On-board Charger Market – Growth of Market Size, Market Dynamics, Trends, Segments and Forecast Period (2024-2030)

On-board Charger Market Overview

The market for on-board chargers is expanding as more electric vehicles (EVs) are being sold. As they transform alternating current (AC) from external charging stations into direct current (DC) to charge the vehicle's battery, on-board chargers are crucial parts of electric vehicles. Government policies and rewards that encourage the use of EVs. Rising interest in fast-charging EVs. Technological developments in on-board chargers, include the creation of lighter, smaller, and more effective chargers. Due to the significant growth of the EV industry in the region, the Asia Pacific region is anticipated to be the largest market for on-board chargers throughout the forecast period.

 

The world's largest EV market, China, is anticipated to maintain its dominance over the coming years. Depending on the location, different laws and requirements apply to on-board chargers. To ensure interoperability and safety, governments and industry organisations have been working to harmonise standards. The expansion of the fast-charging networks, home chargers, and public charging stations is directly related to the market growth of on-board chargers. For EVs to be widely used, the infrastructure for charging them must be expanded.

 

 

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On-board Charger Market Dynamics

Over the coming years, the demand for electric vehicles (EVs) is predicted to expand significantly, which will drive the global on-board charger market. A number of factors, such as growing worries about air pollution, rising fuel prices, and government incentives to encourage EV use, are helping EVs gain popularity. In order to charge the vehicle's battery, on-board chargers transform the AC current from charging stations into DC electricity. On-board charger demand rises in tandem with the demand for electric vehicles (EVs). Government incentives: To encourage the use of EVs, governments all around the world are providing refunds and tax advantages.

 

Due to these financial advantages, EVs are becoming more accessible to customers, which is raising the demand for on-board chargers. On-board chargers are becoming more effective, portable, and lightweight thanks to technological developments. They are now more appealing to both EV makers and consumers as a result. Charging stations are becoming more and more prevalent all over the world. Because it is now simpler for EV owners to charge their cars, there is a higher need for on-board chargers. In general, the market for on-board chargers is predicted to expand significantly over the next several years due to factors such as rising EV demand, government incentives, technology developments, and an increase in the number of charging stations.

 

On-board Charger Market Opportunities

In the upcoming years, the market for on-board chargers is anticipated to expand rapidly, driven by the rising popularity of electric cars (EVs). Electric vehicles (EVs) must have on-board chargers because they transform the alternating current (AC) electricity from the charging station into the direct current (DC) electricity needed by the battery. Government incentives, falling battery costs, and growing consumer awareness of EVs' environmental advantages are likely to propel the global EV industry to significant growth in the upcoming years. As a result, there will be a comparable rise in demand for on-board chargers. As fast charging infrastructure spreads, there is a rising need for on-board chargers that can handle rapid charging rates. Fast charging makes it possible for EVs to be charged more quickly, making them more practical and convenient for users.

 

On-board charger efficiency, performance, and cost are being improved through the development of new technologies. For instance, some businesses are creating integrated on-board chargers, which unite the on-board charger and the DC-DC converter. This can reduce the amount of weight and space in the car and increase performance. There are also special opportunities in the on-board charger market for particular locations and applications in addition to these broad ones. As an illustration, the Indian government is encouraging the use of EVs through a number of programmes, like as subsidies and tax benefits. In the ensuing years, India's need for on-board chargers is anticipated to rise significantly as a result.

 

On-board Charger Market Challenges

Lack of standardisation makes it challenging for manufacturers to create on-board chargers that work with all charging stations because there is no single global standard for electric car charging. Additionally, users may not know which chargers work with their EVs, which can be perplexing. The price of an EV may increase due to the expense of on-board chargers. This may prevent certain consumers from adopting the technology. On-board chargers may be large and heavy, which may limit an EV's ability to haul cargo and carry a payload. On-board chargers need to be dependable and efficient under a range of environmental situations. Additionally, they must be able to shield the EV's battery from harm. In addition to these difficulties, fast DC chargers are a rival in the on-board charger industry. In comparison to on-board chargers, fast DC chargers can charge an EV's battery significantly more quickly, but they are also more expensive and call for specialised charging infrastructure.

