New York, March 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "On-Board Charger Global Market Report 2023" - https://www.reportlinker.com/p06325417/?utm_source=GNW
, NXP Semiconductors N.V., Ficosa International SA, Delphi Technologies PLC, LG Chem Ltd., Current Ways Inc., TDK Corporation, Panasonic Corporation, and BorgWarner Inc.
The global on-board charger market grew from $3.58 billion in 2022 to $4.29 billion in 2023 at a compound annual growth rate (CAGR) of 19.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The on-board charger market is expected to grow to $8.67 billion in 2027 at a CAGR of 19.3%.
The on-board charger market consists of sales of one-phase, two-phase, and three-phase on-board chargers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The on-board charger refers to a device or energy supply system that is built for the vehicle to charge the traction battery of an electric vehicle (EV), a hybrid electric vehicle (HEV).The primary purpose of an on-board charger (OBC) is to transfer and manage the flow of electricity from the power grid to the battery.
This onboard charger (OBCs) allows the battery to get recharged from the AC mains at home or from outlets found in private or public charging stations, which provides constant current or voltage charging.
Asia-Pacific was the largest region in the on-board charger market in 2022. The regions covered in the on-board charger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main power outputs of the on-board charger include below 7.2 kw, 7.2 kw–15 kw, and above 15 kw. The below 7.2 kW on-board chargers refers to the charging output by the on-board charger of below 7.2KW. These types of chargers are the kinds of power that can be plugged to a car directly into a wall socket. The onboard chargers are sold and distributed through original equipment manufacturer (OEM) and aftermarket sales channels that are suitable for battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV).
The increase in demand for electric vehicles is expected to propel the growth of the on-board charger market.While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EVs has increased.
Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring.These EV and hybrid vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles.
According to the International Energy Agency (IEA) report in 2021, a France-based autonomous intergovernmental organization for energy, two-thirds of new electric car registrations and two-thirds of the stock in 2020 were battery electric vehicles (BEVs). Additionally, China has the greatest fleet size of electric vehicles with 4.5 million units and Europe experienced the largest annual growth, rising to 3.2 million in the year 2020. Therefore, rising demand for electric vehicles is expected to boost on-board charger market during the forecast period.
Technological advancement is a key trend gaining popularity in the on-board charger market.The advancement in technology has facilitated the development of a two-way on-board charger (V2G).
V2G is an intelligent technology that allows car batteries to give back to the power grid.The vehicle-to-grid system assists on-board chargers in balancing electricity demand and avoiding any unnecessary costs associated with the construction of an electricity system.
The combination is intended to make electrification easier for fleet service operators by lowering the large upfront capital cost.For instance, In July 2021, the UK-based integrated energy company EDF Energy and the Japan-based automobile manufacturer Nissan Motor Co.
Ltd. launched their new commercial V2G service for EV fleets in the UK. This EDF V2G technology and solution includes supplying and installing a two-way connected compact 11kW charger capable of charging a Nissan LEAF in 3 hours and 30 minutes, depending on the battery model, which is 50% faster than a standard charger with an integrated DREEV technology. This DREEV technology uses a smartphone application to identify vehicles’ driving energy requirements, track their state of charge in real-time, and control charging at any point.
In October 2020, BorgWarner, a US-based manufacturer of engineered systems and components, acquired Delphi Technologies for an undisclosed amount.This acquisition will strengthen BorgWarner’s electronics and power electronics products, capabilities, and scale, combined with a broader portfolio of industry-leading propulsion products and systems for combustion, hybrid, and electric vehicles.
Delphi Technologies is a US-based leader in combustion, hybrid and electric vehicle propulsion systems.
The countries covered in the on-board charger market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The on-board chargers market research report is one of a series of new reports that provides on-board chargers market statistics, including on-board chargers industry global market size, regional shares, competitors with an on-board chargers market share, detailed on-board chargers market segments, market trends and opportunities, and any further data you may need to thrive in the on-board chargers industry. This on-board chargers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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