Visiongain has published a new report entitled the EV On-Board Battery Charger Market Report 2022-2032: Forecasts by Vehicle Type (Passenger Cars, Buses, Vans, Medium Duty Vehicles, Heavy Duty Vehicles, Agriculture Tractors, Construction Equipment, Mining Vehicles, and Electric and Hybrid Boat Ship), by Propulsion Type (BEV, HEV, PHEV), by Power Output (Less than 10kW, 10kW to 20kW, More than 20kW) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global EV On-board Battery Charger market was valued at US$12.2 billion in 2021 and is projected to grow at a CAGR of 40.94% during the forecast period 2022-2032.

Government Initiatives and Investments to increase the adoption of Electric Vehicles
Government initiatives are the need of the hour to grow the electric vehicle (EV) on-board battery charger market. As a part of government initiatives in this domain, they are investing in the development of electric vehicles (EV). This will lead to more investment and research to develop electric vehicles (EV) and onboard battery charger propulsion type. The governments of various countries are also providing financial aid to local and multinational electric vehicle (EV) manufacturers. As a result, the onboard battery charger market will benefit from the presence of government initiatives. Electric vehicle charging infrastructure is vital for the widespread adoption of electric vehicles. Governments also increasing the number of level 1 & level 2 stations being put up across the world which will further augment the demand for charging stations for electric vehicles. Soon enough, this will strengthen the manufacturing and sales of Onboard chargers equipped with them as well as power storage batteries which are an inseparable part of EVs.

How has COVID-19 had a Significant Negative Impact on the EV On-board Battery Charger Market?
Covid-19 had a negative impact on the automotive industry as they were facing serious disruption in the supply of raw, critical components and finished materials. The pandemic continued to impact various industries at an unprecedented scale globally. Governments around the world were bracing for the virus to spread. Amidst widespread health concerns, several companies globally had felt the heat. The sudden temporary restriction due to COVID-19 brought daily life to a standstill and disturbed all economic activities. The government restricted people's travel, causing labour shortages, and disrupting factory operations. Among the main industrialized economies, such as South Korea, Italy, and Japan were highly affected. As a result, 80% of automotive and associated companies said the pandemic had a direct impact on their 2020 revenue. Many companies do not have enough employees to run a full production line. According to the China Passenger Car Association (CPCA), first-two-month sales were drop by 40% or more compared to the same period in 2019. Production deficits caused by supply chain interruptions in China will have an impact on global automakers. The onboard battery charger is a component that charges the traction battery in an electric vehicle (EV), hybrid electric vehicle (HEV), or plug-in hybrid car. COVID-19 had a negative impact on the electric vehicle onboard battery charger market. As governments across the globe were forced to concentrate on medical services. As a result, governments are investing the majority of their money in the healthcare industry, which is impacting government investments and incentives in the electric vehicle market. Furthermore, the lockdown forced electric vehicle production facilities to reduce their entire operations. Due to the negative effects of the COVID-19 pandemic, actions and initiatives related to the development of electric vehicle onboard chargers have been delayed.

How this Report will Benefit you?
Visiongain’s 337-page report provides 123 tables and 233 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global EV On-board Battery Charger market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for EV On-board Battery Charger. Get the financial analysis of the overall market and different segments including vehicle type, propulsion type, power output, company size and capture higher market share. We believe that high opportunity remains in this fast-growing EV On-board Battery Charger market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Growing Demand of Fast Chargers
A battery charger is an important accessory for electric vehicles and it is a device used to put energy back into the car. It is required to do this before the battery of the car can be recharged. This helps keep the car’s battery in good condition, even after long-term use. With everything in the world becoming faster and the need for speed increases, the demand for fast onboard chargers is also shooting up. Almost everyone owns a car in this day and age. Cars are necessary for getting around. But electric cars have the disadvantage of taking too long to charge for most people's commutes. This is where a fast charger comes into play. Fast chargers are a necessity as the demand for electric vehicles continues to grow in popularity. The demand for fast EV chargers is growing quickly as more car manufacturers are adopting the propulsion type to include in their vehicles. While it is helpful to have a traditional charger, this is not enough to support the growing number of electric vehicles. As the world continues to push away from traditional fuel economy, many companies are developing new ways to power up the cars quickly and easily. The shift to EV vehicles is not happening fast enough and customers need to have the assurance that they can charge quickly with the speed they desire, thus the demand for efficient onboard charging is increasing

Increasing penetration in various modes of transport
Opportunities for electrification can be seized over the coming decade. For example, electrification may still be in its early stages but the opportunity is there to build up the infrastructure and boost the adoption of electric vehicle propulsion type even in those complex transport sectors like long-haul trucking, shipping, and aviation where emissions are hard to abate. According to EV Volume “Global sales of electric trucks hit a record in 2019 with over 6000 units, while the number of models continues to expand.” New high-power chargers are being developed and standardized globally. And research on dynamic charging concepts, plus demonstrations of catenary line solutions, for example, may enable the expansion of heavy-duty and long-distance operations for regional buses and long haul trucking. Standardized global cables will allow for easy adoption by commercial vehicles all over the world regardless of region or location making pulling electricity off the grid easier than ever - finally addressing those complex transport sectors previously mentioned which would help clean up the air.

Where are the Market Opportunities?

Government Initiatives and Investments to increase the adoption of Electric Vehicles
Government initiatives are the need of the hour to grow the electric vehicle (EV) on-board battery charger market. As a part of government initiatives in this domain, they are investing in the development of electric vehicles (EV). This will lead to more investment and research to develop electric vehicles (EV) and onboard battery charger propulsion type. The governments of various countries are also providing financial aid to local and multinational electric vehicle (EV) manufacturers. As a result, the onboard battery charger market will benefit from the presence of government initiatives. Electric vehicle charging infrastructure is vital for the widespread adoption of electric vehicles. Governments also increasing the number of level 1 & level 2 stations being put up across the world which will further augment the demand for charging stations for electric vehicles. Soon enough, this will strengthen the manufacturing and sales of Onboard chargers equipped with them as well as power storage batteries which are an inseparable part of EVs.

Competitive Landscape
The major players operating in the EV On-board Battery Charger market are Innoelectric, Ficosa, AVID Propulsion type Limited, BRUSA Elektronik, Toyota Industries Corporation, Stercom Power Solutions, Eaton, Delphi Technologies, Infineon Technologies, STMICROELECTRONICS, Current Ways Inc. , LG Electronics (LG Magna e-Powertrain Co Ltd.), Tata Autocomp Systems Ltd, Xepics Group, EVolve Electrics, and Bel Fuse Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments
• May 2022, Eaton's eMobility business had announced that it has been selected to supply a 4-speed medium-duty electrified vehicle (EV) transmission to Proterra, for the company's ProDrive drivetrain used in Proterra ZX5 electric transit buses.
• April 2022, Toyota Industries Corporation announced the development of a new compact and lightweight unit for battery electric vehicles (BEVs) that includes an onboard charger and a DC-DC converter. Toyota's new bZ4X battery electric vehicle incorporates this propulsion type. The product acts as a central hub for charging and power conversion.

Notes for Editors
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