"Market Intelligence for High-Geared Performance"

Electric Vehicle On-Board Charger Market Size, Share & COVID-19 Impact Analysis, By Propulsion Type (BEV, PHEV, HEV), By Power Output (<20kW, >20kW), By Vehicle Type (Passenger Car, Commercial Vehicle), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI106166

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global electric vehicle on-board charger market size was USD 3.31 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering. However, the market witnessed a surge across all regions amid the pandemic. As a result, the market is projected to grow from USD 3.45 billion in 2021 to USD 11.64 billion in 2028 at a CAGR of 18.9% during the 2021-2028 period. The sudden fall in the increment of the CAGR value is attributable to the lockdowns induced in countries due to the pandemic.


The automotive industry experienced a major economic setback in 2020 because of the automotive slowdown and COVID-19. However, the global electric car market defied the global trend by exhibiting a growth of over 40%. The government of various countries have joined hands on various international forums to promote the adoption of alternate fuel vehicles in order to reduce the carbon emission rate from automotives. Electric vehicles have emerged as the most economical alternatives to the traditional IC engine-based vehicles as they are zero-emission vehicles and have much greater fuel economy compared to that of traditional vehicles.


An on-board charger facilitates charging the batteries of electric vehicles or hybrid electric vehicles. Drivers charge their cars at home approximately 80% of the time they use them. There is a significant rise in demand for high voltage chargers recently as they offer faster-charging speed. For instance, Tesla has installed 30,000+ superchargers networks throughout the U.S., this charger enables 200 miles of drive in just 15 minutes of recharge. Other players are also anticipated to follow the trend by launching a range of portable superchargers in upcoming years.


EV is more resilient to COVID-19 than the total auto market


Despite the COVID-19 pandemic, the global EV sales reached a record of 3.66 Million units. Europe registered 1.4 million EVs, 137% more than in 2019. This surge was huge for a market that was down by 20% year on year. Also, Europe has surpassed China in the EV market for the first time since 2015.


However, the manufacturing facilities of automotive OEMs were forced to temporarily shut down all the vehicle manufacturing operations due to nationwide lockdowns imposed in many countries. It also resulted in delays in the production and development activities concerning on-board charger development. Vaccination campaigns against Covid‑19 are expected to enable the progressive lifting of restrictions. For instance, India vaccinated a billion people till October 2021, which facilitated companies and offices to return to the pre-pandemic operating level. Also, as the lockdowns were released, the automobile sector witnessed a growth in sales.


Hence, eventually, the growth in the market is expected to drive the development of the market.


LATEST TRENDS


Request a Free sample to learn more about this report.


Technological development of (V2G), for future electric vehicles, to Set a Positive Trend for Market Growth


Automobile manufacturers are increasingly focusing and investing in designing and developing electric vehicles, which is also a trend in the mobility & freight transportation industry. Therefore, the electric vehicle on-board charger market will increase proportionally with the growth in the EV market. Currently, most of the EVs in the market are equipped with on-board unidirectional battery charging systems. Some vehicles charge their batteries using off-board chargers. The recent surge of EV investments by the transport sector demonstrates a change of exemplars. For instance, the development of wireless, bi-directional and fast chargers.   


An effortless process of integrating the EVs batteries charging system with the power grid is known as the Grid-to-Vehicle (G2V) concept. The distinctive feature of V2G is that it only requires battery chargers with bidirectional power flow capability and communication with the Smart Grids. Furthermore, numerous EV and EV charging manufacturers have started pursuing two-way charging technology. For instance, in August 2017, Hyundai Mobis announced the development of a two-way on-board charger (V2G) for future EVs and PHEVs with confirmed safety performance. Thus, the battery charging technology development will create lucrative opportunities for market expansion during the forecast period.


