Global Electric Vehicle on Board Charger Market Report and Forecast 2024-2032

Global Electric Vehicle on Board Charger Market Outlook

The global electric vehicle on board charger market would likely grow at a CAGR of 18.4% during 2024-2032. On-board charging is an essential aspect of electric vehicles; it enables more flexibility to charge vehicles from readily available power points. Designers are engaged in designing OBCs that are small, lightweight and more efficient. Asia, North America and Europe are likely to be key markets. 

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Global Market Likely to be Driven by Growing Adoption of Electric Vehicles and Stringent Environmental Regulations

On-board charger (OBC) converts ac power from an ac source into dc form. Generally installed within the vehicle, its key function is conversion of power. On-board chargers offer the advantage of charging the electric vehicle through the power outlet at home. Further, it does away with the need to acquire additional equipment for power conversion. There are two main types of on-board chargers - Single phase On-board Charger and Three phase On-board Charger.

An important function of OBC is that it regulates current and voltage levels at which the battery is charged. There are two main types of charging - constant voltage and constant current. While constant current charging offers high efficiency and better charging speed, it is likely to affect battery lifespan due to over-charging. On the other hand, constant voltage charging may initially lead to a higher amount of current flow into the battery. The problem may be resolved by initially employing constant current charging, and upon reaching a given amplitude, using constant voltage charging. This charging approach is a vital role of an on-board charger.

The global electric vehicle on board charger is likely to be driven by increasing adoption and sales of electric vehicles, stringent pollution laws, advancements in battery technology, and improvements in charging infrastructure. There has been growing adoption of electric passenger vehicles in developed economies; fresh start-ups and key players in the EV domain seek to introduce newer electric models in the next few years.

Leading Companies are Engaged in Developing Superior Solutions and Establishing Charging Stations

Companies like Electra EV are engaged in developing OBCs that help electric mobility applications exceed end-user expectations. Major players in the market include Hyundai Mobis Co., Ltd., Eaton Corporation plc, Mitsubishi Electric Corporation, Infineon Technologies AG, Ficosa Internacional SA, and others. Several companies like Tesla, EVgo, charge point and others are engaged in establishing charging stations across USA. Nations like the Netherlands seek to do away with petrol engine by 2035; with such efforts, EVs are expected to replace internal combustion engines, and a far greater number of EV charging stations are likely to be set up.  Such developments are expected to boost the global electric vehicle on board charger market.  

Studies are Being Conducted to Develop Efficient and Light-weight Solutions

Significant research is being conducted to develop more efficient and light-weight on-board chargers. Development can enable advances in the electric vehicle industry; several developing and developed nations are emphasizing green mobility plans that entail keeping out diesel vehicles and incentivising electric vehicle purchase. For example, India aims to forbid all diesel-powered vehicles off roadways by 2030. Such efforts are likely to drive the global electric vehicle on board charger market.

Market Segmentation

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By propulsion type, the market is segmented into:

• BEV
   
• PHEV
   
• HEV

By power output, the market is classified into:

• Less than 20kW
   
• More than 20kW

By vehicle type, the market is divided into:

• Passenger Car
   
• Commercial Vehicle

By region, the market is segmented into: 

• North America
   
• Europe
   
• Asia Pacific
   
• Latin America
   
• Middle East and Africa

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Key Industry Players in the Market 

The report offers an extensive assessment of major players in the global electric vehicle on board charger market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:

• Aptiv Global Operations Limited
   
• Borgwarner Inc.
   
• Hyundai Mobis Co., Ltd
   
• Eaton Corporation plc
   
• Mitsubishi Electric Corporation
   
• Infineon Technologies AG
   
• Ficosa Internacional SA -
   
• LG Magna e-Powertrain Co., Ltd
   
• Current Ways, Inc.
   
• Xepics ItaliaSRL
   
• Others

Key Highlights of the Report