From the period 2022 to 2028, the Global On- Board Battery Charger Market is expected to reach USD 10,430.9 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 16.7%.
The high-cost expense of charging an electric vehicle at public charging stations is driving the present demand for on-board chargers. Commercial electric charges, which are higher than residential rates, apply to public chargers near roadways, malls, and companies. In electric cars, this entails the usage of onboard chargers. An on-board charger is used to charge the traction battery in an electric automobile by converting the AC input from the grid to the DC input required to charge the batteries. The increase in the number of AC private and public charging stations around the world is one of the key reasons driving market expansion. The AC level 1 onboard charger may be plugged into standard power outlets and is used in all sorts of electric vehicles. This type of charger is popular among consumers because it does not require any additional electrical work, lowering the overall installation cost. Additionally, approvals for AC Level 2 charging stations are one of the primary reasons driving the market forward.
Key Highlights from the Report
- On the basis of Vehicle Type, the market is segmented into Passenger cars, Buses, Vans, Medium & Heavy Duty Vehicles, Boats, and Others. In 2020, the passenger automobile segment dominated the market. On-board chargers are projected to become more popular as the number of electric passenger cars sold worldwide rises. Over the projected period, the bus segment is expected to increase at the fastest rate. In buses, an onboard charger is utilized to convert AC to DC to charge the battery. The segment's growth is likely to be aided by an increase in sales of zero-emission buses around the world.
- On the basis of Propulsion Type, the market is segmented into Battery Electric vehicles (BEV) and Plug-in Hybrid Electric vehicles (PHEV). In 2020, the BEV segment dominated the market. A plug-in charged battery provides propulsion in a Battery Electric Vehicle (BEV). The growing popularity of BEVs is moving the market ahead. The growing popularity of BEVs is moving the market ahead. The PHEV category is likely to grow at the fastest rate over the forecast period. On-board chargers with outputs ranging from 3 to 3.7 kW are being used by several Plug-in Hybrid Electric Vehicle (PHEV) manufacturers, which is moving the market forward.
- Asia Pacific is the fastest regional segment in terms of growth. The automotive on-board charger market is predicted to be led by Asia-Pacific, which is the epicenter of the electric vehicle industry due to the availability of low-cost raw materials, low-cost labor, and the existence of several industry participants, a big population, and government involvement. China is the world's largest market for electric cars and buses, with 872 thousand New Energy Vehicles sold (both passenger and commercial vehicles). China boasts the world's largest EV charging infrastructure.
Some of the key players in the 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.
The number of electric vehicles on the road is growing.
Because gasoline is a fossil fuel, it is a nonrenewable energy source that will deplete over time. To enable long-term development, alternative fuel sources must be developed and deployed. This necessitates the use of electric vehicles, which do not require the use of gasoline and are less expensive than traditional autos. Electric vehicles have a number of benefits, including lower fuel consumption (petrol, diesel, and gas) and lower exhaust emissions, which are driving increased demand around the world. During the projection period, this is likely to increase the need for onboard chargers in electric or plug-in hybrid vehicles. In addition, leading players in the on-board charger market, which is necessary for electric vehicles, are pursuing a variety of strategic initiatives, such as product development and collaboration, in order to maximize commercial opportunities.
To Set a Positive Trend for Market Growth, Technological Development of (V2G) for Future Electric Vehicles
Automobile manufacturers are progressively concentrating their efforts and investing in the design and development of electric vehicles, which is also a trend in the mobility and freight transportation industries. As a result, the market for electric car onboard chargers will expand in lockstep with the EV market. The majority of electric vehicles on the market today have on-board unidirectional battery charging devices. Off-board chargers are used by some vehicles to charge their batteries. The transportation sector's recent spike in EV investments reflects a shift in role models. For example, wireless, bi-directional, and rapid chargers are being developed. The Grid-to-Vehicle (G2V) concept is a simple way to connect an electric vehicle's battery charging system to the electrical grid. V2G is distinguished by the fact that it simply requires battery chargers with bidirectional power flow capability and Smart Grid connectivity. As a result, during the forecast period, the advancement of battery charging technology would provide attractive chances for market expansion.
Over the projection period, Europe is expected to have tremendous growth. Players in Europe are working hard to extend their electric vehicle offers, which is pushing up demand for onboard chargers. At the same time, a boost in subsidies for electric car purchases is one of the primary reasons driving the region's market growth. Stringent emission rules, pro-EV government policies, increasing car electrification, and the availability of essential charging infrastructure are all significant factors driving EV adoption in Europe. The presence of prominent EV manufacturers in the region presents even more enticing growth potential for EV on-board chargers.