Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the On-Board Charger Market, The Global On-Board Charger Market size is valued at around USD 6.2 billion in 2024 and is estimated to grow at a CAGR of around 16.5% during the forecast period, i.e., 2024-30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the On-Board Charger Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2024-2030
- Market Size in 2024: USD 6.2 billion
- CAGR (2024-2030): 16.5%
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Global On-Board Charger Market Segmentation Breakdown:
The On-Board Charger Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Propulsion Type
- Battery Electric Vehicle [BEV]
- Plug-in Hybrid Electric Vehicle [PHEV]
Battery Electric Vehicles (BEVs) are fully electric vehicles that operate solely on electric power stored in their battery packs. Without any internal combustion engine, they rely entirely on the on-board chargers to manage battery charging.
- By Power Output
- Less than 10 KW
- 10 KW–20 KW
- More than 20 KW
- By Vehicle Type
- Passenger Vehicles
- Commercial Vehicle
Passenger vehicles include electric cars and light-duty electric vehicles. This segment has a market share of approx. 70% of the market.
- By End-User
- OEMs
- Aftermarket
Geographical Growth Insights:
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
According to the data, Europe currently holds the most of the global market share i.e. 35% approx.
MarkNtel Advisors Highlights Key Market Drivers for On-Board Charger Market:
Rising Adoption of EVs Driving Growth & Expansion – With the growing awareness about environmental issues more and more people are shifting to EVs as it is cost-efficient, we have seen an increased demand in the sector all over the globe. Governments around the world are working on multiple ways to boost the adoption of electric vehicles. Multiple levels of OBCs are being developed to support the growth of EVs in the market. Its, high usage specifically in the transport and passenger vehicle industry is augmenting the size & volume of the on-board charger industry. The applications of OBCs have gone way beyond passenger cars as the adoption of EVs has already expanded up to commercial vehicles, two-wheelers, and public transport and all of them require on-board chargers to function thus boosting the revenue growth of the market.
The rising adoption is creating the need for fast charging solutions to cater to more customers in less time and provide them with the best solutions to their charging needs. Advanced OBCs are being developed to support rapid charging, enhancing the overall EV user experience. With this, the manufacturers are also focusing on increasing the battery life and reduction in energy loss to match the expectations and requirements of the growing EV market. Thus, the rising adoption of electric vehicles is a significant driver of growth of the Global On-Board Charger Market. The increasing number of EVs on the road is creating a robust demand for OBCs. This trend is expected to continue through 2030, shaping the future landscape of the automotive and charging infrastructure industries.
A Comprehensive Analysis of Leading Companies in Global On-Board Charger Market
- BRUSA Elektronik AG
- Current Ways Inc.
- Bel Power solution
- Innoelectric GmbH
- Toyota Industries Corporation
- Stercom Power Solutions GmbH
- Eaton
- Delphi Technologies
- Xepics Italia SRL
- Infineon Technologies AG
- AVID Technology Limited
- Hangzhou Aodi Electronic Control Co., Ltd.
- STMICROELECTRONICS
- Ficosa Internacional SA.
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On-Board Charger Market Recent Development:
- In March 2023:Toyota Industries Corporation announced the launch of a new generation of on-board chargers featuring high-efficiency silicon carbide (SiC) technology in their press release.
- In March 2023: Delphi Technologiesannounced the launch of their latest on-board charger for high-performance EVs featuring compact design and enhanced efficiency.
What are the growth Challenge driving the Global On-Board Charger Market?
Lack of Adequate Infrastructure Hindering Market Growth – As per current market analysis there is a major hindrance in the market due to the lack of availability of charging infrastructure which ultimately becomes a limiting factor in adopting EV & OBCs. Slow charging stations and low growth in the development of charging networks have affected the market drastically. This also affects the sales as the areas where there is a shortage of charging stations the customers won’t buy the vehicle. Rapid or fast chargers are still under development so this problem cannot be resolved so easily. Massive investment and R&D are required to resolve the issue. The shortage of infrastructure is a heavy entry barrier for customers as range could be a major problem here. Customers have to look out for batteries that could provide them with more range and fast charging to save both time and cost.
Limitations of infrastructure have extended their hands on compatibility issues as different manufacturers have different variations of charging standards and protocols. On-board chargers are required to support multiple standards and types (level 1, level 2, DC fast Charger, CCS, CHAdeMO) to ensure broad compatibility. Addressing these infrastructure limitations is crucial for the continued growth and efficiency of the OBC industry. By tackling these challenges, the industry can improve the overall effectiveness and adoption of on-board chargers and support the broader transition to electric mobility.
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