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A surge in demand has been observed in the market for on-board chargers, an essential part of electric vehicles (EVs), due to the increasing global prevalence of EVs. There are a few elements that collectively shape market trends and can be blamed for this flood. The increasing recognition and fondness for electric vehicles within consumers is a primary driver of industry trends. The inclination towards electric vehicles inevitably results in an increased requirement for on-board chargers, as these appliances are indispensable for replenishing the vehicle's battery.
As such, there is a growing need for on-board chargers, and automakers are concentrating on developing more effective charging infrastructure to enhance the overall appearance and appeal of their electric cars. The industry is witnessing constant improvement in charging innovations, such as faster charging speeds, possibilities for remote charging, and sophisticated charging strategies. These advancements help enhance the overall productivity and viability of electric vehicles in addition to satisfying consumer preferences for speedier and more easy charging.
To create uniform and well-coordinated charging environments, automakers are collaborating with providers of charging infrastructure and innovative organizations. The development of standardized charging solutions is being aided by this cooperative methodology, which enhances the charging experience for owners of electric vehicles and promotes interoperability among various charging groups. The pattern is particularly apparent as automakers strive to tackle issues regarding range anxiety and enhance the practicality of electric vehicles for everyday usage. The demand for efficient, fast, and mechanically advanced on-board chargers is expected to grow in tandem with the expansion of the electric vehicle market, reflecting the automotive industry's broader transition to a more energetic and maintainable future.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Lack of standardization of EV charging Increase in installation of fast DC chargers The development of a two-way on-board charger (V2G) for future electric and plug-in hybrid vehicle |
Electric Vehicle On board Charger Market Highlights:
Electric Vehicle On-Board Charger Market Overview
The global electric vehicle on-board charger market is estimated to reach a valuation of USD 7 billion by the year 2030 at a CAGR of 20% during the forecast period that ends in the year 2030. An onboard charger (OBC) charges the traction battery of an electric vehicle (EV), a plug-in hybrid (PHEV), or a hybrid electric vehicle (HEV). In this regard, in the electric vehicle, an on-board charger system converts AC input grid into DC input which further charges the battery. The electronic components used in the on-board charger (OBC) can be employed to recharge the battery from AC mains either at home or from outlets found in private or public stations meant for charging.
Onboard chargers in electric vehicles consist of various signal conditioning solutions, integrated high voltage isolation AC-DC converters, ac rectifiers, dual bridgeless power factor correction(PFC), gate drivers, error amplifiers and other power electronic components. A charging station is part of the grid infrastructure installed along a street, in parking lots or it could be located inside a home garage; primarily its goal is to supply power to different types of EVs such as PHEVs, BEVs, and HEVs so that they can charge their batteries. The AC charging system is typically within an on-board charger located inside the vehicle where it get connected to the grid once plugged. An onboard charger does final stage of charging by transforming AC power source taken from EVSE into required battery-charging profile.
Electric Vehicle On-Board Charger Market Trends Insights
New-age technological developments in electric vehicle manufacturing, along with the increasing usage of portable charging units, are proving to be a game-changing trend in the market.
Automobile manufacturers are progressively prioritizing and allocating resources towards the creation and advancement of electric vehicles, aligning with the prevailing trend in the mobility and freight transportation sector. Consequently, the market for electric vehicles with on-board chargers will expand in direct proportion to the expansion of the electric vehicle market. Presently, the majority of electric vehicles (EVs) available in the market are installed with on-board unidirectional battery charging systems. Apart from this, a certain number of electric vehicles utilize off-board chargers to recharge their batteries. The current growth in electric vehicle (EV) investments by the transportation industry indicates a shift in role models. An example of this is the advancement of wireless chargers that can charge devices in both directions and at a rapid pace.
The Grid-to-Vehicle (G2V) concept refers to the seamless integration of electric vehicle (EV) battery charging systems with the power grid. V2G is characterized by its reliance on battery chargers that allow the flow of electricity in both directions and communicate with Smart Grids. In addition, a multitude of electric vehicles and EV charging manufacturers have begun to actively employ the two-way charging technology.