The use of Wireless Power & Portable Charging Units will boost the technological developments in the charging infrastructure of EV


Wireless charging is already available for mobiles and is also applicable to electric vehicles. The vehicle’s battery can be recharged wirelessly by parking the car on the spot with a charger on the ground. It reciprocates the charging operation of wireless phone chargers but on a bigger scale. However, it must be robust and safe as the amount of energy reciprocated in these wireless systems is much more than a wireless cell phone charger.


ELIX, a startup based in Canada, has successfully developed a wireless charging technology for EVs, which offers a charging system that charges your car while it is parked.


One of the main concerns for consumers buying an EV is range anxiety-The fear of running out of battery and not finding a charging station close enough. Charging equipment manufacturers are developing power banks for cars, as the one used to charge smartphones can be ordered from a mobile app.


SparkCharge, a startup, has been developing a portable and ultrafast charging unit that can be requested on-demand anytime, anywhere.


DRIVING FACTORS


A surge in sales of Electric Vehicles will propel the market growth


Electric Vehicles’ sales have increased by 160% in the first half of 2021 compared to 2020. It represented 26% of the new sales in the automobile market. China emerged as the world’s top EV hub holding 12% of the market share. Another impact of this EV market surge is that Lithium prices have increased by almost 170%. Hence all these factors cause increased spending by the consumer. In 2020, Consumers spent approximately 12 Billion USD globally on EV purchases. Also, according to a report by Power Technology, EV sales in the first half of 2021 were 2.6 million units, and it is estimated to reach 5 million units by the year-end. Hence all these factors propel the market growth.


Increased efforts by governments to promote Electric vehicles over IC Engine vehicles


In 2020, President of the United States Joe Biden announced a commitment of 174 Million USD to uplift EV and charging infrastructure. The US has set an ambitious target of 50 percent electrification by the year 2030. The Indian government reduced the Goods and services tax (GST) on electric vehicles and chargers from 12% and 18%, respectively, to 5%. These initiatives are helping to boost the demand for EVs in many countries that will eventually result in the global electric vehicle on-board charger market growth during the forecast period.


RESTRAINING FACTORS


Increased installation of DC fast chargers may hamper the growth of the market


Major charging stations have AC (alternating current) input from the grid, also found in the household outlets. On-board chargers inside the EV convert AC power to DC (Direct Current) power for the battery. However, this charging process is slower than DC fast chargers. DC fast chargers charge the EV faster, as the charging stations convert AC power to DC within and deliver DC power directly to the battery.


However, DC fast charging has its own set of limitations. DC fast charging is more expensive to install and operate. Much power flows from a DC fast charger and managing it puts extra strain on electric vehicles’ batteries. Thus, EV requires a properly designed Battery Management Service (BMS), without which using a DC charger more frequently could reduce the battery’s efficiency and lifespan. Recent developments and technological advancements in the fast DC chargers will help eliminate these limitations in the future, reducing the dependency of EVs on on-board chargers, which may hamper the growth of on-board chargers.


Lack of standardization of EV charging


One major factor challenging the growth of the global on-board electric vehicle charger market is the inadequacy of charging points in most developing regions. Lack of charging infrastructure at consistent distances can create a problem for an electric vehicle. Moreover, the availability of supportive infrastructure in developing countries is less. The lack of a dedicated parking spot in rural areas makes it difficult to charge an electric car at home. Hence, charging EVs in rural areas is a concerning factor. Furthermore, the automotive industry has not set a standard on the ports that can charge vehicles in 30 minutes or less. Thus, all these factors combined with the different charging stations' prices can hinder the global electric vehicle on-board charger market.


SEGMENTATION


By Propulsion Type Analysis


To know how our report can help streamline your business, Speak to Analyst


BEV Segment dominates the Market


The market is segmented into BEV (Battery Electric Vehicle), PHEV (Plug-in Electric Vehicle), and HEV based on propulsion type.


BEV holds the largest share globally and is expected to retain its leading position in the electric vehicle on-board charger market throughout the forecast period. BEVs, PHEVs have an electric motor recharged via an external plug; however, the main operational difference is that BEVs are powered entirely by electricity. PHEVs have a fuel tank to support their battery-powered motors.


