Electric Vehicle On-Board Charger Market

Electric Vehicle On-Board Charger Market

Growth Factors of Electric Vehicle On-Board Charger Market

The electric vehicle on-board charger market size was valued at USD 4.39 billion in 2023, and the market is now projected to grow from USD 5.13 billion in 2024 to USD 18.20 billion by 2032, exhibiting a CAGR of 17.2% during the forecast period of 2024-2032.

Despite the COVID-19 outbreak, worldwide EV income hit a file 366 million units. In Europe, 1.4 million electric motors had been registered, up 137% from 2019. This rise was sizable for a marketplace that had fallen through 20% year on year.

China is the worldwide leader in EVs, accounting for the most important market proportion. Advances in battery, mainly lithium-ion batteries, have progressed electric car overall performance, range, and charge. Electric car earnings grew through using 50% in 2023 in assessment to 2022. Over the very last decade, battery expenses have progressively reduced, making electric powered cars more much less steeply-priced than traditional inner combustion engines. As EV battery technology advances, call for electric powered cars rises, fueling electric vehicle on-board charger market growth.

Automobile producers are making an investment in designing and manufacturing electric powered cars, mirroring a trend in the mobility and freight transportation industries. As the electrical vehicle agency grows, so will the decision for on-board chargers. Currently, maximum EVs have on-board unidirectional charging methods. Some motors use off-board chargers to recharge their batteries. The current spike in EV investments by using the transportation industry reflects a shift in exemplars. For example, the advent of wireless, bi-directional, and speedy chargers.

Comprehensive Analysis of Electric Vehicle On-Board Charger Market

The marketplace is segmented into BEV, PHEV, and HEV primarily based on propulsion kind. BEVs dominate the market due to their increased travel range and high energy storage. The market can be segmented into passenger cars and commercial vehicles based on vehicle type. The passenger car segment is expected to dominate the global market in 2023 due to rapid urbanization and increased demand for economic transport mediums like electric cars. Government support and growing consumer interest in EV technology are expected to drive demand for EVs. The market is classified into <20 kW and >20 kW based on power output, with Level-2 and Level-3 chargers being faster and more operational. As connected and autonomous EVs become more complex, charging requires OBCs with higher power capacity, with OBCs with less than 20kW power output showing a greater CAGR.

The Asia Pacific region lead the electric vehicle on-board charger market share by benefitting a market size of USD 2.03 billion in 2023 due to China and India's growing urban populations contribute to environmental degradation by emitting greenhouse gases from automobiles and factories.

Governments are pushing clean fuel-powered cars, particularly electric vehicles (EVs), through different incentives. The region's electric car on-board charger market is predicted to rise due to increased urbanization and smart cities.

Delphi Technologies, Eaton Corporation, and Infineon Technologies AG are major players in the mobility solutions market. With over 180,000 employees across 124 manufacturing facilities, Delphi Technologies offers software, electronics design, and system architecture optimization solutions. Other key companies include Bel Power Solution, BRUSA Elektronik AG, Current Ways Inc., and e-Xepics Italia SRL.

In March 2024, VMAX chose Infineon Technologies AG's CoolSiC hybrid discrete with TRENCHSTOP 5 Fast-Switching IGBT and CoolSiC Schottky Diode for its next-generation 6.6 kW OBC/DCDC on-board charger. Infineon's D2PAK package combines fast TRENSTOP 5 IGBTs with half-rated free-wheeling SiC Schottky barrier diodes, resulting in a cost-effective solution for both hard and soft switching topologies. The power devices are perfect for VMAX's on-board chargers due to their high performance, power density, and quality.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 17.2% over 2024 to 2032

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


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