The global on-board charger market size was estimated at US$ 4.05 billion in 2020. The global onboard charger market is expected to reach US$20 billion by 2030 expanding at a compound annual growth rate (CAGR) of 17.2% during the forecast period from 2021-2030.
The onboard chargers are the devices used in electric vehicles to charge the batteries. These chargers convert the Alternating Current (AC) input to the Direct Current (DC) to charge the traction batteries.
Factors Influencing
The high efficiency of the on-board chargers is the primary factor driving the global on-board chargers market.
Government policies to promote the use of electric vehicles are expected to fuel the demand for on-board chargers.
Growing fuel costs may generate a new era of electric vehicles. As a result, it would accelerate the demand for on-board chargers as the adoption of electric vehicles would increase.
Rising concerns over pollution are forecast to necessitate the adoption of electric vehicles. This, in turn, may surge the growth of the on-board charger market.
Due to various alternatives available in the market, the global on-board charger market may witness a slow down during the analysis period.
Geographic Analysis
Geographically, the Asia Pacific region is leading with the highest contribution and is forecast to lead during the forecast period. The growth of the Asia Pacific region is mainly because of China. China has established one of the prominent on-board charger markets. Moreover, electric vehicle production is high in the country. As a result, it will generate favorable opportunities in the coming years.
In addition, Europe is expected to present a significant contribution and become the second-largest market during the analysis period. This factor is attributed to the growing adoption of EVs in the region. Apart from that, North America will present the highest compound annual growth rate, owing to the increasing deployment of electric vehicles in the region.
COVID-19 Impact Analysis
The COVID-19 epidemic had a severe negative influence on global electric vehicle sales majorly in the first half of 2020. Thus, the sudden slowdown in the electric vehicles industry impacted the global on-board chargers industry. The Society of Electric Vehicle Manufacturers indicates that the electric vehicle registrations dropped by 20% in 2021. Nonetheless, governments' efforts, such as increasing investment, lowering battery costs, and other offers from original equipment manufacturers, are creating beneficial possibilities for the companies. In Germany, for example, a purchase subsidy for BEVs is extended until 2022.
Consumer spending remained low for the first few months due to government-imposed restrictions in many countries. During the COVID-19 epidemic, consumers' purchasing preferences drastically affected the market environment. People cut luxury products from their shopping lists, resulting in fewer sales.
Competitors in the Market
Market Segmentation
Power Output Outlook
Vehicle Type Outlook
Propulsion Type Outlook
By Region
