HEV/EV On-Board Battery Chargers Market Overview:
HEV/EV on-board chargers are widely used in electric vehicles. With the growing demand for electric vehicles, on-board chargers that increase the efficiency of the vehicle, increase the power density of the battery, and retain the battery charge for long durations are increasingly being adopted. The surplus energy of powerful battery can work as an inverter for the on-board charger and provide essential functionality to the numerous end users. Government regulations to reduce CO2 emissions will positively impact the growth of on-board chargers across various industries. The HEV-EV On-Board Battery Chargers market generated revenue of $3.49 billion in the year of 2017 and is estimated to grow at a CAGR of 17.6% during forecast period i.e. 2018-2023. APAC is the fastest growing market for the HEV and EV on-board battery chargers. APAC market is growing due to the high surge in demand for electric vehicles and growing environment concerns in the region. Europe is estimated to grow at a CAGR of 14.7% during the forecast period 2018 to 2023.
HEV/EV On-Board Battery Chargers Market Outlook:
The need for lower emissions, non-fossil energy sources, and the development of advanced battery technologies have created new possibilities for the future of electric vehicles market. Various governments have implemented regulations to reduce the emissions, which is possible by employing pure electric powers or by an electric power with the internal combustion engine. According to IndustryARC findings, the rise in the electric vehicle market is due to rising environmental concerns and improved technology, which is the primary driver of on-board charger market. On-board charger (OBC) is majorly employed in a battery electric vehicle (BEV) or hybrid electric vehicle (HEV) to charge the traction battery ranging from 48V to 800V. EV and HEV will include a new and upcoming trend in power and transportation sector that will have a positive impact on economic and environmental fronts.
On-board battery chargers will be common in next-generation high-end vehicles, especially EV, HEV, and fuel cell vehicles. Connected car will be holding major revenue share at a CAGR of 20% during the forecast period and passenger car will be leading with the CAGR of 16.6% in the same period. Using on-board charger in vehicles will be one of the beneficial steps for industries to store a high amount of energy for long durations and during increased work loads..
HEV/EV On-Board Battery Chargers Market Growth Drivers:
Advancement in EV and HEV charging system will minimize power loss and maximizing power saving, which will increase power density and boost overall performance of the batteries, thereby driving the market growth. The technological requirements across the world due to the environmental concerns have driven investment into electric vehicle technology. This investment is making EVs more affordable which will further help in the growth of the HEV/EV on-Board battery charger market
HEV/EV On-Board Battery Chargers Market Challenges:
The main challenge in the market is the establishment of infrastructure such as charging units. Availability of power and charging materials, technology capability, production capability, and battery performance and so on. The recent implementation of AC-DC converters in wireless charging will result in less demand for on-board chargers.
HEV/EV On-Board Battery Chargers Market Research Scope:
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the HEV-EV On-Board Battery Chargers market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of HEV/EV On-Board Battery Chargers market, and their specific applications in different types of vehicles.
HEV/EV On-Board Battery Chargers Market Report: Industry Coverage
Types of Vehicle: Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Plug-in Hybrid Electric Vehicles (PEVs)
Speed of charging for electric vehicles: Fast Charging, Slow Charging
End users for HEV/EV On-Board Battery Chargers: Passenger Vehicles, Commercial Vehicles
The HEV/EV On-Board Battery Chargers market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- Americas: The U.S., Canada, Mexico
- Europe: The U.K., Germany, France, Norway, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, Rest of APAC
HEV/EV On-Board Battery Chargers Market Key Players Perspective:
Panasonic Corporation announced that it has developed a scalable “ePowertrain” platform, a solution for the effective development of small electric vehicles (EVs). This platform has been developed for EV bikes and micro EVs and is an energy-efficient deployment. This technology features integrated compactness with flexible scalability that consist of a basic unit such as on-board charging power unit, inverter and DC-to-DC converter. The platform will help reduce costs and lead time for vehicle development.
Some of the other key players mentioned in this report are Delphi, Delta-Q, Eaton, Infineon, AVID Technology, NXP Semiconductor, Texas Instruments, Lear Corp., NOCO.
HEV/EV On-Board Battery Chargers Market Trends:
- Chevrolet Bolt launched in 2017 was able to travel 283 miles with a fully charged battery. This particular move by Chevrolet was considered as a game changer in the Electric vehicles market considering the fact that it was priced at a similar range as competitors. Enhancement in on-board charging system will increase efficiency and battery life to meet environmental and consumer needs.
- Siemens is offering solutions in on board fast charging systems for public transport systems such as tramways. It has claimed to offer 60kW or 120kW of charging power which provides an efficient transport with zero emission.
- The U.K is tackling the climate change issues and electrifying transportation system by switching to electric vehicles. Currently 8% of the overall market of transportations made up of hybrid, plug-in hybrid and pure electric vehicles, which is one of the driving factor of the on-board charging market.