The On-Board Charger market is forecasted to witness substantial growth, reaching a market worth of $11.67 billion in 2029, with a CAGR of 18.3%. Aspects such as consumer demand, sustainable practices, the automotive industry, faster charging, and electric vehicle (EV) fleets mainly facilitate forecast period growth. Notably, trends like high-power charging stations, EV charging infrastructure, technological advancements, battery technology, and vehicle-to-grid (v2g) are also expected to shape the market dynamics.
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What Are The Key Growth Drivers Of The On-Board Charger Market?
One key driver propelling the On-Board Charger market’s growth is the increased demand for electric vehicles. While the economic implication of COVID-19 dampened the demand for petrol and diesel vehicles, EVs’ demand saw a surge. The global shift towards emissions-free motoring influenced by climate warming and aspirations to achieve net-zero emissions.
The transformation towards EV and hybrid vehicles fosters the economy through fuel cost reductions and a shift from petroleum product consumption to more locally produced power vehicles. For instance, US-based Edison Electric Institute (EEI) predicted in June 2022 that the number of EVs on US roads is expected to rise from 2.4 million in 2021 to 26.4 million by 2030. The EV’s annual sales are projected to reach nearly 5.6 million in 2030, constituting around 32% of total annual light-duty vehicle sales. Hence, the escalating demand for electric vehicles is poised to enhance the on-board charger market during the forecast period.
How Does The On-Board Charger Market Segment?
The on-board charger market covered in this report is primarily segmented into:
1) By Power Output: Below 7.2 kW, 7.2 kW–15 kW, Above 15 kW
2) By Sales Channel: Original Equipment Manufacturer (OEM), After market
3) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)
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Which Key Players Are Driving The On-Board Charger Market?
Major companies driving the on-board charger market encompass Delta Energy Systems Corp., Toyota Motor Corporation, Eaton Corporation, STMicroelectronics NV, Stercom Power Solutions GmbH, BorgWarner Inc., Ficosa Corporation, LG Electronics Ltd., BYD Co. Ltd., Tesla Corp., AVID Technology Limited, Bel Fuse Inc., BRUSA Elektronik AG, Siemens AG, Innolectric AG, Current Ways, Yazaki Corporation, Aptiv Global Operations Limited, Hyundai Mobis Co. Ltd., Mitsubishi Electric Corporation, Infineon Technologies AG, Xepics Italia SRL, Hangzhou Aodi Electronic Control Co. Ltd., Meta Systems S.p.A., Leopold Kostal GmbH Co., Dilong Technology Co. Ltd., ClipperCreek Inc., Schneider Electric SE, Signet Systems Inc., Tritium Pty Ltd.
What Are The Trending Developments In The On-Board Charger Market?
Significant players in the onboard charger market concentrate on developing technologically innovative solutions like onboard battery chargers to enhance charging efficiency, minimize charging times, and cater to the escalating demand for EVs. Onboard battery chargers refer to integrated charging devices in an EV or a hybrid vehicle, enabling the vehicle’s battery to be charged using an external power supply, such as a wall outlet or charging station.
For example, in October 2022, Zivan Srl, an Italy-based electronics company, launched the CT3.3, an advanced onboard charger for EVs at Bauma 2022 in Munich. This sophisticated charger has a rugged design, suitable for various mobile applications, a water-cooling system for enhanced performance, and a high-power density for compactness without compromising on output. Moreover, the CT3.3 can be configured to deliver charging power options of 3.3 kW, 6.6 kW, or 9.9 kW, establishing it as a versatile solution for modern electric mobility needs.
Which Region Dominates The On-Board Charger Market?
Asia-Pacific was the largest region in the on-board charger market in 2024, with the report covering regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The On-Board Charger Market Report 2025 Deliver?
The On-Board Charger refers to an energy supply system or device designed to charge the traction battery of an EV or hybrid EV (HEV). The primary purpose of an on-board charger (OBC) is to manage and transfer electricity flow from the power grid to the battery. The OBC lets the battery get recharged from the AC mains at home or from outlets present in private or public charging stations, providing constant voltage or current charging.
The On-Board Charger Market research report from The Business Research Company offers a global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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