Global On Board Charger (OBC) Market Size to Reach USD 11,330.78 Million in 2032 | Emergen Research
Increasing government initiatives for deployment of Electric Vehicles (EVs) charging infrastructure is a key factor driving On Board Charger (OBC) market revenue growth
Vancouver, Sept. 21, 2023 (GLOBE NEWSWIRE) — Current Market Scenario:
The global On Board Charger (OBC) market size reached USD 1,671.1 Million in 2020 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Rising demand for On Board Charger for BEVs is one of the major factors expected to drive market revenue growth.
Electric Vehicles (EVs) require adequate planning and dedicated electrical infrastructure at various levels of grid. All countries have recognized the need for EVs to reduce pollution. Besides, development of EV chargers and infrastructure are becoming \primary focus of many private companies. In addition, many advanced charging stations are constructed using technologies, such as Radio Frequency Identification (RFID) and Near Field Communication (NFC), which transform standard charging stations into interactive, kiosk-based, and self-operating charging stations, as a result of collaboration between private companies and governments. Some businesses are installing charging stations in parking lots, which saves time, increases energy efficiency, and reduces costs. These are expected to drive market revenue growth.
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However, concerns regarding increasing installation cost of fast Direct Current (DC) chargers are major factors expected to hamper revenue growth. Though DC chargers take less time, problems arise in battery lifespan as fast charging heats up battery, leading to a decrease in battery’s performance over time.
The global OBC market is expected to register a CAGR of 27.8% over the forecast period and revenue is projected to increase from USD 2.33 Billion in 2020 to USD 15.54 Billion in 2028. Rising demand for deployment of AC On Board Charger due to low cost and flexibility in charging is a key factor propelling revenue growth of the market.
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Scope of Research
|Market Size in 2020||USD 1,671.1 Million|
|Revenue Forecast to 2032||USD 11,330.78 Billion|
|Base Year for Estimation||2020|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2021 to 2028|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Power output, vehicle type, propulsion type, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Toyota Industries Corporation, Eaton Corporation, STMicroelectronics Inc., Bel Fuse Inc., Delta-Q Technologies Corp., AVID Technology Limited, BRUSA Elektronik AG, Current Ways Inc., Innolectric AG, and Stercom Power Solutions GmbH.|
|Customization Scope||10 hours of free customization and expert consultation|
COVID-19 Impact Analysis:
COVID-19 has a significant impact on various industries including automotive. Pandemic has disrupted supply chain and brought the world’s EV charging infrastructure development to a halt. However, rising demand for various charger equipment and better battery lifecycle among businesses is leading to increasing adoption of On Board Charger. This is also expected to drive OBC market revenue growth in the future.
Current Trends and Innovations:
BEVs are propelled mostly by batteries and have no additional method of propulsion. Due to lower operating costs and better efficiency, most BEVs are equipped with On Board Charger, thus with increasing adoption of BEVs, usage of On Board Charger (OBC) is expected to increase. In addition, on board chargers are easy to carry and provide a convenient method of charging. As a result, it decreases time spent on finding charging stations and enables users to charge their vehicles at any nearby available AC power outlet, which increases their productivity and efficiency.
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The North America market is expected to register a significantly robust revenue growth rate over the forecast period due to high presence of major market players, such as Bel Fuse Inc., Delta-Q Technologies Corp., and Current Ways Inc., are among others in countries in the region.
Major companies included in the global market report include Toyota Industries Corporation, Eaton Corporation, STMicroelectronics Inc., Bel Fuse Inc., Delta-Q Technologies Corp., AVID Technology Limited, BRUSA Elektronik AG, Current Ways Inc., Innolectric AG, and Stercom Power Solutions GmbH.
- In June 2021, Delta-Q Technologies Corp. launched XV3300, a new line of battery charging solutions. The design of XV3300 is combined with a high performance 3.3 kW charger, a 500 W DC-DC converter, and an EV charging station interface. Delta-Q is a leading provider of battery charging solutions that improves performance and reliability of EVs and equipment. XV3300 battery charger is compact, rugged, and IP67-rated. This charger will provide flexible power options for users, ensure safety by providing protection against short-circuit, over voltage, and over temperature.
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Emergen Research has segmented the global on board charger market based on power output, vehicle type, propulsion type, and region:
- Power Output Outlook (Revenue, USD Billion; 2018–2028)
- Vehicle Type Outlook (Revenue, USD Billion; 2018–2028)
- Passenger Car
- Medium and Heavy Duty Vehicles
- Propulsion Type Outlook (Revenue, USD Billion; 2018–2028)
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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