On-board Charger Market Size, Share, Growth Report 2032

On-board Charger Market

On-board Charger Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2026

Category: Semiconductor & Electronics Report Format : PDF Report Code: ZMR-6714 Status : Upcoming
Market Size in 2023 Market Forecast in 2032 CAGR (in %) Base Year
USD 5.93 Billion USD 18.24 Billion 13.3% 2023

Description

On-board Charger Market Insights

According to the report published by Zion Market Research, the global On-board Charger Market size was valued at USD 5.93 Billion in 2023 and is predicted to reach USD 18.24 Billion by the end of 2032. The market is expected to grow with a CAGR of 13.3% during the forecast period. The report analyzes the global On-board Charger Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Labeling Equipment Market industry.

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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.

On-board Charger Market: Report Scope

Report Attributes Report Details
Report Name On-board Charger Market
Market Size in 2023 USD 5.93 Billion
Market Forecast in 2032 USD 18.24 Billion
Growth Rate CAGR of 13.3%
Number of Pages 201
Key Companies Covered 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
Segments Covered By power output, By vehicle type, By propulsion type and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

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

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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FrequentlyAsked Questions

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.

 

 

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