 

The on-board charger business is anticipated to expand rapidly over the next few years despite these obstacles. This is because more EVs are being purchased, and because new technologies are being created that are improving the effectiveness, cost, and size of on-board chargers. Public charging infrastructure is scarce in several developing nations. Owners of EVs may find it challenging to charge their cars as a result, particularly if they lack access to a home charger. Range anxiety is the worry that your batteries will run out before you get to a charging station. For certain consumers, especially those who commute a long distance or live in rural areas, this may be a hurdle to adoption.

 

On-board Charger Market Restraints

Cost: Since on-board chargers are relatively pricey parts, their price may increase the entire cost of EVs. Due to this, some consumers may find EVs to be more expensive. On-board chargers can be big and heavy, which might limit an EV's range and cargo capacity. In order to function properly, on-board chargers must be carefully integrated with the EV's electrical system. For automakers, this can be complicated and expensive. On-board chargers do not yet have any recognised international standards. Because of this, sourcing and incorporating these components into EVs may be challenging for automakers. DC fast chargers are becoming more and more popular since they can charge EVs significantly faster than on-board chargers. They are becoming more popular with consumers as a result, which may cause the demand for on-board chargers to decline.

 

The on-board charger business is anticipated to expand dramatically over the next several years despite these limitations. This is because more EVs are being purchased, and because new technologies are being created that are improving the effectiveness, cost, and size of on-board chargers. The market for on-board chargers would be negatively impacted by a decline in EV demand brought on by a worldwide economic slowdown. Government initiatives that encourage the use of EVs, such as tax incentives and subsidies, may help to increase demand for on-board chargers. Changes to these policies, though, might have the opposite result. In the future, on-board chargers might be replaced by new technologies like wireless charging and battery swapping. Though they are still in the early stages of development, these technologies

 

On-board Charger Market Trends

In the upcoming years, the market for on-board chargers is anticipated to expand rapidly, driven by the rising popularity of electric cars (EVs). As they transform the alternating current (AC) electricity from external charging stations into direct current (DC) electricity that may be used to charge the vehicle's battery, on-board chargers are crucial parts of electric vehicles. Demand for high-power on-board chargers is rising as EV batteries get bigger and more potent, and this is causing the price of these chargers to rise as well. This is so that the time needed to charge an EV battery can be shortened by high-power on-board chargers. Increasingly common use of integrated on-board chargers: Compared to conventional on-board chargers, integrated on-board chargers have a number of benefits. For instance, integrated on-board chargers can be easily connected with other vehicle components and are often more effective and smaller.

 

Rising demand for on-board chargers in developing economies: Developing nations like China and India are experiencing a rapid expansion of the on-board charger market. This is because EV adoption is growing in these markets and because EV adoption is supported by the government. Because on-board chargers are frequently pricey parts, EVs can be more expensive to buy. On-board charger prices are anticipated to decline in the upcoming years as the market expands, nevertheless. The creation of high-power, integrated on-board chargers is a difficult procedure that calls for cutting-edge technology. Some producers of on-board chargers may find this to be difficult.

 

On-board Charger Market Regional Analysis

North America: By accounting for a sizeable portion of the global market for on-board chargers in 2023, North America is the region with the largest market. Some of the top EV producers, including Tesla, General Motors, and Ford, are based in the area. The region also boasts a sophisticated charging infrastructure, which is boosting demand for on-board chargers even more.

 

Europe: With a rising demand for EVs in the region, Europe is another important market for on-board chargers. The adoption of EVs is seen as a crucial means to accomplish the lofty carbon emission reduction targets established by the European Union. Incentives offered by numerous European governments to EV consumers are another factor boosting the region's on-board charger industry expansion.

 

Asia-Pacific: The on-board charger market is anticipated to develop at the quickest rate during the forecast period in the Asia Pacific region. Some of the world's biggest EV markets, including China and India, are found in this area. Furthermore, the region is experiencing a sharp rise in the manufacture of electric vehicles, which is fuelling demand for on-board chargers.

