An on-board charger is an electric vehicle (EV) component that converts the alternating current (AC) power from a charging station or outlet into direct current (DC) power that can be used to charge the EV’s battery. The on-board charger is an essential component of an EV’s charging system, enabling the vehicle to charge its battery when connected to a power source.
On-board chargers come in different sizes and capacities, depending on the specific EV model and battery capacity. The charging time of an EV depends on the capacity of the on-board charger, the capacity of the EV’s battery, and the power output of the charging station.
In 2021, the on-board charger market was worth USD 4.6 billion, and by 2030 it will be worth USD 16 billion, at a 15% CAGR during the forecast period.
The present interest in on-board chargers is driven by the expensive cost of charging an electric vehicle at public charging stations. Public chargers around streets, stores, and organizations are subject to business electric prices, higher than private rates.
Market Dynamics
Drivers
- Growing demand for EVs: The adoption of EVs is growing rapidly due to factors such as increasing concerns over climate change and air pollution, rising fuel prices, and improvements in EV technology, such as longer driving ranges and faster charging times. As more consumers switch to EVs, the demand for on-board chargers is expected to increase.
- Advancements in battery technology: The development of advanced battery technologies, such as solid-state batteries and high-capacity lithium-ion batteries, is enabling EVs to achieve longer driving ranges and faster charging times. These advancements are driving the demand for on-board chargers with higher charging capacities.
- Development of fast charging technologies: The development of fast charging technologies, such as DC fast charging and wireless charging, drives the demand for on-board chargers with higher charging capacities and greater efficiency.
- Increasing charging infrastructure: The expansion of EV charging infrastructure, including public charging stations and home charging units, is driving the demand for on-board chargers that can charge EVs quickly and efficiently.
Restraints
The lack of various charging kinds in the market that offer electric vehicle charging at a low cost is a hurdle for this sector. On the other hand, the market for on-board chargers is being restricted by the growing deployment of fast chargers in various public locations, including highways, shopping centers, logistics facilities, etc.
OpportunityÂ
Due to its high power density and efficiency of over 98 percent, silicon carbide semiconductor technology is used more frequently in producing E.V. onboard chargers. Many companies are focusing more on providing higher power and more efficient silicon carbide onboard chargers, which is creating new opportunities for market expansion.
Market Segmentation
By Vehicle Type
The passenger car sector held the majority of the market proportion in 2021. Due to growing environmental concerns over rising CO2 emissions, electric passenger vehicles are currently being produce and sold globally. This dominance can be linked to this development. The demand for autonomous vehicles has increased due to the accessibility of electric automobiles outfitted with cutting-edge technology. The significant increase in government investment in industrial facilities is anticipate to impact the high demand for an on-board charger.
By Power Type
In 2021, the 11-22 kW category led the overall market. To fully charge an electric vehicle, a tri-phase AC charger with an output of 11–22 kW needs only two to four hours. More than 60% of all public AC chargers in Europe have grid connections with power outputs between 11 and 22 kW. Therefore, revenue from less than 22 kW will grow more swiftly throughout the forecast period. Most electric cars in the next years will have on-board chargers that range from 6 to 11 kW.
Regional AnalysisÂ
The Asia Pacific region held the biggest market share in 2021, with around USD 1.50 billion in revenue. Provincial market development is improve by government initiatives in nations like China and India to enhance electric vehicle deals. For instance, one of the key factors assisting EV on-board charger deals in the nation is the Chinese government’s deal amounts for 2020, 2020, and 2021. China’s electric vehicles (EVs) that use on-board chargers include the Tesla Model 3, GAC Aion S, and BYD Qin Pro EV.
During the projection period, Europe will expand at a significant rate. The European participants are continuously seeking to increase the number of EVs they offer. Which is increasing demand for on-board chargers. According to their goal, BMW intends to charge its SUVs, cars, and Minis across Europe by 2030.
Key PlayersÂ
- Toyota Industries Corporation
- Bel Fuse Inc.
- Delta Energy Systems
- Ficosa Internacional SA
- Stercom Power Solutions GmbH
- Eaton Corporation
- Infineon Technologies AG
- STMicroelectronics
- AVID Technology Limited
- Eaton
- Siemens
- Innolectric AG
- BRUSA Elektronik AG
- Current Ways Inc.
- Innoelectric GmbH
In 2021, the on-board charger market was worth USD 4.6 billion. And by 2030 it will be worth USD 16 billion at a 15% CAGR during the forecast period. As the number of EVs on the road increases, the market for on-board chargers is expanding at an astounding rate. Furthermore, the number of on-board chargers is significantly increasing along with the global use of electric vehicles.
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