Press release
Global Electric Vehicle On Board Charger Market Size To Grow At A CAGR Of 18.4% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter's Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 18.4%
All electric vehicles (EVs) include on board chargers, which are primarily used to convert alternating current or AC from the control network into direct current or DC for the battery. After the electric car is plugged into an AC conduit, power from the duct is transformed from AC to DC of the EV's onboard charger. However, there are some public charging stations referred to as off-board chargers that have a built-in converter and operate faster.
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One of the significant functionalities of on board chargers is that they control the levels of current and voltage at which the battery is charged. On board chargers have two key charging types - constant voltage and constant current. Although constant current charging provides high competencies and improved charging speed, constant voltage charging initially leads to a higher extent of current flow into the battery.
The rising demand for electric vehicles is expected to substantially propel the electric vehicle on board charger market as battery electric or plug-in hybrid vehicles require an on board charger for the battery.
Factors such as growing preference and sales of electric vehicles, the introduction of stringent government laws regarding pollution, technological advancements, and expanding charging facilities are encouraging the growth of the electric vehicle on board charger market.
The increasing adoption of electric passenger vehicles in advanced countries and the rising launches of innovative electric vehicles by start-ups and leading market players are expected to drive the progress of the market in the upcoming years.
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Electric Vehicle on Board Charger Industry Definition and Major Segments
On board charger is one of the most crucial parts of an electric vehicle. It converts alternating current (AC) into direct current (DC) for charging electric vehicles. Nowadays, almost all electric vehicles come with an onboard charger that is fitted inside the vehicles and transform the AC input from the grid to DC to charge the battery. The main function of an onboard charger is to control the electricity flow from the grid to the battery.
Based on propulsion types, the global electric vehicle on board charger market can be segmented into:
BEV
PHEV
HEV
On the basis of power output, the market has been classified into:
Less than 20kW
More than 20kW
By vehicle types, the market is bifurcated into:
Passenger Car
Commercial Vehicle
The major regional markets of electric vehicle on board charger include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Electric Vehicle on Board Charger Market Trends
In recent times, the automotive sector is undergoing substantial shifts owing to the changing customer performance and stringent carbon emission policies. Government bodies and leading automotive players are focusing on clean sources of energy to lower the dependency on fossil fuels in transportation applications due to growing concerns regarding the depletion of natural resources and issues related to climate change.
Several electric vehicle companies such as Electra EV are involved in advancing on board chargers that aid electric movement applications and exceed consumer expectations. Besides, companies such as Tesla and EVgo, among others, are attempting to bolster charging infrastructure, which is expected to increase the utilisation of electric vehicles on board chargers.
Countries like the Netherlands are intending to eliminate the use of petrol engines in upcoming years, which is likely to drive the demand for electric vehicles and contribute to the expansion of electric vehicle charging stations. Such advancements and changes are also likely to favour the electric vehicle on board charger market in the forecast period.
Research activities aimed at advancing and innovating more effective and lightweight on board chargers are anticipated to aid the market. Also, the introduction of innovative green mobility projects promoting the adoption of electric vehicles and driving the elimination of diesel vehicles in both emerging and developed countries are expected to support the electric vehicle on board charger market in the coming years.
Key Market Players
The major players in the global electric vehicle on board charger market are Aptiv Global Operations Limited, Borgwarner Inc., Hyundai Mobis Co., Ltd, Eaton Corporation plc, Mitsubishi Electric Corporation, Infineon Technologies AG, Ficosa Internacional SA, LG Magna e-Powertrain Co., Ltd, Current Ways, Inc., and Xepics ItaliaSRL, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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