Automotive Onboard Charger Market: Introduction
- Electric vehicles require frequent charging through an external supply of electric energy, which maximizes the range of these vehicles
- An automotive onboard charger performs the final stage charging of the traction battery pack in electric vehicles. It takes the AC or DC power source from the electric vehicle supply equipment (EVSE) and converts it into the required battery-charging profile.
Key Drivers of Automotive Onboard Charger Market
- Consistent rise in prices of fossil fuels and increase in awareness about emissions from IC engines among the global population has boosted the sale of electric vehicles. According to the statistics of International Energy Agency (IEA) published in their Global EV Outlook 2024 report, sale of electric cars exceeded more than 2.1 million worldwide, with a 40% year-on-year growth. Furthermore, automakers are constantly launching newer electric vehicle models to withstand strong competition from other automakers. For instance, in September 2024, Lucid Motors, Inc. launched Lucid Air electric vehicle with fast charging system. Rise in sale of electric vehicles due to an increase in awareness among consumers and availability of various electric vehicles are propelling the global automotive onboard charger market.
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- Governments of numerous nations are actively promoting adoption of electric vehicles by enacting stringent emission norms such as EURO 6 by European Union, BSVI by India, and China 5. Governments are also providing lucrative benefits to electric vehicle manufacturers as well as customers in the form of subsidies and tax relaxations. These benefits offered by government agencies along with stringent emission norms are fueling the sale of electric vehicles, which in turn is boosting the automotive onboard charger market across the globe.
Challenges in Automotive Onboard Charger Market
- The onboard charger has to condition power from the off-board AC charger (before supplying it to the traction batteries), which makes it a slow and time consuming process of EV charging and hence, more people prefer charging their vehicles at off-board charging stations. These functional drawbacks are hindering the global automotive onboard charger market.
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Opportunities in Automotive Onboard Charger Market
- Conventional electric vehicles are equipped with slow-speed AC charging solutions, which makes charging a vehicle a cumbersome task. OEMs have introduced fast charging vehicles in order to address these difficulties in slow charging speed. Furthermore, market players such as Infineon Technologies AG have launched onboard chargers with up to 22 kW power rating. These fast charging solutions are estimated to offer significant opportunities for market players during the forecast period.
Impact of COVID-19 Pandemic on Automotive Onboard Charger Market
- The COVID-19 pandemic decreased the sales and production of electric vehicles and disrupted automotive supply chains, which hampered the demand for onboard chargers. This pandemic has created awareness about contactless technologies which in turn is anticipated to boost the popularity of wireless off-board chargers and subsequently, hamper the global automotive onboard charger market.
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Asia Pacific Holds Significant Share of Global Automotive Onboard Charger Market
- Sale of electric vehicles in Asia Pacific is rising significantly. China is one of the leading countries around the globe, in terms of electric vehicle sales. Companies such as BYD Company Ltd. have witnessed a growth of 97% in their sale of electric vehicles. Other countries such as India, Japan, and South Korea are also increasing their on-road number of electric vehicles. Rising sale and production of electric vehicles in Asia is fueling the global automotive onboard charger market.
Global Remote Vehicle Shutdown System Market, by Sales Channel
- OEM
- Aftermarket
Global Remote Vehicle Shutdown System Market, by Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicle
- Trucks
- Buses & Coaches
Global Remote Vehicle Shutdown System Market, by Propulsion
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (HEV)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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