Electric Vehicle On-Board Charger Market Segment Insights
The Electric Vehicle On-Board Charger Market is primarily segmented based on propulsion systems, vehicle types, and power outputs.
Based on the propulsion system, the Electric Vehicle On-Board Charger Market is further divided into Battery Electric Vehicle and Plug-in Electric Vehicle. Out of these, the battery electric vehicle segment owes the major market share and is predicted to be the dominating segment in the market. BEVs and PHEVs both utilize an electric motor that is replenished by an external socket. However, the key distinction lies in the fact that BEVs rely only on energy for their power. Plug-in hybrid electric vehicles (PHEVs) are equipped with a petrol tank that assists their battery-powered motors.
Based on vehicle type, the said market segment is further sub-segmented into passenger and commercial vehicles, where the passenger vehicle sub-segment dominates the global market share. The key reason for the sheer dominance of the passenger vehicle segment is the swift urbanization process, which results in a higher need for cost-effective transportation options like electric vehicles. Electric vehicles are cost-effective and have a negligible ecological footprint in comparison to internal combustion vehicles. Hence, the governments of prominent economies, such as the United States, China, and India, actively encourage the widespread use of such passenger cars. The anticipated surge in demand for electric vehicles (EVs) in the next years can be attributed to both the increasing government backing and the growing enthusiasm among consumers for EV technology.
Based on power output, the said market is further divided into less than 6-20kW and more than 20kW. Out of which, the less than 20kW segment owes the major market share. In the near future, the majority of electric vehicles are anticipated to be equipped with on-board chargers ranging from 6 kW to 20 kW. A study predicts that a significant majority, around 98.2%, of on-board chargers in the future will have power outputs ranging from 6 kW to 20 kW, as opposed to the lower range of 3 kW to 5 kW. The segment growth is predicted to be driven by the benefits offered by on-board chargers with less than 11 kW, such as increased charging efficiency and maximized performance.
Electric Vehicle On-Board Charger Market Regional Insights
The Global Electric Vehicle On-Board Charger Market is primarily studied across four major regions, namely North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region dominates the global market share, owing to the increasing urban population in major emerging economies like India and China. The Asia Pacific region accounted for almost 38% of global revenue in 2021, which provided it with a dominant advantage in the industry. The proliferation of government efforts aimed at bolstering the sales of electric vehicles in countries like China and India is a key driver of the rapid expansion of the industry in this sector.
Followed by Asia-Pacific region, the European region ranks second in terms of revenue generation in the global electric vehicle on-board charger market. Major European players are consistently striving to broaden their electric vehicle (EV) options, thereby fueling the demand for on-board chargers. As per the BMW vision, the company intends to introduce electric power to its SUVs, sedans, and Mini vehicles in Europe by the year 2030. Simultaneously, the market expansion in the region is being propelled by an escalation in subsidies offered for the acquisition of electric vehicles.
Electric Vehicle On-Board Charger Market Key Players & Competitive Insights
The said market has a high degree of fragmentation and is distinguished by the abundance of key competitors. Key companies are prioritizing methods like mergers, acquisitions, and collaborations to enhance the quality and competitiveness of their products and services. The market players are also prioritizing the expansion of their electric vehicle (EV) charging capabilities through partnerships with other entities.
Electric Vehicle On-Board Charger Market Key Companies Insights
- Bel Power solution
- BRUSA Elektronik AG
- Current Ways Inc.
- Delphi Technologies
- Eaton Corporation
- Infineon Technologies AG
- Innoelectric GmbH
- Stercom Power Solutions GmbH
- Toyota Industries Corporation
- Xepics Italia SRL
Recent Developments
In January 2021, Bel Power Solutions launched their new product, BLC25-700-8, which is a bi-directional on-board charger with an efficiency of about 94%, the EVBox group signed an acquisition deal with TIP Trailer Services to expand its reach in the European region for charging infrastructure.
Electric Vehicle On-board Charger Market Segmentation:
By Current Type
- AC
- DC
By Propulsion Type
- BEV,
- HEV
- PHEV
By Vehicle Type
- Passenger Cars,
- LCV
- HCV
By Region
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
- Middle East
- Africa
- Latin America
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