Automotive Onboard Charger Market Size by Power Output, Propulsion Type, Vehicle Type, Region, Industry-Wide Analysis, Competitive Landscape Assessment & Long-Term Forecast to 2029
Overview
Automotive Onboard Charger Market is anticipated to reach US$ 16.48 Bn. by 2029 from US$ 5.39 Bn. in 2022 at a CAGR of 17.3% during a forecast period.
Automotive Onboard Charger Market Overview
In an electric car, an onboard charger is used to charge the traction battery by converting the AC input from the grid to the DC input needed to charge the batteries. EV charging infrastructure initiatives in public areas are increasing all around the world with the rise of electric vehicles and ecologically efficient charging options. As a result, an increase in the number of AC private and public charging stations throughout the world is driving the market's growth.
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Automotive Onboard Charger Market Dynamics
Rising demand for green vehicles and minimizing pollution requirements are significant factors expected to boost the sale of electrical vehicles during the forecast period. In addition, government bodies across the globe are providing subsidies for electric vehicles and tax credits, which is fueling the demand for electric vehicles. Thus, the market for automotive onboard chargers is expected to grow due to the increasing deployment of electric charging stations worldwide.
The United States, China, and South Korea is at the lead of electric vehicle sales due to the advanced technologies, government support, and consumer preference towards eco-friendly vehicles. According to the Society of Manufacturers of Electric Vehicles, 156,000 electric vehicles delivered in 2022, with 152,000 being two-wheelers, 3400 being cars, and 600 being buses. In 2022, a total of 130,000 units were sold, including 126,000 two-wheelers, 3600 automobiles, and about 400 buses.
Opportunities: for the production of automotive onboard chargers, silicon carbide semiconductor technology is used widely. This technology provides high power density with high efficiency. Thus, various firms are increasingly adopting silicon carbide onboard chargers, which are expected to create lubricative opportunities for the growth of the market.
Restraints: lack of standardization of EV charging, high cost of Onboard chargers, and increase in installation of fast DC chargers are some of the factors, which are expected to hamper the market's growth during the forecast period.
Automotive Onboard Charger Market Segmentation Analysis
By Vehicle Type, in 2022, the passenger cars segment held 36% of the global market share. The growing sale of electric passenger cars globally is driving the segment's growth and thereby markets growth. The global electric passenger car sales increased by over 40% in 2022 as compared to 2022, in which 37% of the world's electric car fleet was in China. Around 7.3 million chargers were installed in 2022, of which 6.5 million chargers were privately owned. Thus, an increase in sales of passenger electric cars and an increase in the number of chargers are fueling the growth of the segment.
In addition, the buses segment is expected to grow at an xx% CAGR during the forecast period. An Onboard charger is used in buses for converting the AC to DC for charging the battery, which has increased the sales of electric buses globally. By 2029, the UK is anticipated to have Europe's largest electric bus fleet, according to data collected. Poland has Europe's second-largest fleet of electric buses, with around 800 ZE vehicles. The Netherlands and Italy have the third and fourth-largest electric bus fleets, with around 600 buses each. Thus, electric buses are expected to increase by 189 percent across Europe during the forecast period.
Automotive Onboard Charger Market Regional Insights
The Asia Pacific is the largest market for automotive onboard chargers, accounted for 37% of the market share in 2022. The government's initiatives for promoting electric vehicle sales in countries like China and India are fueling the market's growth in the region. China is the biggest market in terms of electric vehicle sales around the globe. Companies such as BYD Company Ltd. have witnessed a growth of 97% in their sale of electric vehicles in 2022.
Europe is expected to grow significantly during the forecast period. The government's scheme on purchasing electric vehicles is driving the region's market growth. Similarly, continuous efforts to grow electric vehicles sales are also contributing to markets growth. Furthermore, the European market has seen a significant decrease in demand for traditional bikes and has boosted its imports of e-bikes, mainly from Chinese manufactures, which is provide opportunities for the growth of the market in the region.
Global Automotive Onboard Charger Market Scope: Inquire before buying
| Global Automotive Onboard Charger Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2017 to 2022 | Market Size in 2022: | US $ 5.39 Bn. |
| Forecast Period 2023 to 2029 CAGR: | 17.3% | Market Size in 2029: | US $ 16.48 Bn. |
| Segments Covered: | by Power Output | Less than 11 kW 11 kW to 22 kW More than 22 kW |
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| by Propulsion Type | Battery Electric Vehicle (BEV) Plug-in Hybrid Electric Vehicle (PHEV) |
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| by Vehicle Type | Passenger Car Buses Vans Medium & Heavy-Duty Vehicles Boats Others |
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Automotive Onboard Charger Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Automotive Onboard Charger Market, Key Players are
1. Bel Fuse Inc.
2. Delta Energy Systems
3. STMicroelectronics
4. Toyota Industries Corporation
5. Eaton
6. Stercom Power Solutions GmbH
7. innolectric AG
8. BRUSA Elektronik AG
9. AVID Technology Limited
10. Ficosa Internacional SA
11. Analog Devices, Inc.
12. AVID Technology Limited
13. Bel Fuse Inc.
14. BorgWarner Inc.
15. Bourns, Inc.
16. Continental AG
17. Current Ways
18. Eaton
19. Ficosa Internacional SA
20. GaN Systems
Frequently Asked Questions
1. What is the projected market size & growth rate of Global Automotive Onboard Charger Market?
Ans- Automotive Onboard Charger Market was valued at USD 5.39 billion in 2022 and is projected to reach USD 16.48 billion by 2029, growing at a CAGR of 17.3% during the forecast period.
2. What is the key driving factor for the growth of Global Automotive Onboard Charger Market?
Ans- the market for automotive onboard chargers is expected to grow due to the increasing deployment of electric charging stations worldwide.
3. Which Region accounted for the largest Global Automotive Onboard Charger Market share?
Ans- The Asia Pacific is the largest market for automotive onboard chargers, accounted for 37% of the market share in 2022.
4. What makes Europe a Lucrative Market for Global Automotive Onboard Charger Market?
Ans- Europe is expected to grow significantly during the forecast period. The government's scheme on purchasing electric vehicles is driving the region's market growth.
5. What are the top players operating in Global Automotive Onboard Charger Market?
Ans- Bel Fuse Inc., Delta Energy Systems, STMicroelectronics, Toyota Industries Corporation, Eaton, Stercom Power Solutions GmbH, and innolectric AG.