On- Board Battery Charger Market

On- Board Battery Charger Market

On- Board Battery Charger Market- By Power Output, Vehicle Type and Propulsion Type.

Market Synopsis:

The Global On- Board Battery Charger Market is valued at USD 4810.28 Million in the year 2022 and is projected to reach a value of USD 16322.22 Million by year 2030. The Global Market is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 16.50% over the forecast period.

To charge a vehicle battery, the on-board charger converts alternating current (AC) input from a charging station to direct current (DC). The increased number of AC charging stations being installed in emerging countries is helping the on-board charger industry's growth. The market for on-board chargers is growing due to advancements in electric car charging systems. This is due to lower power loss and more power saving, which results in higher power density and better overall battery performance. Globally, increasing technological demands prompted by environmental concerns have prompted increased Research and Development (R&D) investment in electric vehicle technologies.

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The expensive expense of charging an electric vehicle at public charging stations is driving the on-board charger business. Commercial electric charges, which are higher than residential rates, apply to public chargers near roadways, malls, and companies. In electric vehicles, this entails the usage of onboard chargers. The On-Board Charger market is being propelled forward by factors such as expanding electric vehicle penetration and greater government actions to improve electric vehicle charging infrastructure. The restriction on the use of fossil fuels as a vehicle fuel imposed by various countries is likely to increase sales of electric vehicles, which will drive the on-board charger industry forward. Because of the increased deployment of electric charging stations around the world, the onboard charger industry is growing. Onboard chargers are used in electric cars that allow AC level 1 and level 2 charging. The flow of electricity from the grid to the battery is managed by an on-board charger (OBC). This means that in the places where it will be utilized, the OBC must match the grid's criteria.

Market Segmentation:

The On- Board Battery Charger Market is segmented on the basis of Power Output, Vehicle Type and Propulsion Type. On the basis of Power Output, the market is segmented into Less than 11 kW, 11 kW to 22 kW and more than 22 kW. On the basis of Vehicle Type, the market is segmented into Passenger Car, Buses, Vans, Medium & Heavy Duty Vehicles, Boats and Others. On the basis of Propulsion Type, the market is segmented Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV).

Based on Power Output:

On the basis of Power Output, the market is segmented into Less than 11 kW, 11 kW to 22 kW and more than 22 kW. In 2020, the market was led by the 11 kW to 22 kW sector. The 11-22 kW chargers are tri-phase AC chargers that charge an electric vehicle in two to four hours. Typically, a public charging station is a three-phase AC charger. The category with less than 11 kW is likely to expand the fastest over the forecast period. Most electric vehicles will feature on-board chargers ranging from 6 to 11 kW in the next years. The advantages given by on-board chargers with less than 11 kW, such as better charging efficiency and maximized performance, are projected to promote segment expansion.

Based on Propulsion Type:

On the basis of Propulsion Type, the market is segmented Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV). The global market for electric vehicle on-board chargers is led by BEV, which is likely to maintain its lead during the forecast period. BEVS and PHEVS both contain an electric motor that can be recharged via an external socket; however, BEVS are totally powered by electricity. To support their battery-powered motors, PHEVs have a fuel tank. Now that PHEVs have an IC Engine to support them, there is less space for batteries, resulting in a vehicle with a shorter range and lower top speed than a BEV. BEVs, on the other hand, have a longer range and higher energy storage capacity. Because of the growing charging infrastructure and government assistance, BEVs are preferred over PHEVs.

Asia Pacific is projected to acquire the largest market share during the year 2021

Asia Pacific is projected to acquire the largest market share during the year 2021 with a share of 38.40%. The growing urban population in China and India pollutes the environment by releasing greenhouse gases from vehicles and factories. As a result, governments are responding by supporting clean fuel-powered vehicles, particularly electric vehicles, through a variety of government-sponsored incentives. In addition, rapid urbanisation and smart cities are predicted to promote EV expansion, propelling the growth of the electric vehicle on-board charger market in this area. Stringent emission rules, pro-EV government policies, increased car electrification, and the availability of essential charging infrastructure are all major factors driving EV adoption. The presence of prominent EV manufacturers in the region presents even more enticing growth potential for EV on-board chargers.