On-board Charger Market is expected to witness the highest growth over the forecast period

On-board Charger Industry Overview

The global on-board charger market size is expected to reach USD 13.96 billion by 2028, registering a CAGR of 17.2% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increase in electric car sales globally. According to the statistics provided by the IEA organization, in 2019, electric car sales accounted for 2.1 million, registering a 40% year-on-year growth.

 

On-board Charger Market Segmentation

Grand View Research has segmented the global on-board charger market based on power output, vehicle type, propulsion type, and region:

Based on the Power Output Insights, the market is segmented into Less than 11 kW, 11 kW to 22 kW and More than 22 kW

• The 11 kW to 22 kW segment dominated the market and accounted for more than 41.0% share of the global revenue in 2020. The 11-22 kW chargers are tri-phase AC chargers that charge an electric vehicle in two to four hours.
• The less than 11 kW segment is anticipated to register the fastest growth over the forecast period. Most electric vehicles are expected to feature 6 kW to 11 kW on-board chargers in the coming years. According to the statistics published by OpenSystems Media, approximately 98.2% of on-board chargers will be 6 kW to 11 kW, rather than 3 kW to 5 kW, in the coming days.

 

Based on the Vehicle Type Insights, the market is segmented into Passenger Car, Buses, Vans, Medium & Heavy Duty Vehicles, Boats, and Others

• The passenger cars segment dominated the market and accounted for more than 35.0% share of the global revenue in 2020. The increasing sales of electric passenger carsglobally are expected to create the demand for on-board chargers.
• The bus segment is expected to register the fastest growth over the forecast period. An on-board charger is used in buses for converting the AC to DC for charging the battery. The increase in sales of zero-emission buses globally is expected to accentuate the segment growth.

 

Based on the Propulsion Type Insights, the market is segmented into Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV)

• The BEV segment dominated the market and accounted for more than 67.0% share of the global revenue in 2020. In Battery Electric Vehicle (BEV), the propulsion is provided through the plug-in charged battery. The rise in BEV vehicles is driving the segment growth.
• The PHEV segment is expected to register the fastest growth over the forecast period. Various Plug-in Hybrid Electric Vehicle (PHEV) manufacturers are adopting on-board chargers with an output between 3 and 3.7 kW, which is driving the segment growth.

 

On-board Charger Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

Key Companies Profile & Market Share Insights

The market is highly fragmented in nature. It is characterized by the presence of a large number of players. The players in the market are focused on strategies such as mergers and acquisitions and partnerships for strengthening their offerings.

Some of the prominent players operating in the global on-board charger market are:

• Bel Fuse Inc.
• Delta Energy Systems
• STMicroelectronics
• Toyota Industries Corporation
• Eaton
• Stercom Power Solutions GmbH
• innolectric AG
• BRUSA Elektronik AG
• AVID Technology Limited
• Ficosa Internacional SA

 

Order a free sample PDF of the On-board Charger Market Intelligence Study, published by Grand View Research.