At 15.8% CAGR, On-Board Charger Market to hit USD 6001.91 Million to 2027, says Brandessence Market Research

LONDON, March 1, 2022 /PRNewswire/ -- According to Brandessence Market Research, The On-Board Charger Market size reached USD 1800.83 Million in 2020. The Cryptocurrency Mining Market is growing at robust CAGR of 15.8%, and reach size of USD 6001.91 Million by end of Forecast 2027.

The on-board charger market growth has been aided by the fact that there is a growing movement to adopt electric technologies which is a major boost to the fight against climate change. The on-board chargers which are being deployed in order to ease the pressure on petrol vehicles and make sure that charging infrastructure is being made available to people so they are comfortable in changing over to the electric vehicles. Many electric vehicles such as Nissan Leaf have also committed to using this on-board charger in their vehicles. Further, there are other on-board charger forecast report which suggest that there is going to be a fast increase in the adoption as companies such as Shell have also been working on the use of the charger.

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Scope of The On-Board Charger Market Report:

On-board charger market is a market that is expected to register a significant amount of growth in the coming years. The biggest reason for this growth has to be the fact that electric vehicle demand is increasing and the public charging station cost of chargers is extremely high. The chargers which are there near workplaces, malls, and highways are going to be subjected to the commercial electric rates which are a lot higher than the rates for residential electricity. This has therefore led to a situation where people are looking for a solution through which they can charge their electric vehicles through on-board chargers and that is leading the growth juggernaut of the global on-board charger market. The on-board charger is a device which is used in the electric vehicle to charge its traction battery. This is done by the conversion of AC input that is received from grid to the DC input which is required for charging batteries. The increasing number of charging stations, both private and public, is among the biggest factors which is driving the global market growth. The AC level 1 product has the ability to be plugged in any of the ordinary outlets of power.

Key Players for On-Board Charger:

The following companies have been doing their best to get a sizable market share in the on-board charger market:

• Panasonic
• Lear Corporation
• Anoma
• Exide Technologies
• Flextronics International
• HindlePower
• Jackson Electronics
• Lester Electrical
• Minwa Electronics
• Accutronics
• Minn Kota
• Delphi
• NOCO
• Mando

Market Trends of on-board charger market

This is a charger which has been seeing a greater demand in the users as this does not require any further electric work; this can minimize the cost of installation as a whole. Further, the approvals which have been received for AC level 2 stations is another major reason why the market growth is being accentuated. The use of silicon carbide technology in semiconductors has increased in magnitude and this provides a higher power density. The efficiency rate is going to be close to perfect. A lot of companies are therefore now increasing their focus on the provision of efficient chargers and also providing a high level of power. The effect of that has been extremely positive on the opportunities which the market is seeing in terms of growth. The on-board charger market trends also are seeing a 22kW charger as a new trend that is being built. This as a charger has been developed with many companies who are sharing their technologies which has been another positive trend for the global market.

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In terms of segmentation, the segmentation is done on the basis of power output. In this segment, the fastest growing sub-segment is going to be the segment of less than 11 kW. Most of the electric vehicles are expected to have specifications of 6 to 11 kW on-board chargers in the recent future. Studies suggest that almost all the cars are going to be in the same category. This is a change from the 3kW to 5kW range and will be implemented rather soon. The coming days are going to show us the benefits of the less than 11kW charger types. On the basis of vehicle type, the segmentation is going to be dominated by passenger car. With many major vehicle manufacturers now opting for electric vehicle technology, the adoption of electric vehicles is also increasing among the people. People are also trying to reduce their carbon footprint on the world and reduce the consumption of fuel.

Global On-Board Charger Market Segmentation:

By Product Type:

• Lower than 3 kilowatts
• 3 - 3.7 kilowatts
• Higher than 3.7 kilowatts

By Application:

• Electric Vehicles
• Boats

Electric vehicles are therefore a better alternative which people are resorting to and many other companies are now making the move from conventional cars to electric vehicles. They have been further aided by the electric vehicle policies of governments which are in favor of betterment of the environment. Among the key on-board charger developments, the adoption of electric vehicles in the public vehicles has been helping in the development. Segmenting the global on-board charger market in terms of propulsion type, we see that the BEV segment has been the prominent one in the market which has been accounting for a larger portion of revenue. The battery electric vehicle takes place where the propulsion is provided by a plug-in battery.

The region which has dominated the global market has been the Asia Pacific region which has been accounting for over a third of the share. This has been aided primarily because of the government efforts which have been taking place. The regions such as China and India have been making sure that laws are passed in favor of the electric vehicle policies, that is, the process of compliance with the environmental laws. The chargers which are on-board in models such as Tesla in China are really driving the global market.

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Reginal Analysis:

North America is expected to dominate the global on-board charger market with the highest market share in terms of profits in the overall market owing to the increasing adoption of onboard chargers in this region. The U.S. has been adopting onboard chargers with a power output between 3 to 3.7 kilowatts (kW). Now, the EV manufacturers are moving towards onboard chargers with a power output greater than 6.6 kW to reduce charging time.

Among the countries which are growing, the European countries are expected to drive their growth as the European Union and a lot of governments have been making their efforts for the expansion of the offerings of electric vehicles which has been the biggest driver of on-board charger market. As per the recent expectations, companies like BMW have been planning to electrify most of the offerings it has by the end of this decade. That will surely be a big market driver.

On Special Requirement On-Board Charger Market Report is also available for below region:

North America

• U.S, Canada

Europe

• Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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