The electric vehicle industry has been burgeoning over recent years, driven by the global push towards sustainable transportation and advancements in EV technology. Central to the functionality of electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs) is the on-board charger (OBC), which plays a crucial role in converting AC grid input to the DC input required to charge the vehicle's traction battery. This equipment has become indispensable for modern electric mobility.
Market Overview and Growth Projections
As of 2021, the global electric vehicle on-board charger market is on a steep growth trajectory, estimated to reach a valuation of USD 7 billion by 2030, expanding at a compound annual growth rate (CAGR) of 20% from 2022 to 2030. The electronic components within an OBC, such as high voltage isolation AC-DC converters, rectifiers, and error amplifiers, are instrumental in ensuring efficient and reliable battery charging. With the proliferation of EV charging infrastructure in both private and public spaces, the usage of OBCs is becoming increasingly mainstream.
Emerging Trends in the Market
One of the transformative trends in the electric vehicle market is the development and growing adoption of portable charging units. As more resources are allocated to the production and enhancement of electric vehicles, the on-board charger market is poised to grow in parallel with the broader EV market.
Currently, a majority of electric vehicles are equipped with unidirectional on-board charging systems. However, the industry is witnessing a shift, with advancements in bi-directional wireless charging systems that not only charge the EV's battery but also allow energy to flow back to the grid—a concept known as Grid-to-Vehicle (G2V) and Vehicle-to-Grid (V2G). This cutting-edge two-way charging technology is becoming a focal point for EV and EV charging manufacturers, evidencing the dynamic evolution in this sector.
Segment Insights
- 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
- Xepics Italia SRL
Propulsion System
The on-board charger market is segmented based on propulsion systems into Battery Electric Vehicles (BEVs) and Plug-in Electric Vehicles (PHEVs). BEVs represent the majority share and are expected to remain dominant. Unlike PHEVs, which also have a petrol tank, BEVs rely solely on electrical energy, underscoring the critical importance of efficient on-board chargers.
By Current Type
- AC
- DC
By Propulsion Type
- BEV
- HEV
- PHEV
By Vehicle Type
- Passenger Cars,
- LCV
- HCV
Vehicle Type
Further segmentation reveals that passenger vehicles command the largest market share. The rapid urbanization and higher need for cost-effective, environmentally friendly transportation options are fueling the demand for passenger EVs over their commercial counterparts. Governments in leading economies like the United States, China, and India are strongly advocating for broader adoption of electric passenger cars.
Power Output
Based on power output, the market is divided into less than 20kW and more than 20kW segments. Most future electric vehicles are predicted to feature on-board chargers within the 6-20kW range, mainly due to the balance they offer between charging efficiency and performance.
Regional Insights
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
- Middle East
- Africa
- Latin America
The Asia-Pacific region leads the global electric vehicle on-board charger market, driven by robust government initiatives to boost EV sales in nations such as China and India. Following Asia-Pacific, Europe holds the second-largest market share, aided by the region's push towards expanding electric vehicle options across major auto manufacturers and enhancing EV infrastructure.
Competitive Landscape
The market is highly fragmented with numerous key players such as Bel Power Solutions, BRUSA Elektronik AG, Current Ways Inc., Delphi Technologies, and Eaton Corporation, among others. Companies are focusing on mergers, acquisitions, partnerships, and product innovations to strengthen their market position. For instance, in January 2021, Bel Power Solutions launched a new bi-directional on-board charger with a notable efficiency of 94%.
Conclusion
The electric vehicle on-board charger market is set on a path of significant growth, propelled by technological advancements, governmental support, and increasing consumer interest in electric mobility solutions. As the landscape continues to evolve, industry stakeholders are likely to witness robust opportunities, particularly in the realm of two-way charging technology.
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