The market value of on board charger market in 2021 was USD 4.6 billion, and by 2030 it will be worth USD 16 billion by 2030 at a 15% CAGR during 2021-2030.
Due to the high cost of charging an EV at public charging stations, onboard chargers are currently in demand. Commercial electric charges, which are more expensive than residential rates, apply to public charging stations near roadways, stores, and workplaces. As a result, the need for onboard chargers for electric vehicles is growing quickly. An onboard charger transforms the grid’s AC input into the necessary D.C. output for charging the batteries in an electric vehicle’s traction battery.
Since silicon carbide semiconductor technology has a high power density and effectiveness of over 98%, onboard chargers are being produce more regularly. As a result, numerous companies are focusing more on providing greater power and more efficient SiC on board chargers, creating new avenues for market growth.
The global deployment of electric charging stations is accelerating market expansion. For instance, Shell said in February 2021 that it will instal 500,000 EV charging stations by 2025. An electric car that supports AC level 1 and level 2 charging has on-board chargers install. According to a study by Idaho National Laboratory, just 8% of the Nissan Leaf’s charging is complete using DC fast chargers; the remaining 82% is complete using AC level 1 and level 2 chargers.
The market for onboard chargers is expanding as a result of improvements in electric car charging systems. This results from reduce power loss and enhance power savings, which lead to a higher power density and better overall battery performance. Research and development (R&D) investments in electric vehicle technology have been driven by the expanding technological requirements resulting from global environmental concerns.
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The COVID-19 pandemic had a severe negative impact on electric vehicle onboard charger sales in the first half of 2020, limiting industry growth. The association of Electric Vehicle Manufacturers said that the production rate of E.V. onboard chargers decrease by 20% in 2021 from 295,683 units in 2020 to 236,802 units, drastically slowing the market expansion rate.
Additionally, the global rollout of electric charging stations is hastening industry growth. In February 2021, Shell, for instance, said that it would put in 500,000 EV charging stations by 2025. Onboard chargers are in an electric vehicle supporting A.C. level 1 and level 2 charging. According to a study by Idaho Laboratory, just 8% of the Nissan Leaf’s onboard charging is done using DC fast chargers, with the remaining 92% using AC Level 2 and Level 1 charger, respectively.
On the basis of vehicle type, the on board charger market was rule by the passenger car sector. Due to growing environmental concerns over rising CO2 emissions, electric passenger vehicles are currently being produce and sold globally. The demand for autonomous vehicles has increase due to the accessibility of electric automobiles outfit with cutting-edge technology. The significant increase in government investment in industrial facilities will have an impact on the high demand for on-board chargers.
On the basis of power type, the 11-22 kW segment held the maximum market position. To fully charge an electric vehicle, a tri-phase AC charger with an output of 11–22 kW needs two to four hours. At a public charging station, a tri-phase AC charger is often present. More than 60% of all public AC chargers in Europe have grid connections with power outputs between 11 and 22 kW.
Asia Pacific was the largest regional market in 2021 and generate 1.50 billion. The Asia Pacific region’s markets are expanding mostly due to China. Electric vehicles like the BYD Qin Pro EV, Tesla Model 3, and GAC Aion S use onboard chargers in China. Additionally, the rise of the regional market is driven by step-up government activities to promote the sale of electric vehicles in countries like China and India. The rise in government attempts to encourage the sales of electric vehicles in countries like China and India is highlighting the expansion of regional markets.
Europe will have tremendous growth over the forecast period. The European players are working hard to increase the number of EVs they provide, raising demand for onboard chargers. One of the major elements fueling the market expansion in the area is an increase in subsidies offer on purchasing electric vehicles.
- Ficosa Internacional SA
- Toyota Industries Corporation
- Stercom Power Solutions GmbH
- Delta Energy Systems
- Bel Fuse Inc.
- BRUSA Elektronik AG
- AVID Technology Limited
- Innolectric AG
- Infineon Technologies AG
- Current Ways Inc.
- Eaton Corporation
- Innoelectric GmbH
The market value of on board charger market in 2021 was USD 4.6 billion, and by 2030 it will be worth USD 16 billion by 2030 at a 15% CAGR during 2021-2030. A lucrative opportunity for onboard charging is being created by the primary industry growth driver, which is the high cost of charging electric vehicles at public charging stations. In the near future, industry growth will likely be driven by a two-way onboard charger (V2G) for plug-in hybrid vehicles and an increase in R&D activities by numerous manufacturers worldwide.