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Charging Ahead: Surging Electric Vehicle Demand to Drive On-Board Charger Market Growth || Delta Energy Systems, Toyota Motor Corporation, Eaton Corporation, STMicroelectronics
On-Board Charger Market
The Business Research Company's On-Board Charger Global Market Report 2023 the increase in demand for electric vehicles is the major driver for the on-board charger market's growth in the forecast period. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EVs has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. These EV and hybrid vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles. According to the International Energy Agency (IEA) report in 2021, a France-based autonomous intergovernmental organization for energy, two-thirds of new electric car registrations and two-thirds of the stock in 2020 were battery electric vehicles (BEVs).
The global on-board charger market size grew from $3.58 billion in 2022 to $4.29 billion in 2023 at a compound annual growth rate (CAGR) of 19.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The on-board charger market size is expected to grow to $8.67 billion in 2027 at a CAGR of 19.3%.
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Major competitors in the on-board charger market are Delta Energy Systems, Toyota Motor Corporation, Eaton Corporation, STMicroelectronics, Stercom Power Solutions GmbH, BRUSA Elektronik AG, innolectric AG, Infineon Technologies AG, Bel Fuse Inc., NXP Semiconductors N.V., Ficosa International SA, Delphi Technologies PLC.
A key trend in the on-board charger market includes technological advancement. The advancement in technology has facilitated the development of a two-way on-board charger (V2G). V2G is an intelligent technology that allows car batteries to give back to the power grid. The vehicle-to-grid system assists on-board chargers in balancing electricity demand and avoiding any unnecessary costs associated with the construction of an electricity system. The combination is intended to make electrification easier for fleet service operators by lowering the large upfront capital cost.
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The on-board charger market is segmented -
• By Power Output: Below 7.2 kW, 7.2 kW-15 kW, Above 15 kW
• By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
• By Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the on-board charger market.
The Business Research Company's "Global On-Board Charger Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The On-Board Charger Market Include:
1. Executive Summary
2. On-Board Charger Market Characteristics
3. On-Board Charger Market Trends And Strategies
4. On-Board Charger Market - Macro Economic Scenario
5. On-Board Charger Market Size And Growth
……………
27. On-Board Charger Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The On-Board Charger Market
29. On-Board Charger Market Future Outlook And Potential Analysis
30. Appendix
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