The global on-board charger market is growing at a speedy rate. Increasing costs of petroleum products and rising awareness about outflows from IC motors among the worldwide populace has resulted in the increased inclination toward electric vehicles.
On-board Charger Market
Global On-board Charger: Overview
An on-board charger is used to charge electric vehicles by converting AC input from the grid to DC input and its market is subjected to increase with the increasing demand of electric vehicles. With the help of on-board charger, charging can be done at homes or from public outlets. As petrol, diesel, gasoline are not renewable energies and countdown of their exhaustion has started, thus, need to develop alternative sources involves the use of more economical electric vehicles. The growing utilization of electric chargers across the globe is boosting the global on-board charger market growth. Also, expansion in number of level 1 and level 2 charging station/foundation (AC-to-DC) has moved the ascent toward electric vehicles.
Global On-board Charger: Growth Factors
The global on-board charger market is growing at a speedy rate. Increasing costs of petroleum products and rising awareness about outflows from IC motors among the worldwide populace has resulted in the increased inclination toward electric vehicles. As per the insights of International Energy Agency (IEA) published in their Global EV Outlook 2020 report, sales of electric vehicles surpassed more than 2.1 million around the world, with a 40% year-on-year development. Besides, automakers are continually dispatching more current electric vehicle models to withstand solid rivalry from different automakers. Furthermore, legislatures of various countries are effectively advancing reception of electric vehicles by sanctioning tough discharge standards, for example, EURO 6 by European Union, BSVI by India, and China. Governments are additionally giving rewarding advantages to electric vehicle producers just as clients as sponsorships and duty relaxations. These advantages presented by government offices alongside rigid emanation standards are filling the offer of electric vehicles, which thusly is boosting the global on-board charger market across the globe. The on-board charger in electric vehicles comprises of the unit that incorporates assortment of sign molding arrangements, integrated high voltage isolation AC-DC converters, signal conditioning solutions, AC rectifiers, dual bridgeless power factor correction (PFC), error intensifiers, gate drivers, and numerous other force electronic parts. However, because on-board chargers need to take power from the AC charger, it makes the charging process slow and consumes more time as compared to other methods, i.e., off-board charging stations. Therefore, it can cause hinderance in the global on-board charger market growth.
The COVID-19 pandemic diminished the deals and creation of electric vehicles and upset auto inventory chains, which hampered the interest for on-board chargers. This pandemic has made people conscious about contactless advancements which is expected to help the notoriety of remote wireless off-board chargers and consequently, may hamper the worldwide on-board charger market. However, the market also depends on increasing sales and in the long run, people may adopt personal on-board chargers which will thus grow its demand in the upcoming years.
Global On-board Charger: Segmentation
The on-board charger market is segregated based on power output, vehicle type, propulsion type and region. Based on power output, the on-board charger market is classified into less than 11kW, 11kW to 22kW, and greater than 22kW. Further, vehicle type segment is divided into passenger car, buses, vans, medium & heavy-duty vehicles, boats and others. Also, based on propulsion type, the market is divided into battery electric vehicle, plug-in hybrid electric vehicle and others.
Global On-board Charger: Regional Analysis
Asia Pacific is anticipated to dominate the global on-board charger market with the growth of electric vehicles. The promotion of electric vehicles is going fast and the market for it is surging and is expected to boom in nearly 5 to 10 years. Besides, private companies, government is also keen and introducing initiatives for promoting electric vehicles in China, India and other countries due to environmental concerns and eliminating use of petrol & diesel. Other than that, Europe is also expected to witness a significant growth during the forecast period. European government also have made pacts, announcements and targets to lessen the use of petrol and diesel in upcoming years. Eventually, the government wants to reduce the carbon footprints by introducing electric vehicle offerings. The companies are planning to and have brought to the market some of their recent launches based on electric consumption of vehicles which is eventually rising the growth of on-board charger market.
Global On-board Charger: Competitive Players
The global on-board charger market is highly distributed over geographical boundaries along with the presence of large number of companies. Also, to stay ahead in the competitive market, companies are highly growing their focus on mergers, acquisitions, partnerships and collaborations. Major players in the global on-board charger market include Bel Fuse Inc., Innolectric AG, Delta Energy Systems, STMicroelectronics, AVID Technology Limited, Toyota Industries Corporation, Eaton, Stercom Power Solutions GmbH, Ficosa International SA, BRUSA Elektronik AG, among others.
Global On-board Charger: Regional Segment Analysis
What Reports Provides
Increasing costs of petroleum products and expansion in mindfulness about outflows from IC motors among the worldwide populace has helped the offer of electric vehicles.
Major players in the market include Bel Fuse Inc., Delta Energy Systems, STMicroelectronics, Toyota Industries Corporation, Eaton, Stercom Power Solutions GmbH, Innolectric AG, BRUSA Elektronik AG, AVID Technology Limited, Ficosa International SA, among others.
Asia Pacific is anticipated to dominate the market with the growth of electric vehicles. The promotion of electric vehicles is going fast and the market for it is surging and is expected to boom in nearly 5 to 10 years.