On-Board Charger Market
(By Vehicle Type: Boats, Vans, Passenger Cars, Buses, Medium and Heavy Duty Vehicles, Others; By Power Type: 11 kW to 22 kW, Less than 11 kW, More than 22 kW; By Propulsion Type: Plug-in Hybrid Electric Vehicle, Battery Electric Vehicle; By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032
Key Takeaways:
- By power output, the U.S. on-board charger market was valued at USD 458 million in 2022.
- By power output, the 11 kW to 22 kW segment accounted market share of around 43% in 2022
- By vehicle type, the passenger cars segment garnered 37% market share in 2022 and bus segment is projected to grow at a remarkable CAGR from 2023 to 2032.
- By propulsion type, the BEV segment hit 69% market share in 2022 and PHEV segment will register notable growth from 2023 to 2032.
- In 2022, the Asia Pacific region representing in excess of 40% of overall income
- Europe is projected to witness significant growth from 2023 to 2032.
- European plug-in passenger car sales registered at 8% in 2022 in contrast to 4% in 2021.
The costly cost of charging an EV at public charging stations is driving the current interest for on-board chargers. Business electric costs apply to public chargers close to streets, shopping centers, and organizations, which are more than private rates. This requires the utilization of on-board chargers for electric vehicles. In an electric vehicle, an on-board charger is utilized to charge the foothold battery by changing over the AC input from the lattice to the DC input important to charge the batteries. One of the essential reasons driving business sector extension is the expansion in the quantity of AC private and public charging stations all through the world. The AC level 1 on-board charger might be associated into standard electrical plugs and is utilized in a wide range of electric vehicles.
An on-board charger makes it simpler to charge the batteries of electric or cross breed vehicles. Roughly 80% of the time, drivers charge their vehicles at home. High voltage chargers have recently seen an extensive expansion popular because of their higher charging speed. For instance, Tesla has laid out 31,000+ supercharger networks around the United States; this charger considers 200 miles of driving in only 15 minutes of charging. Different players are supposed to stick to this same pattern later on years by delivering various compact superchargers.
Growth factors
Electric vehicle deals moved by 176% in the primary portion of 2022 contrasted with a similar period in 2021. It represented 26% of new vehicle deals in the car area. China arose as the world's driving EV community, representing 11% of the market. One more impact of the EV market blast is that lithium costs have ascended by around 17%. Thus, these factors lead to higher purchaser spending. Buyers overall spent around $12 billion USD on EV merchandise in 2020. Moreover, as per a Power Technology research, EV deals in the principal half of 2021 were 2.7 million units, with 5 million units anticipated before the years over. Accordingly, these factors add to advertise extension. The limitation on involving non-renewable energy source as a vehicle fuel upheld by different nations is probably going to expand deals of electric vehicles, which will drive the extension of the on-board charger industry.
The worldwide arrangement of electric charging stations is driving development in the locally available charger industry. Locally available chargers are utilized in electric vehicles that permit AC level 1 and level 2 charging. An on-board charger controls the progression of force from the network to the battery. This suggests that the On-board charger should satisfy the rules of the matrix in the spots where it will be used. The rising establishment of AC charging stations in arising countries is pushing the on-board charger business forward. As far as vehicle type, the on-board charger market is separated into battery electric vehicles and module crossover electric vehicles. The foundation for charging electric vehicles is basic for the inescapable utilization of electric vehicles. A few government projects have been sent off across the world to supply electric vehicle charging stations.
The Automotive Research Association of India, for instance, planned to introduce more than 200 EV charging stations around the country. Moreover, Tata Power, an Indian electric utility firm that is essential for the Tata Group (India), upholds the Indian Government's National Electric Mobility Mission by laying out the primary arrangement of electric vehicle charging stations in Mumbai (India) for India's blossoming EV environment
