrid vehicles is also beneficial to the expansion of the worldwide On-Board Charger Market.

Based on Power Type:

11-22 kW category dominated the market in 2021

The 11-22 kW segment dominated the market in 2021 and is expected to continue this trait in the projected timelines. The Tri-phase AC chargers with an output of 11-22 kW take two to four hours to charge an electric vehicle completely. A tri-phase AC charger is typically found at a public charging station. More than 60% of all European public AC chargers have grid connections ranging from 11 kW to 22 kW. Therefore, less than 22 kW revenue is anticipated to increase more quickly throughout the projected period. In the upcoming years, most electric vehicles will have On-Board Chargers ranging from 6 to 11 kW.

Based on Regional Analysis:

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is accounted to grow at the highest CAGR (Compound Annual Growth Rate) during the forecast period. China is the key factor driving market expansion in the Asia Pacific region. In China, On-Board Chargers are used by electric vehicles such as the BYD Qin Pro EV, Tesla Model 3, and GAC Aion S. Additionally, stepped-up government initiatives to encourage the sale of electric vehicles in nations like China and India are fueling regional market expansion. The expansion of regional markets is being highlighted by the increase in government initiatives to promote the sales of electric vehicles in nations like China and India.

Recent Developments:

• In June 2021, Renault Group, a French multinational automaker, and STMicroelectronics worked together. Through this partnership, STMicroelectronics will design, develop, build, and provide products to Renault Group for the power electronics systems of battery-operated and hybrid vehicles. Additionally, by reducing power losses and increasing efficiency, these technologies would substantially impact electric vehicles' driving range and charging times, leading to lower battery costs, more miles per charge, shorter charging times, and lower user expenses.
• In March 2021, Eaton announced the acquisition of Green Motion SA, a producer and inventor of hardware and software for electric vehicle charging. Eaton increased its capacity for electric charging through this acquisition.

Competitive Landscape:

The key players in the Global On-Board Charger Market include- Tonhe Technology, Anghua, Wanma, Kongsberg, Lear, Delphi, Infineon and others.

Segmentation of the Global On-Board Charger Market: