Dublin, Aug. 12, 2022 (GLOBE NEWSWIRE) -- The "On-Board Charger Market - A Global and Regional Analysis: Focus on Product, Application, and Country-Wise Analysis - Analysis and Forecast, 2022-2032" report has been added to ResearchAndMarkets.com's offering.
The global on-board charger market is expected to reach $43.94 billion by 2032 from $2.16 billion in 2021, growing with a CAGR of 29.54% during the forecast period 2022-2032. The growth in the global on-board charger market is expected to be driven by increasing sales of electric vehicles worldwide.
Market Lifecycle Stage
On-board chargers used in an electric vehicle are advancing technologically and are expected to grow faster in the forecast period. Key market development activities are expected to be boosted by ongoing research and development activities in manufacturing high-performance on-board chargers.
The global on-board charger market is still in the growth phase. An increasing fleet of electric vehicles is propelling the sales of the on-board charger in the market. As a result, the global on-board charger market is expected to flourish in the forecast period.
Impact
- The government and federal agencies are investing heavily in subsidies and infrastructure development to promote electric vehicles and reduce carbon dioxide emissions.
- In 2020 and 2021, many European countries introduced the initiative to offer incentives for those purchasing electric vehicles. For instance, in July 2021, Germany introduced a new initiative to provide incentives for up to $10,200 for buyers of electric vehicles and $7,600 for buyers of hybrid vehicles. Similarly, France provides incentives for up to $6,800 for buyers of electric vehicles.
Market Segmentation
by Propulsion Type
- Battery Electric Vehicles (BEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
Based on the propulsion type segment, the global on-board charger market is expected to be dominated by the battery electric vehicles segment during the forecast period.
by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
The passenger vehicles segment is expected to be the leading segment in the market as the sales of electric passenger vehicles are anticipated to increase globally.
by Charging Power
- <=6.6 kW
- 6.7 - 11.0 kW
- 11.1 - 22.0 kW
- >22.0 kW
In 2021, <=6.6 kW segment dominated the global on-board charger market (by charging power) due to the increased sales of electric vehicles equipped with these on-board chargers.
by Design Type
- Unidirectional
- Bidirectional
In terms of design type, unidirectional was the predominant segment in 2021. In the forecast period, the bidirectional segment is expected to grow at a high rate compared to the unidirectional segment.
by Product Type
- Without Embedded DC/DC Converter
- With Embedded DC/DC Converter
by Distribution Channel
- OEMs
- Aftermarket
The OEMs distribution channel segment dominated the global on-board charger market (by distribution channel) in 2021. This is due to the low replacement rate of the on-board charger and the increased production of electric vehicles by OEMs.
by Region
- North America
- Asia-Pacific and Japan
- China
- Europe
- U.K.
- South America
- Middle East and Africa
China generated the highest revenue of $1.28 billion in 2021, which is attributed to the increased sales of electric vehicles in China. The on-board charger market is attractive in China due to the availability of diverse market segments.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
Company Type 1: Tier-1 Manufacturers
- Meta System S.p.A.
- Robert Bosch GmbH
- BorgWarner Inc.
- HELLA GmbH & Co. KGaA
- Lear Corp.
- Ficosa Internacional SA
- BRUSA Elektronik AG
- YAZAKI Corporation
- KOSTAL Automobil Elektrik GmbH & Co. KG
Company Type 2: Tier-2 (Component Suppliers)
- Texas Instruments Incorporated
- STMicroelectronics
- Analog Devices, Inc.
- Semiconductor Components Industries, LLC
- Infineon Technologies AG
- Wolfspeed, Inc.
Market Dynamics
Drivers
- High Cost Associated with Fast Charging Systems
- Demonstration of Environmental Commitment and its Support of Brand Values
- Sprouting of New Government Policies and Initiatives
- Ban on ICE Vehicle Production
- Increasing Adoption of DC-DC Integrated On-Board Chargers
Challenges
- Increasing Push from Government for Deployment of Highway/Fast Chargers
- Technological Advancement in EV Charging Infrastructure
- Maintaining the Size of On-Board Charger Despite the Escalating Demand for High Performance
Opportunities
- Increasing the Charging Power of On-Board Chargers
- Surge in Demand for Lightweight Materials in On-Board Chargers
- Wide Ranging Opportunities in Emerging Economies
Key Topics Covered:
1 Market
2 Applications
3 Products
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
6 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/qsyiyl
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