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A primary driver of the global trend toward practical and environmentally friendly modes of transportation is the increasing use of on-board chargers. States as a whole are enforcing strict emission rules and providing incentives to promote electric cars (EVs) as awareness of environmental concerns grows. This has led to a greater uptake of EVs, which has boosted demand for on-board chargers.
The expansion and improvement of charging networks contribute to the convenience and common sense of electric vehicles, making them more interesting to consumers. As charging stations become more available and proficient, the apparent "range nervousness" related with EVs lessens, empowering consumers to embrace electric portability. Ongoing advancements in charger innovation center around upgrading charging rates, productivity, and similarity with various electric vehicle models. Quicker charging times and expanded power levels contribute to a more consistent and easier to use EV experience, addressing concerns connected with charging duration and openness.
Different nations are carrying out approaches to support the adoption of electric vehicles, including appropriations, tax breaks, and refunds for the two consumers and producers. These motivations diminish the general expense of electric vehicles and related charging foundation, making them more monetarily appealing and speeding up market development. Significant automakers are putting vigorously in electric vehicle improvement, declaring aggressive designs to transition their fleets to electric power. This responsibility not just expands the general interest for on-board chargers yet additionally encourages organizations among automakers and charging framework suppliers, making a more coordinated and supportable biological system.
Moreover, consumer inclinations and mindfulness contribute to the market elements of on-board chargers. As consumers become more environmentally conscious and look for economical transportation options, the interest for electric vehicles and their related charging framework rises. Additionally, the developing inclinations of consumers for quicker and more convenient charging solutions impact the turn of events and adoption of cutting-edge on-board chargers.
As innovation develops and production increases, the expense of assembling on-board chargers is supposed to diminish. This reduction in costs makes electric vehicles more reasonable and contributes to the general development of the Electric Vehicle On-board Charger Market. As these variables continue to develop and communicate, the market for on-board chargers is ready for supported development, mirroring the more extensive worldwide transition towards a more maintainable and energized transportation scene.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | (2022 to 2030 |
Electric Vehicle On board Charger Market Highlights:
Electric Vehicle On board Charger Market Scenario :
Electric vehicle on board charger market is projected to reach USD 7 billion in 2030, at a CAGR of 20%. An on-board charger (OBC) is used in an electric vehicle (EV), hybrid electric vehicle (HEV) or in plug-in hybrid vehicles to charge the traction battery. The on-board charger system equipped in electric vehicle that converts the AC input from the grid to a DC input, which further charges the battery. The electronic components used in on-board charger (OBC) provides the means to recharge the battery from the AC mains either at home or from outlets found in private or public charging stations.
The on-board charger in electric vehicles consists of the unit that includes variety of signal conditioning solutions, integrated high voltage isolation AC-DC converters, AC rectifiers, dual bridgeless power factor correction (PFC), gate drivers, error amplifiers, and many other power electronic components. A charging station is part of the grid infrastructure installed along a street, parking lot or in a home garage; its primary purpose is to supply the power to the different types of electric vehicles (PHEV, BEV and HEV's) for charging the battery. The AC charging system is commonly an on-board charger mounted inside the vehicle, and it is connected to the grid when the vehicle is plugged in. An onboard charger is responsible for the final stage of charging the battery pack. It takes the AC power source from the EVSE and transforms the power into the required battery-charging profile.
The rising government initiatives for development of electric vehicle charging infrastructure is driving the growth of the Electric Vehicle on board charger market. However, lack of standardization of EV charging and increase in installation of fast DC chargers may restrain the growth of the Electric Vehicle on board charger market. Furthermore, the development of a two-way on-board charger (V2G) for future electric and plug-in hybrid vehicle is anticipated to create market opportunities for the Electric Vehicle on board charger market during the forecast period. Moreover, the sales of electric vehicle (EV) on board chargers have been significantly dropped during few months of coronavirus pandemic due to the decrease in demand for vehicles all over the globe. The import/export of raw material required for the EV chargers and production activities in the EV industry have been stopped during global lockdown to avoid spread of coronavirus.
The electric vehicle charging infrastructure is vital for the mass adoption of electric vehicles. Several government initiatives have been undertaken to provide EV charging stations across the world. For instance, Automotive Research Association of India (ARAI) planned to deploy more than 200 EV charging stations across the country. In addition, Tata Power, an Indian electric utility company, which is a part of the Tata Group (India), supports the Indian Government's National Electric Mobility Mission, wherein the Tata Power established the first set of electric vehicles charging stations in Mumbai (India) for India’s growing EV ecosystem. Furthermore, China is stepping up their efforts to maintain its leaderships in electric vehicle adoption race by planning to invest $1.42 billion to expand the country’s charging network by 50% this year to stimulate EV deployment. In addition, increase in number of level 1 & level 2 charging station/infrastructure (AC-to-DC) has propelled the rise in demand for electric vehicles. This, in turn, is expected to drive the growth of the on-board charger equipped with them.
Global Electric Vehicle On-Board Charger Market has been segmented By Current Type, Propulsion Type, Vehicle Type, and Region. Based on Current Type, the global Electric Vehicle On-board Charger market can be bifurcated into AC and DC. The AC segment is anticipated to grow at a significant CAGR in the coming years. By Propulsion Type, the Electric Vehicle On-board Charger market has been split into BEV, HEV, and PHEV. The BEV segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years. By Vehicle Type, the Electric Vehicle On-board Charger market has been split into passenger cars, LCV, and HCV. The passenger cars segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years.
Key Players
Key Players in the Global Electric Vehicle On-board Charger Market are Bel Power solution, BRUSA Elektronik AG, Current Ways Inc., Delphi Technologies, Eaton Corporation, Infineon Technologies AG, Innoelectric GmbH, Stercom Power Solutions GmbH, Toyota Industries Corporation, and Xepics Italia SRL.
Market Segmentation
Global Electric Vehicle On-Board Charger Market is expected to witness moderate growth during the forecast period owing to the rising government initiatives for development of electric vehicle charging infrastructure and development of a two-way on-board charger (V2G) for future electric and plug-in hybrid vehicle. These factors are expected to drive the demand for Electric Vehicle On-board Charger in the coming years.
Based on region, the global Electric Vehicle On-board Charger market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific dominates the market, followed by Europe and North America. China dominated the global market in 2019, whereas India is expected to grow at a significant rate in Asia-Pacific during the forecast period. Around 55% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for hybrid and electric vehicle on-board charger in APAC. Market growth in this region will be slower than the growth of the market in other regions. The adoption of innovative technologies is one of the prime factors that will facilitate the hybrid and electric vehicle on-board charger market growth in APAC over the forecast period.
Intended Audience
- Government and Research Organizations
- Consulting Companies in the Electric Vehicle On-board Charger Market
- Raw Material Suppliers
- Electric Vehicle On-board Charger manufacturers
- Independent and authorized dealers of Electric Vehicle On-board Charger
- Research Consultants
- Investors and Shareholders
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