Global On-board Charger Market Size, Share & Industry Trends Analysis Report By Propulsion Type, By Vehicle Type, By Power Output, By Regional Outlook, Strategy, Challenges and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the On-board Charger Market
Market Report Description
The Global On-Board Charger Market size is expected to reach $10 billion by 2027, rising at a market growth of 16.2% CAGR during the forecast period.
An on-board charger (OBC) is a device that charges the traction battery of an electric vehicle (EV), a hybrid electric vehicle (HEV), or a plug-in hybrid car. The on-board charger of an electric car transforms the grid's AC input to a DC input, which is then used to charge the battery. The electronic components in the on-board charger (OBC) allow the battery to be recharged from the AC mains, whether at home or at private or public charging stations.
Hybrid vehicles have a fossil fuel-powered drivetrain as well as an electric drivetrain, which can be organized in a variety of ways. Mild hybrids, for example, have a smaller battery that is charged by a mix of the ICE and a generator. While the car is slowing down and the motor is acting as a generator, regenerative braking gives some charge to prolong the range. While the vehicle is stationary, PHEVs and BEVs have the ability to plug into the mains grid and recharge the battery.
The on-board charger may charge at either a constant current or a constant voltage, and both modes are simple to use. And each one has its own set of benefits and drawbacks. Constant current charging has a high efficiency and charging speed, but there is a risk of the battery being overcharged at a later stage, reducing its lifespan. When using constant voltage charging, there is a chance that too much current will flow into the battery right away, overheating the battery and shortening its lifespan.
As a result, the charger guarantees that it is charged with a constant current at first, preserving speed & efficiency, and then switches to constant voltage charging when the voltage at both ends of the battery reaches a specified amplitude. This system is known as the charging strategy, and it is the on-board charger's most significant function.
COVID-19 Impact Analysis
The COVID-19 pandemic had a negative influence on electric vehicle sales in the first half of 2020, which slowed industry growth. The imposition of lockdown and other restrictions has reduced the usage of electric vehicles on road. In addition, the sales of electric vehicles have also declined severely since consumers were only investing in essential products. Nonetheless, governments' efforts, such as increased purchase incentives, lower battery costs, and EV upgrade offers from original equipment manufacturers, created prospects for EV adoption during the pandemic.
However, due to statewide lockdowns imposed in several nations, automotive OEM production facilities were obliged to temporarily shut down all vehicle manufacturing operations. It also caused delays in the development of on-board chargers in terms of production and development. Vaccination initiatives against Covid19 are expected to allow restrictions to be gradually lifted.
Market Growth Factors:
Supportive government initiatives
The infrastructure for charging electric vehicles is critical for their widespread adoption. Several government projects have been launched around the world to supply electric vehicle charging stations. In addition, several nations are focusing on sustainable development along with minimizing the emission level in the environment. Various governments are working with on-board charger companies to support their plan of establishing electric vehicle transportation system.
Growing penetration of EVs
Because gasoline is a fossil fuel, it is not a renewable source of energy and will eventually run out. Alternative fuel sources must be developed and used to support sustainable development. This entails the usage of electric vehicles, which do not require the use of gasoline and are more cost effective than traditional automobiles. EVs have a number of advantages, including lower fuel usage (petrol, diesel, and gas) and lower emissions from tailpipes, which are driving up demand around the world. This is likely to increase the need for on-board chargers in electric or plug-in hybrid vehicles in the coming years.
Marketing Restraining Factor:
High deployment of DC fast chargers
The grid provides AC (alternating current) to major charging stations, which is also found in household outlets. Inside the electric vehicle, on-board chargers convert AC power to DC (Direct Current) power for the battery. This charging procedure, however, is slower than that of DC fast chargers. Because the charging stations convert AC power to DC and transmit DC power directly to the battery, DC fast chargers charge the EV faster.
Propulsion Type Outlook
By propulsion type, the on-board charger market is fragmented into Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV). The PHEV segment garnered a significant revenue share in the on-board charger market in 2020. Several Plug-in Hybrid Electric Vehicle (PHEV) manufacturers are using on-board chargers with outputs ranging from 3 to 3.7 kW, which is propelling the growth of the segment. On-board chargers are used to charge the batteries in vehicles like the Hyundai Sonata PHEV, Kia K5 PHEV, and Mitsubishi Outlander PHEV. PHEVs are gaining more popularity around the world.
