Global On-Board Charger Market By Power Output (Less than 11 kW, 11 kW to 22 kW, and Others), By Vehicle Type (Medium & Heavy Duty Vehicles, and Other vehicle types), By Propulsion Type (Less than 11 kW, 11 kW to 22 kW, and Others), and by Region and Companies Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032.

On-board Charger Market Overview:

The global onboard charger market value was USD 4,373 million in 2021. This market is expected to grow at a compound annual growth rate of 17.35% between 2022-2032.

In today’s market, the demand for onboard chargers is growing due to the high price of charging an electric car at public charging points. Commercial electric rates apply to public chargers close to highways, malls, workplaces, and other places, and they are usually higher than residential rates. This creates the need for onboard chargers for electric vehicles.

Global On-Board Charger Market Analysis

Covid-19 Impact Analysis

The COVID-19 pandemic adversely affected the sales of electric cars in the first half of 2020. This slowed market growth. According to statistics by the Society of Electric Vehicle Manufacturers in 2021, the number of registered electric vehicles fell 20% to 236,802 units. This compares to 295,683 units for 2020.

However, governments are making efforts, such as increasing purchase incentives, decreasing battery costs, and offering upgrades by original equipment makers for EVs during the pandemic, which provide opportunities for EV adoption. In Germany, for example, the purchase subsidy on BEVs, which was supposed to expire in 2021, was extended due to the pandemic.

Power output Analysis

The 11 kW-22 kW market segment was dominant and accounted for more than 41.0% of the global revenue for 2021. The tri-phase AC chargers 11-22 kW are capable of charging an electric car in just two to four hours. A tri-phase AC charging point is a common use of a tri-phase AC charger. Transport & Environment statistics show that 63% are tri-phase AC charging stations in Europe.

The segment with less than 11kW is expected to experience the fastest growth during the forecast period. The next generation of electric vehicles will feature onboard chargers that range from 6 kW up to 11 kW.

OpenSystems Media has released statistics that show that 98.2% of the onboard chargers will range from 6 kW up to 11 kW and not 3 kW or 5 kW. The sector growth will be driven by the potential benefits offered by onboard chargers with less than 11 kW, such as improved charging efficiency and enhanced performance.

Vehicle Type Analysis

In 2021, the market was dominated by passenger cars. The demand for onboard chargers is expected to increase with the growing sales of electric passenger cars worldwide.

The bus segment is predicted to experience the most growth during the forecast period. The bus’s onboard charger converts the AC to DC, which charges the battery. Segment growth will be enhanced by the global increase in zero-emission buses.

Key Market Segments

By Power Output

• Less than 11 kW
• 11 kW to 22 kW
• More than 22 kW

By Vehicle Type

• Medium & Heavy-Duty Vehicles
• Vans
• Buses
• Passenger Car
• Boats
• Other vehicle types

By Propulsion Type

• Plug-in Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle (BEV)

Market Dynamics

An onboard charger is used in electric vehicles to charge the traction batteries. Market growth is being driven by an increase in AC public and private charging stations around the globe. The AC level 1 charger can be used with all-electric vehicles.

The onboard charger is very popular because it doesn’t require additional electrical work. It also reduces the installation cost. The market’s growth has been boosted by AC Level 2 charger approvals. Because of its high power density and efficiency rate, silicon carbide semiconductor technology is being increasingly used to manufacture onboard chargers.

Numerous companies are increasing their efforts to produce more efficient and higher-powered silicon carbide onboard chargers. This is creating new opportunities for market expansion.

The market is growing due to the increased deployment of electric charging stations worldwide. Shell announced its plan to deploy 500,000 charging stations by 2025 in February 2021. In an electric vehicle that supports AC Level 1 and 2 charging, onboard chargers can be deployed.

A charging station with AC is more affordable than a DC charger. Installing a residential level 2 charger will cost you approximately US$ 1,354. This includes upgrading electrical services for older homes. A workplace level 2 charging station can be installed for USD 2,223. Installation of fast DC chargers, however, costs USD 22,626. Additional electrical services are needed.

BEVs dominated this market and accounted for more than 69.9.0% of global revenue in 2021. Battery Electric Vehicle (BEV), propulsion is provided by the battery. The segment growth is driven by the increasing number of BEV vehicles. BEV Segment share is highest in companies like Volkswagen, Audi, and Mercedes-Benz.

The fastest expected growth in the PHEV market is anticipated over the forecast period. Various Plug-in Hybrid Electric Vehicles manufacturers have adopted onboard chargers with a power output of between 3 and 3.7 kW. This is driving the segment growth. Models such as the Kia K5PHEV, Hyundai SonataPHEV, and OutlanderPHEV all use onboard chargers to charge their batteries. PHEVs have seen an exponential increase in sales worldwide.

Regional Analysis

The Asia Pacific was the dominant market region and accounted for 42.0% of the global revenue for 2021. The region’s market growth has been accelerated by increased government efforts to promote electric vehicles in countries like India, and China. China’s sales quotas are a major factor in driving EV-on-board charger sales. Among others, the EVs using China’s onboard chargers are the BYD Qin Pro EV, GAC Aion S, and Tesla Model 3.

Europe is projected to see significant growth in the forecast period. Europe’s EV industry players are continually expanding their offerings. This drives the demand for onboard charging stations. BMW’s vision states that the company plans to electrify all of its vehicles, including sedans and mini-cars, in Europe by 2032. A rise in subsidies on electric vehicle purchases is another factor driving market growth in the region.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

It is highly fragmented. It is characterized by large numbers of players. The market is dominated by strategies such as mergers, acquisitions, and partnerships that will strengthen their offerings. KPIT announced Eaton’s partnership with them in January 2019. This partnership allowed the company to develop next-generation technologies in e-mobility. This partnership was focused on developing and deploying software solutions, technologies, and platforms for onboard chargers and DC/DC converters.

The market players are also partnering with others to expand their EV-charging capabilities. Green Motion SA, a manufacturer/designer of electric vehicle charging software, was acquired by Eaton in March 2021. Eaton has increased its electric vehicle charging capabilities by acquiring Green Motion SA.

Маrkеt Кеу Рlауеrѕ:

• Bel Fuse Inc.
• innolectric AG
• Stercom Power Solutions GmbH
• STMicroelectronics
• Delta Energy Systems
• Eaton
• Toyota Industries Corporation
• BRUSA Elektronik AG
• Other Key Players

For the On-board Charger Market research study, the following years have been considered to estimate the market size: