EV On-Board Chargers Market: Current Analysis and Forecast (2022-2030)

Report Description

The EV On-Board Chargers Market was valued at USD 2.5 Billion in 2022 & is expected to grow at a CAGR of 17.5% from 2022-2030. Owing to the growing concern about the environment and increasing demand for electric vehicle. An Electric Vehicle (EV) on-board charger is a crucial component that enables the vehicle’s battery to be charged from an external power source. It takes the incoming AC power from a charging station or wall outlet and converts it into the appropriate DC voltage and current levels required for efficient and safe charging of the EV’s battery pack. This conversion ensures that the battery is charged optimally while protecting it from overcharging or other potential issues. EV on-board chargers play a vital role in facilitating the adoption and widespread use of electric vehicles, contributing to the transition towards a more sustainable and environmentally-friendly transportation system.

Some of the major players operating in the market include Bel Fuse Inc; BRUSA Elektronik AG; Current Ways; BorgWarner Inc; Eaton; Infineon Technologies AG; innolectric Agi; Stercom Power Solutions GmbH; Toyota Industries Corporation; Xepics Ltd. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Based on the vehicle type, the market has been segmented into passenger cars and commercial vehicles. Among them, the commercial vehicle segment held a considerable share of the market in 2022.”

Based on the vehicle type, the market has been segmented into passenger cars and commercial vehicles. Among them, the commercial vehicle segment held a considerable share of the market in 2022 due to the increasing global awareness and concern about environmental issues, such as climate change and air pollution, have pushed both governments and businesses to adopt cleaner and more sustainable transportation solutions. Commercial EVs offer a significant reduction in greenhouse gas emissions and local air pollutants compared to traditional internal combustion engine vehicles, making them an attractive option for companies aiming to demonstrate their commitment to sustainability. Additionally, Governments around the world are also providing various incentives, subsidies, and infrastructure support to promote the adoption of commercial EVs, further encouraging fleet operators to make the transition. For instance, in 2023, Tl Clean Mobility, a subsidiary of Tube Investments of India, will float a new subsidiary company to commercialize electric small commercial vehicles. For this, Tl Clean Mobility entered into an agreement with Jayem Automotives to jointly invest in the new company, wherein the former will hold 80 percent stake by investing Rs 160 crore and the latter will hold 20 percent stake by investing Rs 40 crore.

“Based on the application, the market has been categorized into less than 20KW and more than 20KW. Among them, the more than 20 segment KW held a considerable share of the market in 2022.”

Based on the application, the market has been categorized into less than 20KW and more than 20KW. Among them, the more than 20 segment KW held a considerable share of the market in 2022.As the EV industry matures, there is a growing demand for faster charging solutions to reduce the charging time and increase the convenience for EV owners. A more powerful on-board charger can replenish the battery at a quicker rate, enabling drivers to cover longer distances without extended charging stops. Moreover, advancements in battery technology and improvements in power electronics have made it feasible to develop on-board chargers with higher power ratings, without significantly increasing the size or weight of the charger. This has made it possible for automakers to offer higher-capacity on-board chargers without compromising the overall design and performance of the vehicle. Additionally, the expansion of public charging infrastructure, particularly fast-charging stations, has encouraged the development of EVs with higher-capacity on-board chargers, as it allows drivers to take advantage of the faster charging capabilities.

“North America will grow with significant CAGR during the forecast period.”

One of the most influential regions for EV adoption is North America. Companies like Tesla have gained the majority of the market share in North America by introducing cost-effective, high-tech battery electric vehicle (BEV) models like the Tesla Model S and Model X. In addition, Tesla has developed a network of EV charging stations in North America, which has contributed to the growth of EV adoption in the region. Technological innovation, the availability of EV charging infrastructure, and product innovations are the main factors driving market growth in North America.

EV On-Board Chargers Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global EV on-board chargers market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the EV On-Board Chargers Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global EV on-board chargers market were the three major steps undertaken to create and analyze the adoption of EV On-Board Chargers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global EV on-board chargers market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the EV on-board chargers market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the EV on-board chargers market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report by vehicle type, propulsion, and power output. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the EV on-board chargers market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, propulsion, and power output of the EV on-board chargers market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the EV on-board chargers market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global EV on-board chargers market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the EV on-board chargers market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global EV on-board chargers market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global EV on-board chargers market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the vehicle type, propulsion, and power output in the global EV on-board chargers market.

The main objective of the Global EV On-Board Chargers Market Study

The current & future market trends of the global EV on-board chargers market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the EV on-board chargers market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the vehicle type, propulsion, and power output.
• Define and analysis of the regulatory framework for the EV on-board chargers industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the EV on-board chargers market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the EV on-board chargers market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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