On- Board Battery Charger Market
On- Board Battery Charger Market - Global Industry Assessment & Forecast
- 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, Boats, Others
- By Propulsion Type Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)
- By Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 4810.28 Million|
|Revenue 2030:||USD 16322.22 Million|
|Revenue CAGR (2023 - 2030):||16.50%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
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On- Board Battery Charger Market
On- Board Battery Charger Market- By Power Output, Vehicle Type and Propulsion Type.
The Global On- Board Battery Charger Market is valued at USD 4810.28 Million in the year 2022 and is projected to reach a value of USD 16322.22 Million by year 2030. The Global Market is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 16.50% over the forecast period.
On- Board Battery Charger Market Size, 2022 To 2030 (USD Million)
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To charge a vehicle battery, the on-board charger converts alternating current (AC) input from a charging station to direct current (DC). The increased number of AC charging stations being installed in emerging countries is helping the on-board charger industry's growth. The market for on-board chargers is growing due to advancements in electric car charging systems. This is due to lower power loss and more power saving, which results in higher power density and better overall battery performance. Globally, increasing technological demands prompted by environmental concerns have prompted increased Research and Development (R&D) investment in electric vehicle technologies.
The expensive expense of charging an electric vehicle at public charging stations is driving the on-board charger business. Commercial electric charges, which are higher than residential rates, apply to public chargers near roadways, malls, and companies. In electric vehicles, this entails the usage of onboard chargers. The On-Board Charger market is being propelled forward by factors such as expanding electric vehicle penetration and greater government actions to improve electric vehicle charging infrastructure. The restriction on the use of fossil fuels as a vehicle fuel imposed by various countries is likely to increase sales of electric vehicles, which will drive the on-board charger industry forward. Because of the increased deployment of electric charging stations around the world, the onboard charger industry is growing. Onboard chargers are used in electric cars that allow AC level 1 and level 2 charging. The flow of electricity from the grid to the battery is managed by an on-board charger (OBC). This means that in the places where it will be utilized, the OBC must match the grid's criteria.
The On- Board Battery Charger Market is segmented on the basis of Power Output, Vehicle Type and Propulsion Type. On the basis of Power Output, the market is segmented into Less than 11 kW, 11 kW to 22 kW and more than 22 kW. On the basis of Vehicle Type, the market is segmented into Passenger Car, Buses, Vans, Medium & Heavy Duty Vehicles, Boats and Others. On the basis of Propulsion Type, the market is segmented Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV).
Based on Power Output:
On the basis of Power Output, the market is segmented into Less than 11 kW, 11 kW to 22 kW and more than 22 kW. In 2020, the market was led by the 11 kW to 22 kW sector. The 11-22 kW chargers are tri-phase AC chargers that charge an electric vehicle in two to four hours. Typically, a public charging station is a three-phase AC charger. The category with less than 11 kW is likely to expand the fastest over the forecast period. Most electric vehicles will feature on-board chargers ranging from 6 to 11 kW in the next years. The advantages given by on-board chargers with less than 11 kW, such as better charging efficiency and maximized performance, are projected to promote segment expansion.
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Based on Propulsion Type:
On the basis of Propulsion Type, the market is segmented Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV). The global market for electric vehicle on-board chargers is led by BEV, which is likely to maintain its lead during the forecast period. BEVS and PHEVS both contain an electric motor that can be recharged via an external socket; however, BEVS are totally powered by electricity. To support their battery-powered motors, PHEVs have a fuel tank. Now that PHEVs have an IC Engine to support them, there is less space for batteries, resulting in a vehicle with a shorter range and lower top speed than a BEV. BEVs, on the other hand, have a longer range and higher energy storage capacity. Because of the growing charging infrastructure and government assistance, BEVs are preferred over PHEVs.
Asia Pacific is projected to acquire the largest market share during the year 2021
Asia Pacific is projected to acquire the largest market share during the year 2021 with a share of 38.40%. The growing urban population in China and India pollutes the environment by releasing greenhouse gases from vehicles and factories. As a result, governments are responding by supporting clean fuel-powered vehicles, particularly electric vehicles, through a variety of government-sponsored incentives. In addition, rapid urbanisation and smart cities are predicted to promote EV expansion, propelling the growth of the electric vehicle on-board charger market in this area. Stringent emission rules, pro-EV government policies, increased car electrification, and the availability of essential charging infrastructure are all major factors driving EV adoption. The presence of prominent EV manufacturers in the region presents even more enticing growth potential for EV on-board chargers.
Key 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.
Segmentation of the Global On- Board Battery Charger Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for On- Board Battery Charger in terms of revenue?
The global On- Board Battery Charger valued at USD 4810.28 Million in 2022 and is expected to reach USD 16322.22 Million in 2030 growing at a CAGR of 16.50%.
Which are the prominent players in the market?
The prominent players in the market are 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.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 16.50% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the On- Board Battery Charger include
- Increasing penetration of electric vehicles
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the On- Board Battery Charger in 2022.