The global electric vehicle on-board charger market is anticipated to grow at a significant CAGR of 21.8% during the forecast period (2022-2028). To charge the traction battery in an electric vehicle, hybrid electric vehicle (HEV), or plug-in hybrid car, an onboard charger is utilized. The onboard charger system of an electric car transforms AC grid power to DC input, which then charges the battery further. The battery can be recharged from the AC mains using the electronic components in the onboard charger, whether at home or at private or public charging stations.
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Increased adoption of electric vehicles and government initiatives to establish electric vehicle charging infrastructure and related components are driving the electric vehicle onboard charger market. Furthermore, the development of a two-way onboard charger (V2G) for future electric and plug-in hybrid vehicles offers significant growth potential for electric vehicle on-board charger market players.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance-
- In October 2021, the electric car charger was launched by ABB, a Swiss engineering company, to meet the growing demand for electric vehicles offered by Tesla, Hyundai, and other automakers.
- In May 2019, BorgWarner released the latest onboard electric car charger with the highest power density in the industry. With the use of silicon carbide technology, the charger would give optimal power conversion efficiency to save energy and provide an extended range for vehicle makers and consumers.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Vehicle Type
- By Propulsion Type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape-Current Ways, Inc., Eaton Corporation PLC, STMicroelectronics N.V., Infineon Technologies AG, and Bel Fuse, Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Electric Vehicle On-Board Charger Market Report by Segment
By Vehicle Type
- Passenger Car
- Vans
- Buses
- Medium-Duty Vehicles
- Heavy-Duty Vehicles
- Agriculture Tractors
- Construction Equipment
- Mining Vehicles
- Boats and Ships
By Propulsion Type
- BEV
- HEV
- PHEV
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