Electric Vehicle On-Board Charger Market: Exploring Opportunities Through Market Share And Growth Projections
According to the TechSci Research report,?"Electric Vehicle On-Board Charger?Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,"?Rising government initiatives to develop the infrastructure for charging electric vehicles and their related parts, as well as growing electric vehicle penetration, are driving the market for on-board chargers for electric vehicles. The lack of?electric vehicle?charging standards and the rising number of fast DC charger installations, however, are limiting the market's expansion. Additionally, the development of a two-way on-board charger (V2G) for future electric and plug-in hybrid vehicles offers companies in the electric vehicle on board charger market substantial potential opportunities. An on-board charger for electric vehicles converts AC power from a charging station to DC electricity so that a 350V or 650V battery within the car can be charged. The on-board charger is intended to charge the battery for a prolonged period of time and has a low charging rate (typically 5–8 h for full charge). Charging?Power, propulsion type, vehicle type, design type, product type, region and competitional landscape are the market segments for electric vehicle onboard chargers.
Because it is a fossil fuel, gasoline cannot be renewed as a source of energy and will eventually run out. The creation and utilization of alternative fuel sources is crucial for promoting sustainable development. This entails the usage of electric vehicles, which are more cost-effective than traditional automobiles and do not require gasoline. The numerous benefits that electric vehicles provide, including their lower fuel (petrol, diesel, and gas) consumption and reduced exhaust emissions, have greatly increased demand for them around the world.
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The demand for on-board chargers for electric or plug-in hybrid vehicles is then anticipated to increase during the projected period as a result of this. Key players in the on-board charger industry, which is necessary for electric vehicles, are also taking several strategic actions to maximize their commercial opportunities. For instance, the performance of the onboard fast charger (NLG664) has been improved by Swiss auto component manufacturer BRUSA Elektronik. This charger has the option to charge at up to 7 kW from a single-phase AC outlet and can charge a normal EV battery utilizing 3-phase AC power up to 22 kW in less than an hour. Additionally, the Smart Fortwo, Electric Truck E-FORCE, Volvo C30 Electric Generation II, and SUNCAR's first electric excavator all include this on-board charger.?For electric vehicles to be widely used, the infrastructure for charging them is essential. In order to supply EV charging stations all around the world, several government programs have been launched.?
One such project was the deployment of more than 200 EV charging stations across India by the Automotive Research Association of India (ARAI). In addition, Tata Power, an Indian electric utility firm and member of the Tata Group (India), supports the National Electric Mobility Mission of the Indian government by constructing the nation's first set of electric vehicles charging stations in Mumbai. Additionally, China is stepping up its efforts to preserve its leadership in the race to adopt electric vehicles by intending to invest USD1.42 billion this year to expand the nation's charging network by 50% in order to encourage EV deployment. Additionally, the surge in demand for electric vehicles has been fueled by an increase in the number of level 1 and level 2 charging stations and infrastructure (AC-to-DC). This is then anticipated to fuel the development of the on-board charger that is included with them.
According to the China Association of Automobile Manufacturers, China sold 26.3 million cars in 2021. In India the total number of electric vehicle sales in the year 2021, was 3,29,190 units. The sales of electric vehicle in United States of America were recorded around 608,000 units in 2021, which was double from 2020, the electric vehicle sales were recorded for 308,000 units. These sales include New Plug-in Electric Vehicle, Sales of new light-duty plug-in electric vehicles, including all-electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs).
There is no alternate source available for charging the battery supply in electric vehicles. A significant barrier to the expansion of the global market for on-board electric car chargers is the lack of charging stations in the majority of cities. Quality of infrastructure and range anxiety can potentially cause issues for electric vehicles and risk the driver's safety.??Additionally, developing nations have less of the necessary infrastructure in place for the use of electric vehicles. In rural areas, where many households lack a specific parking space, due to this charging an electric vehicle is a challenge for the rural areas. Furthermore, sales of electric automobiles and commercial vehicles are significantly lower than sales of vehicles powered by internal combustion engines (ICE) outside of China due to the lack of technological maturity in these markets. Additionally, even though Palo Alto, California-based Tesla, an American electric vehicle and renewable energy company, is growing its network of chargers, they are made exclusively for Tesla cars. The 120- and 240-volt plugs, which are generally used in houses, have been standardised by the automobile industry. However, the plugs or ports that can charge vehicles in under 30 minutes have not yet been standardised. As a result, the growth is being hampered by all of these problems as well as the various rates at charging stations.
Some of the major players operating in the Global Electric Vehicle On-Board Charger market include:
“Many companies are investing in research and development for the innovation of electric vehicle charging infrastructure. As the adoption of electric vehicles is increasing with time in many countries the government is in plan to add more and more charging stations and battery manufacturing companies are in plan to launch new on-board chargers in the market for the easily arability of charger for electric vehicle owners. This will further help in driving the Global?Electric Vehicle On-Board Charger market?in the coming years. "said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Electric Vehicle On-Board Charger Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Propulsion Type (Battery Electric Vehicles (BEVs), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Charging Power (<=6.6kW, 6.7-11.0kW, 11.1-22.0kW, >22.0kW), By Distribution Channel (OEMs, Aftermarket), By Design Type (Unidirectional, Bidirectional), By Product Type (Without Embedded DC/DC Converter, With Embedded DC/DC Converter), and By Region,”?has evaluated the future growth potential of Global Electric Vehicle On-Board Charger Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Electric Vehicle On-Board Charger Market.