On-board charger market size will reach USD 14.56 billion by

Tokyo, July 11. 2022 (GLOBE NEWSWIRE) — The world on-board charger market The size was valued at USD 4.55 billion in 2021. Growing interest in electric vehicles worldwide is the key driver for increased interest

Tokyo, July 11. 2022 (GLOBE NEWSWIRE) — The world on-board charger market The size was valued at USD 4.55 billion in 2021. Growing interest in electric vehicles worldwide is the key driver for increased interest in on-board chargers throughout the forecast period. To charge a vehicle battery, an on-board charger changes the alternating current (AC) contribution from charging stations to direct current. The increased number of AC charging stations installed in developing business sectors is also contributing to the development of the on-board charger industry.

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Due to its powerful thickness and 98% skill rate, the innovation of silicon carbide semiconductors is rapidly being used to create on-board chargers. As a result, a few companies are focusing more on offering more powerful and productive silicon carbide on-board chargers, providing new opportunities for market development.

The on-board charger allows you to direct the current and voltage at which the battery is charged, extending its life. Chargers offer either constant current or constant voltage charging, both of which are easy to use and have their own advantages and weaknesses.

Key points to remember:

  • In power, the 11 kW to 22 kW segment contributed 42% market share in 2021
  • The passenger car segment contributed 36% of revenue in 2021
  • The BEV segment accounted for 68% market share in 2021
  • The Asia-Pacific region accounted for the largest market share of over 39%
  • Europe is expected to grow at a remarkable CAGR from 2022 to 2030

Report Highlights

  • Based on vehicle type, the passenger vehicle section will overwhelm the entire market in 2022. Rapid urbanization, which increases the demand for money-bound means of transportation like electric vehicles, is a central point influencing the development of the market. Electric vehicles are more reasonable than internal combustion cars and have a lower normal impact.
  • Based on power output, the market is divided into two segments: 20kilowatt and >20. In-vehicle chargers transfer electricity from alternating current to alternating current and then store it in the vehicle battery. Since frame electricity is always AC, AC is the best continuous charging option for electric cars.

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Regional overviews

During the reference period, the on-board charger market in Asia-Pacific is considered to represent the most remarkable revenue divide between each provincial market. China is the key driver of market development in Asia-Pacific. China has become one of the main industries for on-board chargers. In China, electric vehicles with on-board chargers include the Tesla Model 3 and BYD Qin Pro EV. In addition, larger government initiatives to advance electric vehicle agreements in countries such as China and India are supporting local market development.

During the projection period, the European market is likely to experience significant revenue development. Severe contamination limitations, ideal government arrangements, vehicle zap development and accessibility of essential charging bases are extremely important elements supporting the reception of electric vehicles in Europe. Denmark, Norway, Germany, Sweden and the UK are leading the EV unrest in Europe. The presence of major EV producers in the region provides a very engaging learning experience for EV on-board chargers. In line with its goal, BMW plans to zap its vehicles, Minis and SUVs across Europe by 2030.

Report scope

Report attributes Details
Market size in 2021 $4.55 billion
Revenue forecasts by 2030 $14.56 billion
CAGR 13.79% from 2022 to 2030
base year 2021
The biggest market Asia Pacific
Fastest growing region North America
forecast year 2022 to 2030
Key players Tonhe Technology, Anghua, Wanma, Kongsberg, Lear, Delphi, Infineon

Market dynamics

Drivers

The advancement of electric vehicle charging frameworks is driving the in-vehicle charger industry forward. This is due to decreased power supply and improved Influence Reserve Funds, resulting in better Influence Thickness and further development in overall battery execution. Around the world, the increase in mechanical necessities due to natural concerns has sparked R&D interest in advances in electric vehicles. A few automakers are investing resources in improving electric vehicles. For example, Fiat Chrysler Automobiles NV announced in July 2019 that it planned to invest $788 million in developing a creative line for the new electric version of its Fiat 500 minicar. will deliver approximately eighty thousand units each year. Widened speculation prompts lower all expenses and more reasonable affordability, which contributes to the expansion of in-vehicle charger industry.

Constraints

One of the key variables forcing the development of the global on-board charger market is the growing interest of government administrations in implementing DC fast chargers. On-board charger reception rate varies by brand, but is limited by weight, space, and cost. Depending on the vehicle, the charging time can range from four to five hours to more than twelve hours with level 2 AC chargers. DC fast chargers overcome each of the constraints of an on-board charger as well as the power change requirement. These provide continuous power direct to the vehicle’s battery, which can speed up significantly. The West Coast Electric Highway is one such illustration of the deployment of DC fast chargers. It is a huge organization of DC fast-charging stations for electric vehicles each separated by 25 to 50 miles along Highway 99, Interstate 5 and other major roads in British Columbia, in California and Washington. Subsequently, the increased interest in DC fast chargers is a limit to the on-board charger industry.

Opportunities

An increase in sales of electric vehicles will accelerate the development of the market. Electric vehicle transactions increased by 160% in most of 2021, unlike a similar period in 2020. This accounted for 26% of new vehicle transactions in the automotive field. China has become the global community of electric vehicle drivers, accounting for 13% of the market. Another impact of the commercial explosion of electric vehicles is that lithium costs have increased by around 165%. Subsequently, these factors lead to increased spending by buyers. Overall, buyers spent around US$12 billion on EV products in 2020. Additionally, according to research by Power Technology, EV offerings in the first part of 2021 were 2.6 million units , with 5 million units expected before the end of the year.

Challenges

  • An increase in sales of electric vehicles will accelerate the development of the market

Electric vehicle transactions increased by 160% in most of 2021, unlike a similar period in 2020. This accounted for 27% of new vehicle transactions in the automotive field. China has become the global electric vehicle driver community, accounting for 14% of the market. Another impact of the commercial explosion of electric vehicles is that lithium costs have increased by around 165%. Subsequently, these factors lead to increased spending by buyers. Overall, buyers spent around US$12 billion on EV products in 2020. Additionally, according to research by Power Technology, EV offerings in the first part of 2021 were 2.6 million units , with 5 million units expected before the end of the year. Subsequently, these hurdles, along with the fluctuating estimation of charging stations, may hamper the development of the overall EV in-vehicle charger market.

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Recent Ddevelopments

  • STMicroelectronics will partner with Arrival, a British electric vehicle manufacturer, in July 2021. STMicroelectronics’ microcontrollers, auto power and battery – executive gadgets would be added to Arrival’s vehicle portfolio as part of the collaboration , enabling Arrival to provide zero throughput commercial vehicles as part of a coordinated versatility environment.
  • Eaton announced the acquisition of Green Motion SA, a manufacturer and designer of electric vehicle charging programming and innovation, in March 2021. Eaton’s electric charging capabilities were expanded through this purchase.

Market segmentation

By type of vehicle

  • Boats
  • Vans
  • Particular Cars
  • The buses
  • Medium and heavy vehicles
  • Others

By type of food

  • 11kW to 22kW
  • Less than 11kW
  • More than 22kW

By engine type

By sales channel

  • Original Equipment Manufacturer (OEM)
  • Secondary market

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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