Vehicle Type Outlook
On the basis of vehicle type, the on-board charger market is segmented into Passenger Car, Buses, Vans, Medium & Heavy-Duty Vehicles, Boats and others. The passenger cars segment acquired the highest revenue share in the on-board charger market in 2020 and is estimated to continue this trend over the forecast period. On-board chargers would become more popular as the number of electric passenger cars sold across the world is rising. In addition, the rising disposable income of the consumers is motivating them to adopt EVs and hence, surge the growth of the segment.
Power Output Outlook
Based on power output, the on-board charger market is classified into Less than 11 kW, 11 kW to 22 kW and More than 22 kW. The 11kW to 22 kW segment garnered a significant revenue share in the on-board charger market in 2020. The 11-22 kW chargers are tri-phase AC chargers that take two to four hours to fully charge an electric vehicle. A public charging station is usually a tri-phase AC charger. According to figures published by Transport & Environment, tri-phase AC chargers account for 61% of European public chargers.
|Market size value in 2020||USD 3.9 Billion|
|Market size forecast in 2027||USD 10 Billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 16.2% from 2021 to 2027|
|Number of Pages||238|
|Number of Tables||374|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Propulsion Type, Vehicle Type, Power Output, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the on-board charger market is evaluated across North America, Europe, Asia Pacific and LAMEA. Asia Pacific emerged as the leading region in the on-board charger market with the maximum revenue share in 2020. Government initiatives to promote electric car sales are increasing in nations like China and India, which is boosting regional market growth. The Chinese government's sales quotas, for example, are one of the primary factors boosting EV on-board charger sales in the country for the years 2019, 2020, and 2021.
Free Valuable Insights: Global On-board Charger Market size to reach USD 10 Billion by 2027
KBV Cardinal Matrix - On-board Charger Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Toyota Motor Corporation is the major forerunners in the On-Board Charger Market. Companies such as Bel Fuse, Inc., TDK Corporation and Panasonic Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Current Ways, Inc., Eaton Corporation PLC, STMicroelectronics N.V., Infineon Technologies AG, Bel Fuse, Inc., TDK Corporation (InvenSense), Toyota Motor Corporation, BorgWarner, Inc., Panasonic Corporation, and AVID Technology Limited.
Recent Strategies Deployed in On-board Charger Market
- Dec-2021: STMicroelectronics introduced a new range of GaN power semiconductors in the STPOWER portfolio. This portfolio can significantly reduce energy usage and provide slimmer designs in a wide range of electronic products. The target applications include consumer equipment such as chargers, LED-lighting drivers, external power adapters for PCs, and power supplies inside televisions and home appliances. ST’s PowerGaN devices also benefit telecom industrial motor drives, power supplies, solar inverters, & electric vehicles & chargers.
- Dec-2021: Infineon Technologies introduced OPTIGA, a security solution for automotive wireless charging. The OPTIGA complies with version 1.3 of the Wireless Power Consortium (WPC) Qi standard, which requires strong cryptographic authentication for wireless charging up to 15 W. This launch is aimed to develop automotive wireless charging & features the highest levels of security. Additionally, the solution is AEC-Q100 Grade 2 qualified & offers an in-field update function along with support for up to four certificate chains.
- Jul-2021: STMicroelectronics teamed up with Arrival, a British electric vehicle manufacturer. Under the collaboration, STMicroelectronics’ automotive microcontrollers, power & battery-management devices would be added to Arrival’s vehicle portfolio to enable Arrival in delivering zero-emission commercial vehicles as part of an integrated mobility ecosystem.
- Jun-2021: STMicroelectronics collaborated with Renault Group, a French multinational automobile manufacturer. This collaboration aimed to design, develop, manufacture, & supply STMicroelectronics’ products and related packaging solutions to Renault Group for the power electronics systems of battery-operated & hybrid vehicles. Moreover, these technologies would significantly affect the electric vehicles’ driving range & charging by decreasing power losses and improving efficiency which would result in lower battery costs, more kilometers per charge, shorter charging time & reduced user-cost.
- Mar-2021: Eaton took over Green Motion, a designer and manufacturer of electric vehicle charging hardware and related software. The acquisition is aimed to expand the EV charging capabilities of Eaton.
- Mar-2021: Infineon Technologies unveiled 650 V CoolSiC, hybrid discrete for automotive. This product provides a cost-efficient performance boost and a highly reliable product. The device contains a 50 A TRENCHSTOP 5 fast-switching IGBT and a CoolSiC Schottky diode. The combination supports high system integrity in addition to bi-directional charging which makes the device ideal for fast switching automotive applications like On-Board Chargers (OBC), DC-DC and DC-AC converters, Power Factor Correction (PFC).
