Electric Vehicle On-Board Charger Market: Government Support and EV Adoption Drive Market Growth

MANHATTAN, N.Y. - Feb. 10, 2023 - PRLog -- The market for on-board chargers for electric vehicles is being boosted by government efforts to build infrastructure for charging electric vehicles and related components, as well as increasing adoption of electric vehicles. However, the growth of the market is being hindered by the lack of standards for electric vehicle charging and a growing number of fast DC charger installations. On the other hand, the future potential for a two-way on-board charger (V2G) for electric and plug-in hybrid vehicles presents significant opportunities for companies in the electric vehicle on-board charger market.

An on-board charger for electric vehicles converts AC power from a charging station into DC power to charge the car's 350V or 650V battery. The on-board charger is designed for long-term charging and has a low charging rate, typically taking 5-8 hours for a full charge. The market segments for electric vehicle on-board chargers include charging power, propulsion type, vehicle type, design type, product type, region, and the competitive landscape.

Due to gasoline being a non-renewable fossil fuel that will eventually deplete, it is imperative to adopt alternative fuel sources to sustain growth. The use of electric vehicles is a more affordable option compared to traditional cars and does not rely on gasoline. The numerous advantages that electric vehicles offer, including lower fuel consumption and reduced emissions, have contributed to their growing demand worldwide. This increase in demand for electric or plug-in hybrid vehicles is expected to drive the demand for on-board chargers in the forecast period. Key players in the on-board charger industry, essential for electric vehicles, are taking steps to maximize their business prospects.

For example, Swiss auto component manufacturer BRUSA Elektronik has enhanced the performance of its onboard fast charger (NLG664). This charger has the ability to charge at a maximum of 7 kW from a single-phase AC outlet, and can fully charge a normal electric vehicle battery using 3-phase AC power in less than an hour, up to 22 kW. The Smart Fortwo, Electric Truck E-FORCE, Volvo C30 Electric Generation II, and SUNCAR's first electric excavator all feature this on-board charger.

In order to supply EV charging stations all around the world, several government programs have been launched. One such project was the deployment of more than 200 EV charging stations across India by the Automotive Research Association of India (ARAI).

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