What is the Historic and Current Scenario of the On-Board Charger Market?
The on-board charger market has seen considerable growth due to a variety of factors.
• The market size for on-board chargers has seen rapid expansion in the last few years. Its value is predicted to rise from $5.05 billion in 2024 to $5.96 billion in 2025, indicating a compound annual growth rate (CAGR) of 18.1%.
This remarkable growth in the past years is credited to various factors such as government incentives, the adoption of electric vehicles (EV), aims to reduce emissions, decreased costs, and additional government incentives.
What are the Forecasted Growth and Key Factors of the On-Board Charger Market?
The on-board charger market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for on-board chargers is anticipated to experience a swift expansion in the coming years, reaching an estimated valuation of $11.67 billion in 2029 with a compound annual growth rate (CAGR) of 18.3%.
This surge during the projected period is associated with factors such as customer needs, sustainability measures, advancements in the automotive industry, rapid charging capabilities, and the rise of electric vehicle (EV) fleets. Key trends that will dominate this forecast period encompass high-powered charging stations, the evolution of EV charging infrastructure, technological advancements in the field, developments in battery technology, and vehicle-to-grid (V2G) systems.
What Are the Critical Driver Fuelling the On-Board Charger Market's Growth?
The surge in electric vehicle (EV) demand is anticipated to fuel the on-board charger market's expansion. While the financial repercussions of COVID-19 have subdued the desire for petrol and diesel automobiles, EVs have seen a rise in popularity. The global move towards emission-free driving is being motivated by concerns about climate change and the ambition to attain net-zero emissions. The transition towards EVs and hybrid cars aids economic growth by lowering fuel expenses and shifting consumption from petroleum-based products to vehicles powered more locally. For instance, the Edison Electric Institute (EEI), an association representing all US investor-owned electric companies, predicted a significant increase in the number of EVs on American roads in June 2022. They estimated a rise from 2.4 million in 2021 to 26.4 million by 2030. They also predicted that by 2030, nearly 5.6 million EVs would be sold annually, accounting for about 32% of the total light-duty vehicle sales. Therefore, the escalating demand for electric vehicles is projected to stimulate the on-board charger market during the forecasted period.
How Is the On-Board Charger Market segmented?
The on-board charger market covered in this report is segmented –
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)
Subsegments:
1) By Below 7.2 kW: AC Chargers For Low-Power EVs, Level 1 Chargers (120V)
2) By 7.2 kW–15 kW: AC Chargers For Mid-Range EVs, Level 2 Chargers (240V)
3) By Above 15 kW: High-Power Chargers For Larger EVs, Level 3 Chargers (DC Fast Charging Capable)
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What New Trends Are Influencing the On-Board Charger Market?
Leading businesses in the onboard charger sector are concentrating on the production of technical advancements, like onboard battery chargers, to boost charging competence, curtail charging intervals, and cater to the growing demand for electric vehicles (EVs). An onboard battery charger is a charging apparatus integrated into an EV or hybrid vehicle that allows the battery to be charged from an external energy supply, such as a domestic electric outlet or charging station. For example, Zivan Srl, an electronic firm based in Italy, debuted the CT3.3 in October 2022, a state-of-the-art onboard charger for electric vehicles at Bauma 2022 in Munich. This pioneering charger comes with a sturdy design suited for a variety of mobile usages, a water-cooling system for optimized performance, and a high-power density that ensure compactness without affecting output. It also has an optional integrated DC-DC converter, and an input over-voltage protection mechanism for safety. CT3.3 is adaptable with the capability to provide charging power choices of 3.3 kW, 6.6 kW, or 9.9 kW, making it a flexible solution for contemporary electric mobility requirements.
Who Are the Key Players in the On-Board Charger Market?
Major companies operating in the on-board charger market include:
• 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 Is The Most Dominant Region In The On-Board Charger Market?
Asia-Pacific was the largest region in the on-board charger market in 2024. The regions covered in the on-board charger market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
