The global electric vehicle on-board charger market is projected to register a CAGR of 16.86% in terms of revenue and 17.91% in terms of volume during the forecasting years of 2021 to 2028. Factors such as the increasing sales of electric vehicles, high costs of fast charging systems, and government initiatives as well as promotions for the electric vehicle industry are set to play a vital role in fueling the market growth.
Electric vehicle on-board chargers are primarily responsible for charging traction batteries. Their main function entails the conversion of alternating current (AC) from the external charging system to the direct current (DC) necessary for charging batteries. On-board battery chargers are present across almost every electric vehicle except the ones designed for DC fast charging.
Numerous national as well as local governments have introduced initiatives in the form of subsidies and incentives to propagate the use of electric vehicles due to the reduction of air and noise pollution, oil import expenditure, greenhouse gas emissions, and minimized dependency on oil from politically unstable regions, globally. For instance, as per the federal government, the United States tax credits up to $7500 are available for plug-in electronic vehicles (PEVs). Furthermore, several states also provide additional subsidies within the range of $1500 to $6000.
The global electric vehicle on-board charger market growth evaluation includes the assessment of the Asia-Pacific, Europe, North America, and the Rest of World. The Asia-Pacific is set to dominate the global market by 2028. The market growth is attributed to key drivers such as the surging population, the rapid rates of industrialization and urbanization, and the availability of cheap labor and raw materials, in addition to the governments’ support.
Leading players in the global market focus on product launches and business expansions in order to augment their production capacities and increase their portfolio for enhancing their presence in the market. Therefore, the intensity of industrial rivalry in the global electric vehicle on-board charger market is medium.
Some of the top companies operating in the market are TDK Corporation, Ficosa Corporation, Hangzhou AODI Electronic Control Co Ltd, etc.
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