- Jan-2021: Panasonic Life Solutions India, a subsidiary of Panasonic Corporation teamed up with PMI Electro Mobility Solutions, a manufacturer of ‘zero-emission’ commercial vehicles. This collaboration aimed to set up electric vehicle (EV) charging infrastructure across 17 cities for over 1,000 electric buses in India.
- Sep-2019: Delphi Technologies entered into a partnership with Cree, developer, and producer of semiconductors made from silicon carbide (SiC). This partnership is focused on combining Cree’s silicon carbide-based metal-oxide-semiconductor field-effect transistors (MOSFETs) with Delphi’s traction drive inverters and DC/DC converters and chargers to extend driving range & provide faster charging time.
- Aug-2019: Eaton teamed up with KPIT, leading independent software development and integration partner. This collaboration aimed to support the development of next-generation electrified mobility technologies for eMobility business unit. The collaboration would focus on developing & deploying technologies, software solutions, and platforms for several components, including inverters, DC-DC converters, onboard chargers, & power distribution modules.
- May-2019: BorgWarner launched the latest on-board electric vehicle charger with best-in-class power density. The charger would provide maximum power conversion efficiency to save energy and deliver an extended range for vehicle manufacturers and consumers with the help of silicon carbide technology.
- May-2019: BorgWarner formed a joint venture with Romeo Power Technology, a technology-leading battery module and pack supplier. From this joint venture, the companies aimed to fill up the gap between battery cell manufacturers and hybrid & electric vehicle consumers in the marketplace. Moreover, the addition of battery packs would strengthen BorgWarner’s existing product portfolio for hybrid and electric vehicles which include power electronics, electric motors, high-voltage battery heaters, onboard battery chargers, eAxle iDMs, and many more.
- May-2019: Panasonic partnered with electric mobility service providers, SmartE and qQuick. This partnership aimed to launch their electric vehicle (EV) charging service Nymbus. Under the partnership, Nymbus would combine physical components like swap stations, charging stations, onboard charges, and telematics systems with virtual components such as analytics, cloud service, intuitive dashboard, & artificial intelligence. The partnership is aimed to help utility providers, vehicle, and equipment & battery manufacturers to understand the utilization patterns and calibrate the products and services accordingly.
- Apr-2019: Bel Power Solutions unveiled BCN25-700-8, a 25-kW on-board battery charger. The solution would provide a charger that converts 3-phase AC voltage to DC voltage. The new hybrid/electric battery charger features an input voltage at 3-phase of 460 Vac – 575 Vac (line to line) and an output voltage from 250 Vdc to 800 Vdc, 37.5 A, with galvanic isolation between the input and output.
- Oct-2018: Ficosa expanded its geographical footprints in Viladecavalls, Barcelona by opening a new e-Mobility Hub, a pioneering center. By the expansion, the company would focus on developing & manufacturing software and hardware solutions for hybrid as well as electric vehicles, mainly battery-management systems (BMS) and on-board chargers (OBC).
Scope of the Study
Market Segments Covered in the Report:
By Propulsion Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Vehicle Type
- Passenger Car
- Medium & Heavy-Duty Vehicles
By Power Output
- Less than 11 kW
- 11 kW to 22 kW
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Current Ways, Inc.
- Eaton Corporation PLC
- STMicroelectronics N.V.
- Infineon Technologies AG
- Bel Fuse, Inc.
- TDK Corporation (InvenSense)
- Toyota Motor Corporation
- BorgWarner, Inc.
- Panasonic Corporation
- AVID Technology Limited
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What would be the size of the on-board charger market by 2027?
The on-board charger market size is projected to reach USD 10 billion by 2027.
What are the key driving factors and challenges in the on-board charger market?
Growing penetration of EVs are driving the market in coming years, however, high deployment of DC fast chargers limited the growth of the market.
Who are the leading players in the on-board charger market?
Current Ways, Inc., Eaton Corporation PLC, STMicroelectronics N.V., Infineon Technologies AG, Bel Fuse, Inc., TDK Corporation (InvenSense), Toyota Motor Corporation, BorgWarner, Inc., Panasonic Corporation, and AVID Technology Limited.
Which segment shows a high revenue share of the on-board charger market in 2020?
The Less than 11 kW market acquired maximum revenue share in the Global On-board Charger Market by Power Output 2020, thereby, achieving a market value of $5.3 billion by 2027.
Which segment shows the high growth rate of the on-board charger market over the forecast period?
The Buses market shows highest growth rate of 15.3% during (2021 - 2027).
Which region dominated the on-board charger market in 2020?
The Asia Pacific market is the fastest growing region in the Global On-board Charger Market by Region 2020, and would continue to be a dominant market till 2027.