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The global on-board charger market is expected to reach $43.94 billion by 2032 from $2.16 billion in 2021, growing with a CAGR of 29.54% during the forecast period 2022-2032

·6-min read
ReportLinker
ReportLinker

The growth in the global on-board charger market is expected to be driven by increasing sales of electric vehicles worldwide. Market Lifecycle Stage. On-board chargers used in an electric vehicle are advancing technologically and are expected to grow faster in the forecast period.

New York, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "On-Board Charger Market - A Global and Regional Analysis: Focus on Product, Application, and Country-Wise Analysis - Analysis and Forecast, 2022-2032" - https://www.reportlinker.com/p06311958/?utm_source=GNW
Key market development activities are expected to be boosted by ongoing research and development activities in manufacturing high-performance on-board chargers.

The global on-board charger market is still in the growth phase.An increasing fleet of electric vehicles is propelling the sales of the on-board charger in the market.

As a result, the global on-board charger market is expected to flourish in the forecast period.

Impact

• The government and federal agencies are investing heavily in subsidies and infrastructure development to promote electric vehicles and reduce carbon dioxide emissions.
• In 2020 and 2021, many European countries introduced the initiative to offer incentives for those purchasing electric vehicles. For instance, in July 2021, Germany introduced a new initiative to provide incentives for up to $10,200 for buyers of electric vehicles and $7,600 for buyers of hybrid vehicles. Similarly, France provides incentives for up to $6,800 for buyers of electric vehicles.

Impact of COVID-19

The COVID-19 pandemic impact on the global on-board charger market has been negligible.Despite the pandemic, there was a slight increase in on-board charger sales.

The COVID-19 pandemic has enhanced awareness of the environment among people to a great extent.Due to this, more and more people are planning to purchase sustainable vehicles.

This will propel the global on-board charger market.

Market Segmentation:
Segmentation 1: by Propulsion Type
• Battery Electric Vehicles (BEVs)
• Plug-In Hybrid Electric Vehicles (PHEVs)

Based on the propulsion type segment, the global on-board charger market is expected to be dominated by the battery electric vehicles segment during the forecast period.

Segmentation 2: by Vehicle Type
• Passenger Vehicles
• Commercial Vehicles

The passenger vehicles segment is expected to be the leading segment in the market as the sales of electric passenger vehicles are anticipated to increase globally.

Segmentation 3: by Charging Power
• <=6.6 kW
• 6.7 - 11.0 kW
• 11.1 - 22.0 kW
• >22.0 kW

In 2021, <=6.6 kW segment dominated the global on-board charger market (by charging power) due to the increased sales of electric vehicles equipped with these on-board chargers.

Segmentation 4: by Design Type
• Unidirectional
• Bidirectional

In terms of design type, unidirectional was the predominant segment in 2021. In the forecast period, the bidirectional segment is expected to grow at a high rate compared to the unidirectional segment.

Segmentation 5: by Product Type
• Without Embedded DC/DC Converter
• With Embedded DC/DC Converter

Segmentation 6: by Distribution Channel
• OEMs
• Aftermarket

The OEMs distribution channel segment dominated the global on-board charger market (by distribution channel) in 2021. This is due to the low replacement rate of the on-board charger and the increased production of electric vehicles by OEMs.

Segmentation 7: by Region
• North America
• Asia-Pacific and Japan
• China
• Europe
• U.K.
• South America
• Middle East and Africa

China generated the highest revenue of $1.28 billion in 2021, which is attributed to the increased sales of electric vehicles in China. The on-board charger market is attractive in China due to the availability of diverse market segments.

Recent Developments in On-Board Charger Market

• In 2020, Innolectric AG announced the production of its three-phase 22 kW on-board chargers for electric vehicles. The new chargers, developed in partnership with STMicroelectronics, use highly efficient silicon carbide power modules, so the efficiency is above 94% and peaks at 96% in the 2-10 kW range.
• In 2020, BorgWarner Inc. announced it had completed its acquisition of Delphi Technologies. The combination of BorgWarner and Delphi Technologies is expected to strengthen BorgWarner’s electronics and power electronics products.
• In 2021, MTA announced the purchase of an 80 percent stake in EDN, an Italian business that develops and produces power converters and on-board battery chargers for use in hazardous environments and electric cars
• In 2021, Eaton, a power management business, recently announced the acquisition of Green Motion SA, a top designer, and producer of hardware and software for charging electric vehicles.
• In 2022, the acquisition of Hella was completed, according to Faurecia. Faurecia and HELLA introduced FORVIA, the newly combined Group’s name, following Faurecia’s successful acquisition of a controlling stake in HELLA.

Demand – Drivers and Limitations

Following are the demand drivers for the on-board charger market:
• High Cost Associated with Fast Charging Systems
• Demonstration of Environmental Commitment and its Support of Brand Values
• Sprouting of New Government Policies and Initiatives
• Ban on ICE Vehicle Production
• Increasing Adoption of DC-DC Integrated On-Board Chargers

The market is expected to face some limitations too due to the following challenges:
• Increasing Push from Government for Deployment of Highway/Fast Chargers
• Technological Advancement in EV Charging Infrastructure
• Maintaining the Size of On-Board Charger Despite the Escalating Demand for High Performance

How Can This Report Add Value to an Organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of electric vehicle on-board charger products available by propulsion type, vehicle type, product type, design type, and distribution channel.Increasing demand for electric vehicles worldwide is pushing the sales of on-board chargers.

Therefore, the on-board charger business is a high-investment and high-revenue generating model.

Growth/Marketing Strategy: The global on-board charger market is exponentially growing, with enormous opportunities for the market players.Some strategies covered in this segment are product launches, partnerships and collaborations, business expansions, and investments.

The companies’ preferred strategy has been product launches, partnerships, and collaborations to strengthen their positions in the global on-board charger market.

Competitive Strategy: Key players in the global on-board charger market analyzed and profiled in the study involve on-board charger-based product manufacturers and component/subsystem suppliers.Moreover, a detailed competitive benchmarking of the players operating in the global on-board charger market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.

Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Some of the prominent names established in this market are:
Company Type 1: Tier-1 Manufacturers

• Meta System S.p.A.
• Robert Bosch GmbH
• BorgWarner Inc.
• HELLA GmbH & Co. KGaA
• Lear Corp.
• Ficosa Internacional SA
• BRUSA Elektronik AG
• YAZAKI Corporation
• KOSTAL Automobil Elektrik GmbH & Co. KG

Company Type 2: Tier-2 (Component Suppliers)

• Texas Instruments Incorporated
• STMicroelectronics
• Analog Devices, Inc.
• Semiconductor Components Industries, LLC
• Infineon Technologies AG
• Wolfspeed, Inc.

Countries Covered
• North America
• U.S.
• Canada
• Mexico
• South America
• Brazil
• Rest of South America
• Europe
• Germany
• France
• Italy
• Spain
• Rest-of-Europe
• Middle East and Africa
• United Kingdom (U.K.)
• China
• Asia-Pacific and Japan
• Japan
• India
• South Korea
• Rest-of-Asia-Pacific and Japan
Read the full report: https://www.reportlinker.com/p06311958/?utm_source=GNW

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