Now, as PHEVs have an IC Engine to support them, it leaves less space for batteries, and hence because of the small battery, the vehicle's travel range and high speed are less than BEV. On the contrary, BEV has an increased travel range coupled with high withstand energy storage. BEVs are favored over PHEVs due to the increasing charging infrastructure and government support, mainly for BEV typed vehicles. This drives consumers' purchase preference towards the BEV over PHEV. Hence the BEV segment dominates the market by propulsion type analysis.


By Vehicle Type Analysis


Passenger Car Segment is anticipated to hold a major market share


This market can be segmented into passenger cars and commercial vehicles based on vehicle type.


The passenger car segment will dominate the global market in 2020. Key factors influencing this market growth are rapid urbanization leading to increased demand for economic transport mediums such as electric cars. Electric cars are economic and have minimal impact on the environment compared to IC vehicles. Therefore, governments of major economies, including the U.S., China, and India, promote the adoption of such vehicles. Such government support and growing consumer interest in EV technology are expected to drive the demand for EVs in the next few years. As the EV Ob-Board charger market is directly dependent upon the EV market, the growth in the latter will eventually lead to growth in demand for chargers.


Although there are very few options available from the EV ecosystem in the commercial segment, the future looks bright as major players introduce new products. The path of commercial EV adoption is tougher than passenger cars as such vehicles need more power and higher maintenance. We expect that the demand for commercial EV on-board chargers will increase as the number of commercial EV models available in the market increases over the forecast period.


By Power Outputs Analysis


<20 kW chargers are the norm presently, but the future lies in >20 kW charging


The market is classified into <20 kW and >20kW based on power output.


Vehicle on-board chargers convert power from AC to DC and then feed it into the car’s battery. AC is the most common charging method for electric vehicles, as power from the grid is always AC. It takes about eight to nine hours to fully recharge an EV’s battery with a Level-1 AC charger. Level-2 and Level-3 chargers are faster when it comes to EVs as it uses higher power capacity chargers. Chargers are defined by the no of kW output they provide. Each kWh (KiloWatt Hour) received by the battery equates to a driving range of about 6.5 km.


With the introduction of connected and autonomous EVs, the vehicle architecture will become more complex, and charging it will need an OBC with higher power capacity. Hence, currently, OBCs with less than 20kW power output is more operational. Also, with consumers’ increasing demand for fast charging, OBCs with more than 20kW power capacity will exhibit a greater CAGR during the forecast period.


REGIONAL INSIGHTS


Asia Pacific Electric Vehicle On-Board Charger Market Size, 2020 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The Asia Pacific EV on-board charger market was valued at USD 1.30 Billion in 2020. The increasing urban population in China and India causes environmental pollution through greenhouse gas emissions emitted by vehicles and industries. Hence governments are acting on this by promoting clean fuel-powered vehicles, especially the EV, by various favorable government initiatives incentivizing the EV sector. Furthermore, high urbanization and smart cities are expected to drive EV growth, accelerating the development of this region's electric vehicle on-board charger market.


Stringent emission regulations, supportive government policies, increasing vehicle electrification and availability of required charging infrastructure are key drivers boosting the adoption of EVs in the European market. Countries such as Norway, Sweden, Denmark, Germany, UK are leading the electric vehicle revolution in the European region. The presence of leading EV manufacturers further creates attractive growth opportunities for the EV on-board chargers in the region.


North America is one of the leading regions supporting EV adoption. Companies such as Tesla have captured the major market share in the region by launching economic, innovative BEV models such as the Tesla Model X. Tesla has built a network of charging infrastructure in the region, which has further boosted the adoption of EVs. Technological advancements, availibility of infrastructure and product innovation are key market growth drivers for the North American region.


