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The evolution of vehicle engine propulsion technology, from coal-fired engines to gasoline- and electric-fired engines, has undoubtedly influenced the economy in crucial ways. Ultimately, this evolution has improved the automotive industry’s operational capabilities, including enhanced safety measures, connectivity, cost reduction, and consumer convenience. With the changing behavior of consumers as well as more stringent environmental regulations, the global automotive industry is undergoing extensive transformation.

Due to the rapid depletion of natural resources (especially fossil fuels), there has been a growing need for alternate energy to reduce the reliance on fossil fuels for transportation. As a result, governments, environmental agencies, and automobile manufacturers have developed alternative fuel vehicles, and consumers have accepted the electric vehicle (EV) as an alternative option, which has evolved from a niche solution into a practical choice for mobility in the 21st century. EV manufacturers are focused on developing energy-efficient, cost-effective, and compact drivetrain components, such as inverters, on-board chargers, microcontrollers, and rectifiers. An on-board charger (OBC) is a key component in any electric vehicle powertrain that manages the energy flow from a power grid to the battery inside the vehicle.

Read Report Overview: On-Board Charger Market

The global on-board charger market is expected to reach $43.94 billion by 2032 from $2.16 billion in 2021, growing with a CAGR of 29.54% during the forecast period 2022-2032. The growth in the global on-board charger market is expected to be driven by increasing sales of electric vehicles worldwide.

Analyst Thoughts

According to Dhrubajyoti Narayan, Lead Analyst, BIS Research, “It is expected that the market will continue to evolve rapidly in the forecast period. Innovative solutions are being developed, and new products are being launched in the market. Moreover, the market's growth is assisted by collaborations and product launches. Increasing electric vehicle fleets are expected to drive aftermarket sales of on-board chargers. The significant demand for electric vehicles has made China the world's largest market for on-board chargers.”

Asia-Pacific and Japan to Witness Fastest Growth in Global On-Board Charger Market for EVs

The demand for on-board chargers varies according to various regions. China is currently the largest region in the on-board charger market. Increased sales of electric vehicles in Asia-Pacific and Japan countries such as India, South Korea, and Japan are expected to boost the market. Rising CO2 emissions in India and Japan have led to several concerns from the countries’ governments. Government incentives for buying electric vehicles, technological advancements, and extensive investments in the development of charging infrastructure are some major drivers propelling the market’s growth in the region.

As a result, various initiatives have been launched by the government to promote the development and adoption of electric vehicles, which are expected to reduce vehicular emissions and potentially replace petrol and diesel engines in the future. In addition, concerted efforts by both governments and manufacturers to promote the sale of electric vehicles have led to the inclusion of high-performance on-board chargers inside electric vehicles to provide better driving experiences.

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Competitive Landscape

To gain market share, major on-board charger manufacturers are making various kinds of strategic moves. Some key highlights from BIS Research w.r.t. manufacturers of on-board chargers are:

  • Delta-Q Corporation, KOSTAL Automobil Elektrik GmbH & Co. KG, Robert Bosch GmbH, and BorgWarner Inc. are some leading players globally.
  • Infineon Technologies AG, Texas Instruments Incorporated, and Analog Devices, Inc. are some leading players globally in Tier-2 or component/subsystem suppliers for on-board chargers.   
  • New product launches are the most preferred strategy.   
  • Apart from product launch activities, expanding business and sealing new partnerships and collaborations are the other strategies being implemented.
  • Most players have tie-ups with various electric vehicle OEMs and Tier 1 suppliers.

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