Hybrid and Electric Vehicle On-Board Charger Market Size, Share, Growth, and Industry Analysis, By Type (Lower Than 3.0 Kilowatts, 3.0-3.7 Kilowatts, Higher Than 3.7 Kilowatts and others), By Application (BEV, PHEV and others), and Regional Forecast To 2031

Updated On: 01 April 2024

Hybrid and Electric Vehicle On-Board Charger Market REPORT OVERVIEW

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global hybrid and electric vehicle on-board charger market size was USD 6 million in the year 2022 and market is projected to touch USD 44.323 Million By 2031, exhibiting a CAGR of 26.3% during the forecast period.

An on-board charger (OBC) is a device that charges the traction battery of an electric vehicle (EV), hybrid electric vehicle (HEV), or plug-in hybrid car. The on-board charger mechanism of an electric car that transforms the grid's AC input to a DC input, which then charges the battery. The electronic components used in on-board chargers (OBC) give a way to recharge the battery from the alternating current (AC) mains, either at home or via plugs found in private or public charging stations.

Companies employ onboard battery charger technology that is very efficient due to its cutting-edge power switching technology and magnetics. Furthermore, it is operated through an isolated CAN bus connection that is SAE J1939 and ISO11898 compliant. The Hybrid and Electric Vehicle on-board charger consists of a unit that contains a variety of signal conditioning solutions, integrated high voltage isolation AC-DC converters, AC rectifiers, dual bridgeless power factor correction (PFC), gate drivers, error amplifiers, and many other power electronic components.

COVID-19 Impact: Lockdown Distorts the market

The COVID-19 pandemic has compelled governments all around the world to prioritise medical services. As a result, governments are diverting the majority of their cash towards the healthcare industry, hurting government investments and incentives for the Hybrid and electric vehicle sector. Furthermore, the countrywide lockout compelled the electric car production plants to reduce their entire operations. The COVID-19 epidemic has caused delays in efforts and projects related to the development of hybrid and electric car onboard chargers. Furthermore, the epidemic has a favourable influence on the enterprise's business operations, which benefits the market as a whole. This has had an effect on the industry.

LATEST TRENDS

"Launch of new products and Technological Features to stimulate market expansion"

As the petrol is a fossil fuel, it is not a renewable source of energy and will be depleted in the future. It is critical to discover and deploy alternative fuel sources to promote sustainable development. This entails the usage of electric cars, which do not require petrol and are more cost effective than traditional automobiles. EVs have several benefits, including lower fuel consumption (petrol, diesel and petrol) and lower exhaust emissions, which greatly boosts their global demand. During the projection period, this is likely to increase the need for on-board chargers equipped with electric or plug-in hybrid automobiles. The majority of EVs are currently equipped with on-board unidirectional battery charging systems. Aside from on-board battery charging systems, certain cars enable off-board chargers to charge their batteries. The recent and enormous investments in Electric Vehicles (EVs) indicate a paradigm shift in the transportation sector. Grid-to-Vehicle (G2V) is the most basic method of integrating an EV's battery charging system with the power grid, which will require electricity to charge their batteries. Furthermore, V2G functioning requires just the usage of battery chargers for EVs with bidirectional power flow capabilities and bidirectional communication with Smart Grids. Moreover, a number of firms have begun to actively pursue such two-way charging technologies.  Thus, the process of developing new launches and technological features is a major trend that is creating opportunity for the industry to flourish. The market's overall expansion is primarily the result of these recent changes.

Hybrid and Electric Vehicle On-Board Charger Market SEGMENTATION

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• By Type

The market is divided into categories based on type, Lower Than 3.0 Kilowatts, 3.0-3.7 Kilowatts, Higher Than 3.7 Kilowatts and others.

• By Application

The market is divided into BEV, PHEV and other categories based on application.

DRIVING FACTORS

"Increased adoption of electric vehicles that Boosts the Market"

Electric passenger vehicles are already being adopted in developed nations, and new start-ups and significant players in the EV sector are aiming to launch new electric models in the next years. The On-Board Charger for Hybrid and Electric cars is a key component in electric cars. It facilitates charging of the vehicle's battery by converting AC electricity to DC. The main components are an input filter, power factor corrector, DC/DC converter, and a control circuit that allows communication with other devices on the vehicle. Rapid sales of electric vehicles, stringent emission regulations, advancements in battery technology, and improved charging infrastructure are expected to fuel demand for Hybrid and Electric Vehicle on-board chargers. Consequently, during the predicted period, increased product dependence will support industry growth. As a result, the market will benefit from growth and increased adoption of the electric vehicles. It will help the automotive sector flourish and accelerate the Hybrid and Electric Vehicle On-Board Charger market growth.

"Growing Technological Advancements to support market expansion"

Hybrid and Electric Vehicle On-Board Charger battery range is continually expanding, with versions already available with ranges of up to 600 miles. Truck and van body proportions are larger than passenger vehicle body sizes; they can hold more batteries for a longer range. Large electric motors can provide massive quantities of torque for towing and carrying capacity. Given these advances, on-board charger demand is projected to stay strong over the predicted period. Many governments in rich and developing nations have devised green mobility plans that include prohibiting diesel vehicles and offering incentives to electric vehicle buyers. Increased sales of passenger electric vehicles, as well as a rise in the number of chargers, will eventually accelerate hybrid and electric vehicle On-Board Charger growth. Together, these elements are encouraging market expansion, which is raising business revenues. As a result, the market will grow thanks to the growing Technological Advancements.

RESTRAINING FACTORS

"Chargers are not standardised which Will Prevent Market Expansion"

There is no alternate charging option for electric vehicles' batteries. The scarcity of charging stations in most places is a key impediment to the growth of the worldwide Hybrid and Electric Vehicle on-board charger industry. Furthermore, insufficient and inconsistent infrastructure, as well as range anxiety, might be an issue for electric vehicles and endanger the traveller. Furthermore, in underdeveloped nations, the deployment of supportive infrastructure for electric vehicles is limited. Charging such cars is more challenging in rural locations, where many individuals do not have a designated parking place, making it impossible to charge an electric car at home. This will be a significant impediment to market growth during the forecast period. This could be a significant issue limiting market growth. If this issue is resolved, the market will immediately begin to grow.

Hybrid and Electric Vehicle On-Board Charger Market REGIONAL INSIGHTS

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"The Market is Globally Dominated by North America"

Since this area is the largest user of the product, the Hybrid and Electric Vehicle On-Board Charger Market in North America has profited from the region's expanding industrial development and several driving factors that have boosted the potential sectors. The increasing demand for products in the BEV, PHEV and other industries is one of the important factors driving the Hybrid and Electric Vehicle On-Board Charger Market Share. Rapid urbanisation trends will further strengthen the market as a whole.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

The analysis covers data on market participants and their positions within the industry. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being gathered and made available. Information on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more is provided in the study on materials. 

List of Market Players Profiled

• BYD (China)
• Nichicon (Japan)
• Tesla (U.S.)
• Infineon (Germany)
• Panasonic (Japan)
• Delphi (U.K.)
• LG (South Korea)
• Lear (U.S.)
• Shijiazhuang Dilong Technology (China)
• Kongsberg Automotive (Switzerland)
• Kenergy (U.S.)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost Hybrid and Electric Vehicle On-Board Charger Market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.