The Rest of The World segment comprises regions such as Latin America and Middle East & Africa. The adoption of EVs is expected to gain traction in the MEA region, as the government of countries including UAE, Qatar, South Africa are taking various initiatives focused on a movement towards green mobility. For instance, the Dubai Green Mobility Initiative, that encourages citizens and businesses to move towards sustainable energy solutions including EVs. The sales of electric two-wheelers in the African region witnessed a steep rise in demand, the same scenario is followed by electric cars, Therefore South Africa is offering lucrative growth opportunities for on-board chargers over the next few years.


KEY INDUSTRY PLAYERS


Business Expansion of Delphi Technologies through signing contracts with OEMs to brighten its market prospects


Delphi Technologies, also known as ‘Aptiv,’ is Dublin based auto part company. It has a presence in 44 countries and more than 180,000 employees employed across 124 manufacturing facilities and. Aptiv’s expertise in software, electronics design, and system architecture optimization empowers it to provide solutions and products related to mobility.


In September 2020, Delphi technologies announced that it had signed 3 out of the four global top OEMs for its 800-volt inverters for upcoming EVs. It is anticipated to be the second-largest deal ever in the power electronics business. In addition, it's a clear indication of the company's growth, as the EV market is booming, and the inverters are one of the highest-value electrification components.


LIST OF KEY COMPANIES PROFILED:



  • Bel Power solution (California, U.S.)

  • BRUSA Elektronik AG (Sennwald, Switzerland)

  • Current Ways Inc. (California, U.S.)

  • Delphi Technologies (London, U.K.)

  • Eaton Corporation (Dublin, Ireland)

  • Infineon Technologies AG (Neubiberg, Germany)

  • Innoelectric GmbH (Bochum, Germany)

  • Stercom Power Solutions GmbH (Weyarn, Germany)

  • Toyota Industries Corporation (Aichi, Japan)

  • Xepics Italia SRL (Chiasso, TI, Switzerland)


KEY INDUSTRY DEVELOPMENTS:



  • January 2021: Bel Power Solutions introduced the BCL25-700-8, a bi-directional on-board battery charger in which up to 4 charging units can be connected in parallel, with efficiency near 94%. Bel Power says it’s possible to connect this charger to a charging station or directly to the grid to charge EV batteries.

  • January 2019: Brusa Elektronik announced the upgrade to their first-generation wireless charging, which will enable electric vehicle drivers to charge the traction batteries of vehicles with powers ranging from 3.7 to 11 kW.


REPORT COVERAGE


An Infographic Representation of Electric Vehicle On-Board Charger Market

To get information on various segments, share your queries with us



The market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights vital industry developments. In addition to the factors above, the report encompasses several factors contributing to the market's growth over recent years.


Report Scope & Segmentation











































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



Segmentation



By Propulsion Type



  • BEV

  • PHEV

  • HEV



By Vehicle Type



  • Passenger Car

  • Commercial Vehicle



By Power Output



  • Less than 20kW

  • More than 20kW



By Geography



  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France, and Rest of Europe)

  • Asia Pacific (China, Japan, India, and Rest of Asia Pacific)

  • Rest of the World



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 3.31 billion in 2020 and is projected to reach USD 11.64 billion by 2028.

In 2020, Asia Pacific stood at USD 1.30 billion.

The market is projected to grow at a CAGR of 18.9% and exhibit steady growth during the forecast period (2021-2028).

The Passenger Car is expected to be the leading segment in this market during the forecast period.

Increasing urbanization and consumer spending capacity, growing environmental concerns about the pollution caused by IC Engine vehicles, along with the stringent emission standards, all these factors will propel the growth of the EV on-board charger market.

Delphi Corporation (Aptiv) is the leading player in the global electric vehicle on-board charger market.

Asia Pacific dominated the market share in 2020.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
Electric Vehicle On-Board Charger Market Size, Share and Global Industry Trend Forecast till 2026
  • Nov, 2021
  • 2020
  • 2017-2019
  • 200

    CHOOSE LICENSE TYPE

  • $4850
    $6850
    $8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Automotive & Transportation Clients

Toshiba
GM
Hitachi
Deloitee
Asahi

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X