On-board Charger Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global on-board charger market size was valued at USD 4.05 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 17.2% from 2021 to 2028

The global On-Board Charger Market size is expected to reach USD 13.96 billion by 2028, registering a CAGR of 17.2% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increase in electric car sales globally. According to the statistics provided by the IEA organization, in 2019, electric car sales accounted for 2.1 million, registering a 40% year-on-year growth.

The ban imposed by various governments on the use of fossil fuel vehicles is expected to increase the sales of electric vehicles, which is subsequently expected to create the need for on-board chargers. In the U.K., the government has released its plan of banning new fossil fuel vehicle sales by 2030 to help accentuate electric vehicle use. Additionally, in the U.S., California is also expected to ban the sales of gasoline-powered new trucks and passenger cars by 2035.

Tax benefits provided on the purchase of electric cars are also one of the major factors driving the market growth. In the U.K., significant tax benefits are being provided to company fleet operators and car drivers for switching to electric vehicles from April 2020. The zero tax rate will be applicable for electric vehicles with a range of over 130 miles and hybrid vehicles with emissions from 1 to 50 g/km.

The outbreak of the COVID-19 pandemic negatively impacted the market growth at the initial stages; however, the subsidies provided by various countries on the purchase of electric vehicles during the pandemic boosted the EV sales in the latter stage of the pandemic. For instance, in July 2020, the Chinese government extended the period of its subsidy program for new energy vehicles by two more years. Thus, the program that was expected to end by 2020 will be ending in 2022.

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On-board Charger Market Report Highlights

• The less than 11 kW segment is expected to witness the highest growth over the forecast period. The segment growth can be attributed to the growth in electric vehicle charging at homes
• The buses segment is expected to witness the highest growth over the forecast period. The rise in sales of electric buses across the globe is expected to accentuate the segment growth
• The Plug-In Hybrid Electric Vehicle (PHEV) segment is expected to witness the highest growth over the forecast period. Increased fuel efficiency and a longer driving range offered by a PHEV is driving the segment growth
• The Asia Pacific regional market is expected to witness the highest growth owing to the increasing government initiatives for adopting electric vehicles in the emerging economies of the region