On-Board Charger Market is Driven by Increasing Sales of Electric Vehicles Worldwide

Increasing sales of conventional fuel vehicles, worldwide population growth, and urbanization have also brought with them serious environmental issues, such as global warming and concentrations of pollution. EVs are becoming more common, with automakers worldwide putting in a great deal of effort to make them available in all price ranges. This has led to a surge in demand for passenger EVs in the plug-in hybrid and battery electric vehicle category. The increasing number of EVs on the road signifies a similar growth pattern for on-board chargers, equipped in them for alternating current (AC)-direct current (DC) conversion of voltage.

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The use of on-board chargers is mainly categorized into two vehicle types of EVs, i.e., passenger vehicles and commercial vehicles. The passenger vehicles segment is expected to be the leading segment in the market as the sales of electric passenger vehicles are anticipated to increase globally. Commercial vehicles considered for this report consist of light electric vehicles, heavy buses, and heavy trucks. Production and sales of passenger vehicles are anticipated to be higher than commercial vehicles, as more users are rapidly adopting EVs and exchanging their IC engine vehicles for EVs due to their cost efficiency and various government subsidies, among others.

The global on-board charger market encompasses two main distribution channels, i.e., OEMs and the aftermarket. The OEMs channel is anticipated to dominate the global on-board charger market for EVs as most on-board chargers have a meager replacement rate and can last for the entire electric vehicle’s lifetime. As technologies in on-board charger evolve, the performance of these chargers in EVs also increases. The aftermarket segment will grow significantly in the next few years due to the retrofitting of OBCs in the U.S. and a few European countries to enhance the performance of electric vehicles.

The demand for on-board chargers varies according to various regions. China is currently the largest region in the on-board charger market. Increased sales of electric vehicles in Asia-Pacific and Japan countries such as India, South Korea, and Japan are expected to boost the market. Rising CO2 emissions in India and Japan have led to several concerns from the countries’ governments. Government incentives for buying electric vehicles, technological advancements, and extensive investments in the development of charging infrastructure are some major drivers propelling the market’s growth in the region.

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As a result, various initiatives have been launched by the government to promote the development and adoption of electric vehicles, which are expected to reduce vehicular emissions and potentially replace petrol and diesel engines in the future. In addition, concerted efforts by both governments and manufacturers to promote the sale of electric vehicles have led to the inclusion of high-performance on-board chargers inside electric vehicles to provide better driving experiences.

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