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 major types of electric vehicles, i.e., plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). These vehicle types are present in the form of both passenger and commercial vehicles. While PHEV models have been present in the market for many years, the development of battery technology along with government norms for increased vehicle efficiency has led to an increase in the adoption of BEVs as they are powered solely by the battery systems in the vehicle. The sales of BEVs are anticipated to increase compared to PHEVs due to the decreasing cost of such pure electric vehicles and the development of EV infrastructure in various countries. The rise of BEVs makes it more crucial for automotive OEMs to ensure that the on-board charger in the EVs can optimize the driving system.
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.
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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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.
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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