Dubai, UAE, June 22, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the global On-board Charger Market was valued at USD 4.76 billion in 2022 and is anticipated to reach a valuation of USD 14.27 Billion by 2032, recording a CAGR of 14.71% from 2023-2032. The market is majorly driven by several factors such as the rising demand for electric vehicles, favorable government initiatives, and the growing need to lower carbon emissions on a global level.
On-board chargers have become increasingly popular in the market due to the high cost associated with charging electric vehicles at commercial places as well as public charging stations including charging points, highways, malls, and commercial parking areas. Consequently, there has been significant market growth driven by the considerable shift toward minimizing costs.
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The On-Board Charger Market Insights:
- On the basis of power output, the 11kW–22kW segment accounted for the largest market share in 2022
- On the basis of propulsion type, the Battery Electric Vehicle (BEV) segment led the market in 2022
- By region, Asia Pacific generated the highest revenue in the global market
Competitive Landscape
The global on-board charger market is highly fragmented in nature and is characterized by the presence of key market participants. Prominent companies are concentrating on various business growth strategies such as collaborations and mergers to expand their product lines. By forming alliances with other competitors, the market participants are additionally focusing on enhancing their EV charging capabilities.
Leading players contributing to the on-board charger market growth are
- Aptiv
- AVID Technology, Inc.
- BEL FUSE INC., Borgwarner Inc.
- BRUSA Elektronik AG, Delta Energy Systems
- Eaton
- Ficosa Internacional SA
- Innolectric
- Stercom Power Solutions GmbH
- STMicroelectronics
- Toyota Industries Corporation
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Global On-board Charger Market Segmentations:
By Power Output
- Less than 11kW
- 11kW to 22kW
- More than 22kW
Rising Use of 11 kW-22 kW Chargers at Public Charging Stations to Promote Market Growth
The 11 kW-22 kW segment led the on-board charger market in 2022, accounting for a market share of over 43%. An electric vehicle can be fully charged in two to four hours using the tri-phase AC 11-22 kW chargers. Tri-phase AC chargers are usually noticed at public charging stations.
According to information from Transport & Environment, tri-phase chargers are used in 61% of public charging stations in Europe. The rising adoption of 11-22 kW chargers across the globe is likely to contribute significantly to the growth of the segment.
By Vehicle Type
- Buses
- Passenger Cars
- Medium & Heavy-Duty Vehicles
- Vans
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By Propulsion type
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicles (HEV)
Presence of Leading Automakers of Battery Electric Vehicles (BEV) to Boost Sales
The battery electric vehicle (BEV) segment accounted for the largest share of the on-board charger market in 2022, generating over 68% of revenue. The leading position of the segment on the global level is primarily attributed to top automakers such as Mercedes Benz, Volkswagen, Audi, and others. On the other hand, Plug-in Hybrid Electric Vehicles (PHEV) segment is anticipated to grow at the fastest CAGR during the forecast period, following BEV.
Rising Deployment of EV Charging Stations Globally to Be a Major Factor Driving the Market Growth
The growth of the on-board charger market is likely to be aided by the deployment of EV charging stations across the globe. For instance, Shell stated in February 2021 that it will install about 550,000 EV charging stations around the world. On-board chargers are placed in an electric vehicle (EV) that supports AC levels 1 and 2.
China witnessed remarkable growth in its public AC charging station infrastructure in 2021. The country boasted over 680,000 open-to-the-public AC charging stations, marking an impressive 35% increase compared to the previous year. The US recorded steady growth among the major economies, with the stock of slow chargers rising by only 12% to 92,000 in 2021. In Korea, it rose by almost 70%, reaching over 90,000.
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Key Recent Developments
- Aptiv successfully acquired Wind River from TPG in December 2022. Software for the intelligent edge is widely available from Wind River. The company intends to improve mobility by making it more connected, environmentally friendly, and safe.
- Onsemi launched a new series of silicon carbide (SiC) power modules for EV on-board charging applications in October 2022. Integrated power modules shorten the design cycle and lower the risk while enhancing the performance of EV on-board chargers.
Asia Pacific Led the Market Due to Supportive Government Initiatives to Promote Electric Vehicle Sales
Asia Pacific was the largest market for on-board chargers in 2022, generating a significant share of more than USD 1.7 billion, which is around 39% of the overall market share. Supportive measures taken by governments to promote the sale of electric vehicles in major nations such as China, India, and Japan are likely to stimulate regional market growth.
For instance, India intends to produce 100% electric vehicles by 2030. Accordingly, the government has already taken action and has planned to put more than 63,000 public charging stations throughout the nation by 2032. Mahindra Group recently declared plans to invest over USD 1.2 billion in the establishment of a new EV manufacturing facility in the nation.
Europe to Experience Rapid Growth Owing to Considerable Efforts Made by Key Players to Facilitate EV Sales
Europe is expected to grow at a rapid CAGR throughout the projection period as a result of the rapid development of charging infrastructure across the region. As a result, the majority of prominent businesses in Europe are exerting considerable effort to increase the number of EVs they sell, which is further boosting the market revenue for on-board chargers.
The main factors promoting the use of EVs in the regional market include stringent vehicle pollution standards, supportive government policies, rising automotive electrification, and the ease with which the necessary charging infrastructure is accessible.
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Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Sources
2.3.1. Secondary Sources
2.3.1.1. Preliminary data mining
2.3.2. Primary Sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.3. Market drivers
3.4. Market restraints
3.5. Market opportunities
3.6. Market Challenges
3.7. Porter’s Five Forces Analysis
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on On-board Charger Market
Chapter 5. Global On-board Charger Market Overview, By Power Output, 2018 - 2032 (USD Million)
Chapter 6. Global On-board Charger Market Overview, By Vehicle Type, 2018 - 2032 (USD Million)
Chapter 7. Global On-board Charger Market Overview, By Propulsion type, 2018 - 2032 (USD Million)
Chapter 8. Global On-board Charger Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 9. North America On-board Charger Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 10. Europe On-board Charger Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 11. Asia Pacific On-board Charger Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 12. Middle East & Africa On-board Charger Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 13. South America On-board Charger Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
16.1. On-board Charger Market Industrial Chain Analysis
16.2. Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
17.1. Marketing Channel
17.1.1. Direct Marketing
17.1.2. Indirect Marketing
17.1.3. Marketing Channel Development Trend
17.2. Market Positioning
17.2.1. Pricing Strategy
17.2.2. Brand Strategy
17.2.3. Target Client
17.3. Distributors/Traders List
Chapter 18. Market Effect Factors Analysis
18.1. Product Progress/Risk
18.1.1. Substitutes Threat
18.1.2. Product Progress in Related Size
18.2. Consumer Needs/Customer Preference Change
18.3. Economic/Political Environmental Change
Chapter 19. Future Outlook of the Market
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