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On-Board Charger Market Report 2024 - On-Board Charger Market Demand, Share, And Forecast
On-Board Charger Market
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According to The Business Research Company's, The on-board charger market size has grown rapidly in recent years. It will grow from $4.31 billion in 2023 to $5.13 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to government incentives, electric vehicle (ev) adoption, emission reduction goals, cost reduction, government incentives.
The on-board charger market size is expected to see rapid growth in the next few years. It will grow to $10.09 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to consumer demand, sustainable practices, automotive industry, faster charging, electric vehicle (ev) fleets. Major trends in the forecast period include high-power charging stations, ev charging infrastructure, technological advancements, battery technology, vehicle-to-grid (v2g).
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Market Drivers and Trends:
The increase in demand for electric vehicles is expected to propel the growth of the on-board charger market. 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. For instance, in June 2022, according to the Edison Electric Institute (EEI), a US-based association representing all investor-owned electric companies, the projected number of electric vehicles (EVs) on U.S. roads is expected to increase from 2.4 million in 2021 to 26.4 million by 2030. The annual sales of EVs are estimated to reach nearly 5.6 million in 2030, comprising around 32% of total annual light-duty vehicle sales. Therefore, rising demand for electric vehicles is expected to boost on-board charger market during the forecast period.
Technological advancement is a key trend gaining popularity in the on-board charger market. 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. For instance, In July 2021, the UK-based integrated energy company EDF Energy and the Japan-based automobile manufacturer Nissan Motor Co. Ltd. launched their new commercial V2G service for EV fleets in the UK. This EDF V2G technology and solution includes supplying and installing a two-way connected compact 11kW charger capable of charging a Nissan LEAF in 3 hours and 30 minutes, depending on the battery model, which is 50% faster than a standard charger with an integrated DREEV technology. This DREEV technology uses a smartphone application to identify vehicles' driving energy requirements, track their state of charge in real-time, and control charging at any point.
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Major Key Players of the Market:
Delta Energy Systems Corp., Toyota Motor Corporation, Eaton Corporation, STMicroelectronics NV, Stercom Power Solutions GmbH, BorgWarner Inc., Ficosa Corporation, LG Electronics Ltd., BYD Co. Ltd., Tesla Corp., AVID Technology Limited, Bel Fuse Inc., BRUSA Elektronik AG, Siemens AG, Innolectric AG, Current Ways, Yazaki Corporation, Aptiv Global Operations Limited, Hyundai Mobis Co. Ltd., Mitsubishi Electric Corporation, Infineon Technologies AG, Xepics Italia SRL, Hangzhou Aodi Electronic Control Co. Ltd., Meta Systems S.p.A., Leopold Kostal GmbH Co., Dilong Technology Co. Ltd., ClipperCreek Inc., Schneider Electric SE, Signet Systems Inc., Tritium Pty Ltd.
On-Board Charger Market 2024 Key Insights:
• The on-board charger market size is expected to see rapid growth in the next few years. It will grow to $10.09 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%.
• Growing Electric Vehicle Adoption Fuels Expansion Of The On-Board Charger Market
• Rising Prominence Of Technological Advancements In The On-Board Charger Market
• Asia-Pacific was the largest region in the on-board charger market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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