On-Board Charger Industry Share, Demand, and Future Forecast - 2030
- Amit Kumar
- 8 hours ago
- 6 min read
On-Board Charger Market Projected to Expand at 16.5% CAGR Through 2030
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. Multiple market factors are driving the market such as the increased use of EVs at a very significant growth rate supported by advancement in technology as multiple levels of on-board chargers (Level 1, Level2, Level 3, or the DC fast charger) are being introduced to provide fast charging resolution as per requirement. Other factors that help in driving the industry include government policies supporting the growth of EVs to promote clean energy and reduce the greenhouse effects in addition to safe the depletion of nonrenewable natural resources. Global investments are being made on a mass level to support the industry with R&D and innovations.
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Strategic Takeaways from the Report:
Market Sizing and Forecasting
Regulatory and Policy Influence
Competitive Trends and M&A Activity
Innovation Drivers and Disruptive Technologies
Investment Hotspots and Emerging Niches
Geographical Dynamics and Trade Flows
On-Board Charger Market Segment Overview & Classification
This market is categorized to offer targeted insights across various operational and consumer-related verticals.
Segment List:
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. In the year 2023, this segment holds around 65% of the global OBC market with a current valuation of around USD 4.5 billion. This specific segment is expected to grow at a CAGR of about 13% during the forecast period 2024-2030. It is expected to reach a valuation of around USD 10 billion by 2030. The BEVs experience faster growth due to the increasing adoption of fully electric vehicles and advancements in charging technology.
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. Strong dominant growth is expected as there is high demand in this segment. The major demand is coming from high-power chargers (22kw) to reduce charging time and improve the convenience of EV owners. It is expected to grow with a CAGR of about 10-12% in the coming years.
By End-User
OEMs
Aftermarket
By Region
North America
South America
Europe
Asia-Pacific
Middle East & Africa.
According to the data, Europe currently holds the most of the global market share i.e. 35% approx. But Asia-Pacific is projected to witness the highest growth for the forecast period, 2024-30, with China as the most prominent and India as one of the fastest-growing countries. An expected CAGR of around 12-15% is driven by the expansion of charging infrastructure and high EV adoption in China and India. Moreover, government incentives, policies, investments in the market, relaxations in taxes, and initiatives for clean energy support the growth of the Asia-Pacific On-board Charger Market.
These divisions help clarify demand patterns and expected shifts.
Market Driver
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.
On-Board Charger Market Competitive Snapshot from 2024-2030
The report highlights established and emerging players in the global On-Board Charger Market, evaluating their strengths, challenges, and potential for innovation.
Key Competitors Include:
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.
Their activities include partnerships, product launches, and geographic expansions.
On-Board Charger Industry Prime Challenge
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.
Frequently Asked Questions (FAQs):
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