The global on-board charger market size is expected to be worth around US$ 17.5 billion by 2030, according to a new report by Vision Research Reports.
The global on-board charger market size was valued at US$ 6.06 billion in 2020 and is anticipated to grow at a CAGR of 19.2% during forecast period 2021 to 2030.
The market growth can be attributed to the increase in electric car sales globally. According to the statistics provided by the IEA organization, in 2019, electric car sales accounted for 2.1 million, registering a 40% year-on-year growth.
The ban imposed by various governments on the use of fossil fuel vehicles is expected to increase the sales of , which is subsequently expected to create the need for on-board chargers
|Market Size||USD 17.5 billion by 2030|
|Growth Rate||CAGR of 19.2% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Product Type, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Panasonic, Lear Corporation, Anoma, Exide Technologies, Flextronics International, HindlePower, Jeckson Electronics, Lester Electrical, Minwa Electronics, Accutronics, Minn Kota, and Delphi, NOCO, Mando and others|
The on board charger is the every electric vehicle come equipped with, for charging the vehicle takes AC from the outside using a fancy cable and converts that charge into DC and transfer it to the batteries for storage. Hence, the cost to charge an EV at public charging stations varies by a reasonable amount. The On board few stations are free while others can cost over twice as much as home charging. An on-board charger (OBC) is used in an electric vehicle (EV) or hybrid electric vehicle (HEV) to charge the traction battery. These on-board charger system described in the material below converts the AC input from the grid to a DC input which charges the battery. Hence, the batteries can be damaged or even catch fire if the temperature or terminal voltage exceeds safe limits, so all battery chargers especially those for EVs must carefully regulate charging power and ultimately shut down the battery is full charging is in two stages. The discharged battery can usually safely absorb all the power the charger can provide, this is the bulk stage. In addition, the on-board chargers battery temperature voltage increase to some preset limit, at which point the charger ramps down the power to stay under those limits, this is the absorption stage. This is on-board charging terminates when the current drops under a preset minimum, a timer expires, the battery gets too hot, or when a user-selected percentage is reached. The recent advantage of an AC charging station is that the on-board charger will regulate the voltage and current as required for the EV hence it is not mandatory for the charging station talk to the EV.
Global On-Board Charger Market report is segmented on the basis of product type, application, and by regional & country level. Based on product type, global on-board charger market is classified as the Lower than 3 kilowatts, 3 - 3.7 kilowatts and Higher than 3.7 kilowatts. Based upon application, global on-board charger market is classified into electric vehicles and boats.
The regions covered in this on-board Charger Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of on-board Charger is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
The rapid increase in electric vehicle charging system is expected to foster the growth of the on-board charger market. This is due to the decreased power loss and increased power saving, which results in increased power density and improved overall performance of the batteries. In addition, rising knowledge among the end users regarding sustainable environment with less greenhouse gas emissions is also supplementing the market growth. According to world organization (WHO) in 2018, the Electric car (EV) deployment has grown rapidly over the past ten years, with the global stock of electric passenger cars passing 5 million, an increase of 63% from the previous year, around 45% of electric cars on the road were in China a total of 2.3 million to 39% and Europe accounted for 24% of the worldwide in 2017. Furthermore, the stringent government regulation toward the increasing adaption of EV has been the strongest driving force for a faster deployment of this vehicle category, especially at the manufacturing level.
However, the high price of electric cars, thin and inconsistent infrastructure, and range anxiety, as compared to same segment internal combustion engine (ICE) powered car has been a major barrier to EV adoption. One of the major factors restraining the growth of the global on-board charger market is increasing push from governments for installation of DC fast chargers. In spite of that, growing technological requirements, worldwide, owing to environmental concerns have propelled research and development (R&D) investment in electric vehicle technology can create more opportunities for the further growth of the market. Still, the recent advancement and deployment of electric vehicle (EV) technologies are considered as an emergent solution to meet the current and future energy crises. The electrification of transportation systems is a promising approach to green the transportation systems and to reduce the issues of climate change. This paper investigates the present status. The opening charging is a concept that EVs can be recharged whenever there is such opportunity. These charging stations are normally located in places where EVs are likely to park for half an hour to several hours such as airports, schools, shopping malls, supermarkets and tourist attractions.
Geographically, North America is expected to dominate the global on-board charger market with the highest market share in terms of profits in overall market owing to the increasing adoption of onboard chargers in this region. The U.S. has been adopting onboard chargers with a power output between 3 to 3.7 kilowatts (kW). Now, the EV manufacturers are moving towards onboard chargers with a power output greater than 6.6 kW to reduce charging time. According to world organization (WHO) 2017 in U.S., Public charging infrastructure in the United States has grown from approximately 6,900 workplace, the people DC fast chargers nationally in 2012 to about 61,000, of the total U.S. workplace and public chargers, about 74% were in the 100 most populous metropolitan areas, there were approximately 11,400 workplace outlets, 30,700 people Level 2 outlets and 3,400 DC fast charging stations in 2018. The year increase in charging stations from 2016 to 2017 for these three categories was 35%, 39%, and 46% respectively. Tesla, Leviton, and Charge Point are some of the key players in the U.S. electric vehicle charging stations industry. The increasing government support in different countries for the adoption of BEVs in form of tax credits, grants, and subsidies is also supplementing the BEV sales.
The Asia Pacific is expected to be the largest market followed by Europe. Hence, the increasing concerns of carbon emission due to existing vehicles and the efficiency in this mode of transport have led the authorities to develop a charging infrastructure network that has propelled the growth of this market. In addition, government initiatives have encouraged the key players to develop the infrastructure for charging system.
Some major key players for Global On-Board Charger Market are Panasonic, Lear Corporation, Anoma, Exide Technologies, Flextronics International, HindlePower, Jeckson Electronics, Lester Electrical, Minwa Electronics, Accutronics, Minn Kota, and Delphi, NOCO, Mando and others.
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