Automotive On-Board Charger Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Cars., Commercial Vehicles.), By Propulsion Type (BEV., PHEV), By Power Rating (Less than 10KW., 10KW-20KW., More than 20KW.) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The automotive on-board charger performs the final step in the charging of the traction battery pack. It takes the DC or AC source for power from the electric vehicle supply equipment (EVSE) and converts it into the required battery charging specification. Electric vehicles require fast charging from an external source of electrical energy, which helps to improve the overall range of the cars. Several technological improvements, such as the development of fast charging, are expected to boost the market growth.
The rise in carbon emissions concerns, increase in prices of fossil fuels and the greater number of initiatives by the various governments on the adoption of electric vehicles are some of the major factors driving the growth of the market. Also, the introduction of vehicles equipped with fast charging technology so as to resolve slow charging speed issues is expected to boost the growth of the market. However, the lack of standardization and the current time-consuming process of electric vehicle charging are some of the major factors hampering the growth of the market.
Key Market Driver -
The rise in carbon emissions concerns and rise in prices of fossil fuels with the increased initiatives by the government on implementation of electric vehicles are some of the major factors driving the growth of the market.
Key Market Restraint -
the lack of standardization of EV charging and slow and time consuming process of EV charging are some of the major factors hampering the growth of the market.
Market Segmentation:
The global automotive on-board charger market is segmented by vehicle type, propulsion type, power rating, and geography. Based on vehicle type, the market is further sub-segmented into passenger vehicles and commercial vehicles. The passenger cars segment is expected to dominate the market during the forecast period. Factors such as increased sales of electric vehicles, advancements in battery technology, and stringent carbon emissions regulations are expected to drive the demand for on-board chargers in this segment. Additionally, investments by major OEM in R&D are heavily focused on passenger cars which is attributed to the growth of this segment. Based on propulsion type, the market is segmented into BEV and PHEV. The BEV segment accounted for the largest market share, and it is expected to dominate the market during the forecast period with a steady CAGR. Increased sales of BEV coupled with improved energy efficiency, improved recharging of batteries, and regenerative braking systems to capture energy are expected to drive the growth of the segment. Based on power rating, the market is segmented into less than 10KW, 10KW-20KW, and more than 20KW. The more than 20 KW segment accounted for the largest market share in 2020. Factors such as improved charging speed and increased power of electric vehicles are expected to drive the growth of the segment.
Key Players:
Major players operating in the global automotive on-board charger market include BorgWarner Inc., AVID Technology Limited, Analog Devices, Inc., Continental AG, Bourns, Inc., GaN Systems, Current Ways, Eaton, Mitsubishi Electric Corporation, Stercom Power Solutions GmbH, Innolectric AG, Current Ways, STMicroelectronics and Ficosa Internacional SA among others.
Key Insights
- New Advancements in Automotive On-Board Charger Market.
- Number of Products, Key Countries, 2020
- New Product Launches, Key Players
Regional Analysis:
Geographically, the global automotive on-board charger market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific held the largest share of the market in 2020. Factors such as the rising demand for electric vehicles in the countries such as Japan and China, with several initiatives taken by the governments to set up new charging infrastructure, are expected to drive the growth of the market. North America is expected to show steady growth in the market during the forecast period. Increased concerns about the carbon emissions in the USA and improved road infrastructure for electric vehicles are expected to drive the growth of the market. Europe is expected to exhibit rapid growth in the market du the forecast period. The presence of major market players in the region, increased demand for EVs with better battery life, and rise in fuel prices is expected to drive the growth of the market.
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Segmentation
ATTRIBUTES | DETAILS |
By Vehicle Type |
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By Propulsion Type |
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By Power Rating |
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By Geography |
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- Ongoing
- 2023
- 2019-2022
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