Electric Vehicle On-Board Charger Market Report Probes the USD Billion Size, Share, Growth Report and Future Analysis by 2033

Key Insights

The Electric Vehicle On-Board Charger Market size was valued at USD 3.31 USD Billion in 2023 and is projected to reach USD 4.21 USD Billion by 2032, exhibiting a CAGR of 3.5 % during the forecast period. The on-board charger in electric powered motors includes the unit that consists of type of sign conditioning solutions, incorporated excessive voltage isolation AC-DC converters, AC rectifiers, twin bridgeless strength aspect correction (PFC), gate drivers, mistakess amplifiers, and plenty of different strength digital components. A charging station is a part of the grid infrastructure set up alongside a street, parking zone or in a domestic garage; its number one cause is to deliver the strength to the exclusive varieties of electric powered motors (PHEV, BEV and HEV`s) for charging the battery. The AC charging machine is generally an on-board charger set up in the automobile, and it's miles linked to the grid whilst the automobile is plugged in. An on-board charger is accountable for the very last degree of charging the battery pack. It takes the AC strength supply from the EVSE and transforms the strength into the desired battery-charging profile. 

Electric Vehicle On-Board Charger Trends

• Increasing government initiatives to promote electric vehicle adoption
• Technological advancements in on-board chargers, such as higher power output and faster charging times

Driving Forces: What's Propelling the Electric Vehicle On-Board Charger Market

• Accelerated environmental concerns and heightened urgency to mitigate carbon footprint
• Soaring adoption of electric vehicles fueled by increasing fuel costs and supportive government policies
• Technological breakthroughs and stringent government regulations favoring the implementation of on-board chargers

Challenges and Restraints in Electric Vehicle On-Board Charger Market

• High cost of on-board chargers
• Limited charging infrastructure in some regions
• Concerns over battery degradation and safety

Emerging Trends in Electric Vehicle On-Board Charger

• Integration of renewable energy sources into on-board chargers
• Development of wireless charging technologies
• Advancements in bidirectional charging, allowing EVs to power external devices

Growth Catalysts in Electric Vehicle On-Board Charger Industry

• Government investments in electric vehicle charging infrastructure: Governments worldwide are implementing policies and incentives to promote electric vehicle adoption, including investments in public charging stations and infrastructure. These initiatives aim to accelerate the transition to electric vehicles and reduce carbon emissions.
• Increasing consumer awareness about the benefits of electric vehicles: As environmental consciousness grows, consumers are becoming more aware of the benefits of electric vehicles, such as reduced operating costs, lower emissions, and improved air quality. This increased awareness is driving demand for electric vehicles and, consequently, on-board chargers.
• Collaborations between automakers and energy companies: To provide seamless charging solutions for electric vehicle owners, automakers are collaborating with energy companies. These partnerships focus on developing integrated charging solutions that provide convenient charging access at home, public charging stations, and workplaces.
• Technological advancements in battery technology: Ongoing research and development in battery technology are leading to improved battery performance, enabling electric vehicles to travel longer distances on a single charge. As battery technology continues to evolve, the demand for efficient and powerful on-board chargers is expected to rise.
• Increasing adoption of electric vehicles in shared mobility services: Ride-hailing and car-sharing services are increasingly adopting electric vehicles to reduce operating expenses and promote sustainability. These services require reliable and efficient on-board chargers to ensure uninterrupted vehicle usage and customer satisfaction.

Market Segmentation: Electric Vehicle On-Board Charger Analysis

Propulsion Type:

• BEV (Battery Electric Vehicle)
• PHEV (Plug-in Hybrid Electric Vehicle)
• HEV (Hybrid Electric Vehicle)

Power Output:

• 20kW
• 50kW
• 100kW and above

Vehicle Type:

• Passenger Car
• Commercial Vehicle

Leading Players in the Electric Vehicle On-Board Charger Market

• Bel Power Solutions
• BRUSA Elektronik AG
• Current Ways Inc.
• Delphi Technologies
• Eaton Corporation
• Infineon Technologies AG

Significant developments in Electric Vehicle On-Board Charger Sector

• 2021: Bel Power Solutions launched a new line of high-power on-board chargers capable of charging at up to 150kW.
• 2022: Current Ways Inc. partnered with Nissan to develop a wireless charging solution for electric vehicles.

Comprehensive Coverage Electric Vehicle On-Board Charger Market Report

The market report provides a comprehensive analysis of the electric vehicle on-board charger market, including:

• Market size and forecast
• Key growth drivers and challenges
• Competitive landscape
• Market segmentation
• Regional analysis
• SWOT analysis

Regional Insight

The Asia-Pacific region is anticipated to maintain its dominance in the market, with Europe and North America trailing closely behind. Key factors driving this growth include rapid urbanization, rising disposable income, and favorable government initiatives promoting the adoption of electric vehicles.

Pricing Strategies

OEMs and Tier-1 suppliers use various pricing strategies, including:

• Cost-plus pricing
• Value-based pricing
• Competitive pricing

DROCs

• Direct / Indirect costs
• R&D costs
• Marketing & sales costs

Segmentation

The market is segmented based on propulsion type, power output, vehicle type(Commercial Vehicle)(Passenger Car), and region.

SWOT Analysis

• Strengths: Growing EV adoption, government incentives, and technological advancements.
• Weaknesses: High cost, limited charging infrastructure, and battery degradation concerns.
• Opportunities: Development of renewable energy integration, wireless charging, and bidirectional charging.
• Threats: Fluctuating raw material prices, competition from emerging technologies, and regulatory changes.