Rapidly Growing Onboard Charger Electric Vehicle Market
From coal-fired engines to gasoline and electric-fired engines, the evolution of vehicle engine propulsion technology has undoubtedly influenced the global economy. Additionally, this evolution has improved the automotive industry’s operational capabilities that involve enhanced safety measures, network connectivity, and cost reduction.
The global automotive industry is undergoing an extensive transformation with the progressing behavior of consumers in terms of tech acceptancy as well as more stringent environmental regulations. The Zero Emission Vehicle (ZEV) program has been a major contributor to the successful commercialization of hybrid-electric vehicles and ultra-low-emission technologies which is a technology-forcing component of the low emission vehicle (LEV) program.
Due to the rapid depletion of natural resources, there has been a growing need for alternate energy to reduce the reliance on fossil fuels for transportation. Evolved from a niche solution into a practical choice for mobility in the 21st century, consumers have accepted the electric vehicle (EV) as an alternative option.
Even governments, environmental agencies, and automobile manufacturers have developed alternative fuel vehicles to offer a helping hand in the preservation of natural resources.
EV manufacturers are focused on developing energy-efficient, cost-effective, and compact drivetrain components, such as inverters, onboard chargers, microcontrollers, and rectifiers.
An onboard 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.
As per a research report by BIS Research, the global onboard 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 onboard charger market is expected to be driven by increasing sales of electric vehicles worldwide.
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EVs are becoming more common, and automakers globally are putting in a great deal of effort to make them available in all price ranges. The increasing number of EVs on the road signifies a similar growth pattern for onboard chargers.
Increasing electric vehicle fleets are expected to drive aftermarket sales of onboard chargers. 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.
Asia-Pacific to Witness Fastest Growth in Global On-Board Charger Market for EV
Rising CO2 emissions in India and Japan have raised several concerns from the country’s governments. The development of charging infrastructure is a major concern; the government also offers incentives for buying electric vehicles, technological advancements, and extensive investments propelling the market’s growth in the region.
Currently, the largest region in the onboard charger market is China. Increased sales of electric vehicles in Japan and other Asia-Pacific countries, such as India and South Korea, are expected to boost the market.
With respect to this, various initiatives have been launched by the government to promote the development and adoption of electric vehicles that are expected to contribute to reducing vehicular emissions and potentially replace petrol and diesel engines in the future. Major onboard charger manufacturers are making various kinds of strategic moves to gain market shares.
Here are some key highlights from BIS Research w.r.t. manufacturers of onboard chargers:
- Delta-Q Corporation, KOSTAL Automobile Electric 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 onboard 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.
While replenishing an internal combustion engine (ICE) vehicle takes just a few minutes, the time needed to replenish the motive battery is significantly longer. Key market development activities are expected to be boosted by ongoing research and development activities in manufacturing high-performance onboard chargers.
The onboard charger market holds enormous opportunities for the market players and is growing exponentially. To lead the market and engage in market growth, companies need to bring new products to the market, invest in their development, and promote it by collaborating with other top-tier companies to strengthen their market position further.
Onboard charging is and will remain an important aspect of all EVs for the foreseeable future, allowing greater flexibility to charge vehicles from commonly available power points. With the abundance of OBCs, designers are being challenged to design OBCs that are not only highly efficient in operation but are also small and lightweight.
This competitive landscape of EVs provides an organization the edge to understand the key business strategies in the industry with its current competitors and potential future competitors making their way into the market.
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