Shaping the Future: On-Board Charger Market Trends and Forecasts...

Shaping the Future: On-Board Charger Market Trends and Forecasts for 2030

Posted 2024-09-04 05:21:05

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Global On-Board Charger Market Overview:

According to MarkNtel Advisors study the Global On-Board Charger Market size is valued at around USD 6.2 billion in 2024 and is estimated to grow at a CAGR of around 16.5% during the forecast period, i.e., 2024-30. Multiple market factors are driving the market such as the increased use of EVs at a very significant growth rate supported by advancement in technology as multiple levels of on-board chargers (Level 1, Level2, Level 3, or the DC fast charger) are being introduced to provide fast charging resolution as per requirement. Other factors that help in driving the industry include government policies supporting the growth of EVs to promote clean energy and reduce the greenhouse effects in addition to safe the depletion of nonrenewable natural resources. Global investments are being made on a mass level to support the industry with R&D and innovations.

Key Findings of the Study: On-Board Charger market

Global On-Board Charger Market Challenge:

Lack of Adequate Infrastructure Hindering Market Growth – As per current market analysis there is a major hindrance in the market due to the lack of availability of charging infrastructure which ultimately becomes a limiting factor in adopting EV & OBCs. Slow charging stations and low growth in the development of charging networks have affected the market drastically. This also affects the sales as the areas where there is a shortage of charging stations the customers won’t buy the vehicle. Rapid or fast chargers are still under development so this problem cannot be resolved so easily. Massive investment and R&D are required to resolve the issue. The shortage of infrastructure is a heavy entry barrier for customers as range could be a major problem here. Customers have to look out for batteries that could provide them with more range and fast charging to save both time and cost.

Limitations of infrastructure have extended their hands on compatibility issues as different manufacturers have different variations of charging standards and protocols. On-board chargers are required to support multiple standards and types (level 1, level 2, DC fast Charger, CCS, CHAdeMO) to ensure broad compatibility. Addressing these infrastructure limitations is crucial for the continued growth and efficiency of the OBC industry. By tackling these challenges, the industry can improve the overall effectiveness and adoption of on-board chargers and support the broader transition to electric mobility.

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Scope of the On-Board Charger Market Report Segmentation

-By Propulsion Type

Battery Electric Vehicle [BEV]
Plug-in Hybrid Electric Vehicle [PHEV]

-By Power Output

Less than 10 KW
10 KW–20 KW
More than 20 KW

-By Vehicle Type

Passenger Vehicles
Commercial Vehicle

-By End-User

OEMs
Aftermarket

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Geographical analysis:

-By Region

North America
South America
Europe
Asia-Pacific
Middle East & Africa

According to the data, Europe currently holds the most of the global market share i.e. 35% approx. But Asia-Pacific is projected to witness the highest growth for the forecast period, 2024-30, with China as the most prominent and India as one of the fastest-growing countries. An expected CAGR of around 12-15% is driven by the expansion of charging infrastructure and high EV adoption in China and India. Moreover, government incentives, policies, investments in the market, relaxations in taxes, and initiatives for clean energy support the growth of the Asia-Pacific On-board Charger Market.

Current Landscape of On-Board Charger Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the On-Board Charger market. The research report profiles major players, including

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BRUSA Elektronik AG
Current Ways Inc.
Bel Power solution
Innoelectric GmbH
Toyota Industries Corporation
Stercom Power Solutions GmbH
Eaton
Delphi Technologies
Xepics Italia SRL
Infineon Technologies AG
AVID Technology Limited
Hangzhou Aodi Electronic Control Co., Ltd.
STMICROELECTRONICS
Ficosa Internacional SA.

Global On-Board Charger Industry Recent Development:

In March 2023: Toyota Industries Corporation announced the launch of a new generation of on-board chargers featuring high-efficiency silicon carbide (SiC) technology in their press release.
In March 2023: Delphi Technologies announced the launch of their latest on-board charger for high-performance EVs featuring compact design and enhanced efficiency.

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Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.