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. The growth in the global on-board charger market is expected to be driven by increasing sales of electric vehicles worldwide.
Read Report Overview: On-Board Charger Market
Market Lifecycle Stage
On-board chargers used in an electric vehicle are advancing technologically and are expected to grow faster in the forecast period. 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.
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
Analyst Thoughts
According to Dhrubajyoti Narayan, Lead Analyst, BIS Research, "It is expected that the market will continue to evolve rapidly in the forecast period. Innovative solutions are being developed, and new products are being launched in the market. Moreover, the market's growth is assisted by collaborations and product launches. Increasing electric vehicle fleets are expected to drive aftermarket sales of on-board chargers. The significant demand for electric vehicles has made China the world's largest market for on-board chargers."
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.
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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.
