On-Board Charger Market: Business Analysis, Revenue, Prominent Players and Forecast to 2030
The global on-board charger market size is expected to reach USD 16.06 billion by 2030 according to a new study by Polaris Market Research.
The major driving factor for the market growth, such as the high cost of charging electric vehicles at the public charging stations, is generating a lucrative opportunity for on-board charging. A two-way on-board charger (V2G) for plug-in hybrid vehicles, along with the increasing number of R&D activities by several manufacturers across the globe, is likely to anticipate industry development in the near future.
Based on the power output, the 11 kW to 22kW segment is dominating the global industry. Tri-phase AC chargers that can charge electric vehicles in 2 to 4 hours are typically used as public charging point that leads the segment demand around the globe. At the same time, the less than 11kW segment is expected to rise at the highest CAGR in the coming years. The demand for the 6kW to 11kW charging facility for an electric vehicle is likely to grow as well as these present increased charging competence & maximize performance. Thus, it may boost segment growth in the near future.
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A rising number of government initiatives and policies for the expansion of electric vehicle charging infrastructure and associated components is driving the industry development. The electric vehicle charging infrastructure plays a very significant role in the proliferation of electric vehicles. Some government initiatives are carried out to offer EV charging stations globally. For instance, the Automotive Research Association of India (ARAI) intended to install about 200 EV charging stations around the nation. Moreover, the growing number of level 1 & level 2 charging stations/infrastructure (AC-to-DC) has impelled the augmenting demand for electric vehicles. Hence, these factors may act as a catalyzing factor for the industry demand over the forthcoming years.
Major participants such as Toyota Industries Corporation, Ficosa Internacional SA, Delta Energy Systems, BRUSA Elektronik AG, Stercom Power Solutions GmbH, Bel Fuse Inc., AVID Technology Limited, innolectric AG, STMicroelectronics, and Eaton are some of the key players operating in the global industry.
Various market players are making numerous strategic policies such as mergers & acquisitions to reinforce company growth. For instance, in March 2021, Eaton- a power management company, declared the acquisition of the Green Motion SA- a top designer and producer of electric vehicle charging hardware and associated software company. The company’s objective behind this strategic move is to develop its electric vehicle charging capabilities.
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Polaris Market Research has segmented the on-board charger market report on the basis of power output, vehicle, propulsion, and region:
On-board Charger, Power Output Outlook (Revenue – USD Billion, 2018 – 2030)
- Less than 11 kW
- 11 kW to 22 kW
- More than 22 kW
On-board Charger, Vehicle Outlook (Revenue – USD Billion, 2018 – 2030)
- Passenger Cars
- Medium & Heavy-Duty Vehicles
On-board Charger, Propulsion Outlook (Revenue – USD Billion, 2018 – 2030)
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
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