 

Latin America: On-board charger sales in Latin America are still quite small, but in the upcoming years, they are anticipated to increase dramatically. EVs are becoming more and more popular throughout the area, especially in nations like Brazil and Mexico. The expansion of the on-board charger business in Latin America is also being fuelled by the numerous government incentives offered to EV consumers in the region.

 

Middle East and Africa: On-board charger sales on the MEA market are still in their infancy. However, the adoption of EVs in the area is increasing, especially in nations like Saudi Arabia and the United Arab Emirates. In addition, numerous governments in the MEA are making investments in the construction of EV charging infrastructure, which is anticipated to fuel the expansion of the on-board charger market in the area over the next few years.

 

On-board Charger Market Segment Analysis

By Type: The market's largest segment, with a share of more than 80% in 2023, is AC on-board chargers. This is brought on by how simple and inexpensive AC on-board chargers are. However, due to the rising need for fast charging, the DC on-board charger category is anticipated to develop at a quicker CAGR during the forecast period.

 

By Power: With a market share of more than 60% in 2023, the single-phase on-board charger sector will continue to dominate. This is a result of single-phase power supplies being widely used in both home and business settings. However, due to the rising demand for quick charging and the expanding use of three-phase power supply in commercial areas, the three-phase on-board charger segment is anticipated to expand at a faster CAGR during the projected period.

 

By Voltage: The market's largest segment, with a share of more than 75% in 2023, is low voltage on-board chargers. Low voltage batteries are often used in electric vehicles, which explains why. However, due to the rising need for quick charging and the expanding use of high voltage batteries in electric cars, the high voltage on-board charger market is anticipated to expand at a faster CAGR over the forecast period.

 

By Vertical: The market's largest segment is the passenger vehicle category, which will hold a share of more than 50% in 2023. This is brought on by the rising popularity of electric passenger cars. However, due to increasing government support for electric commercial vehicles, the commercial vehicle segment is anticipated to rise at a quicker CAGR throughout the projection period.

 

On-board Charger Market Competitive Landscape

The market is extremely fragmented. It is distinguished by the presence of numerous players. For the purpose of enhancing their products, the market's players are concentrating on techniques including collaborations and mergers. For instance, EDN SRL, an Italian producer of on-board chargers, displayed its new on-board battery chargers (BHP22 for Europe and BHP19 for the US) for electric and plug-in hybrid applications in the off-highway sector in March 2023 at the construction trade expo CONEXPO-CON/AGG. According to the manufacturer, their chargers are small and light, and they incorporate conversion technology to increase power density.

 

Delta Energy System: The German company Delta Energy Systems (GmbH) is a subsidiary of Delta Electronics. The global leader in power and thermal management solutions is Delta, which was established in 1971. The company's goal statement, "To provide innovative, clean and energy-efficient solutions for a better tomorrow," focuses on resolving important environmental problems including climate change on a worldwide scale. Power electronics, automation, and infrastructure are among Delta's business categories as a provider of energy-saving solutions with these fields as its core competences. Since 2003, Delta Energy Systems has been a member of the Delta Group, which is renowned for its expertise in server networking, automotive, industrial, medical, and electric vehicle technologies. As a solution provider, Delta Energy Systems will be your ideal partner for top-notch technology and quality, difficult designs, and fitting precisely to your application. The Company had a revenue of $34,422 Million in 2022.

 

EATON: Today's world depends on vital technology and infrastructure. Data centers, factories, hospitals, and airplanes. Vehicles. The grid of electricity. People rely on these things every day. And the businesses that support them rely on us to assist in resolving some of the world's most difficult power management problems. At Eaton, we're committed to using power management technologies that are more dependable, effective, safe, and sustainable to improve people's lives and the environment. We are a power management corporation with operations in over 175 nations. Our customers can manage electrical, hydraulic, and mechanical power more effectively, reliably, efficiently, safely, and sustainably thanks to our energy-efficient products and services. By offering individuals the means to make better use of their power. The Company had a revenue of $ 20.8 billion in 2022.

 

On-board Charger Market Scope Table

On-board Charger Market
Market Size in 2023	USD 6.29 Bn.
Market Size in 2030	USD 20.64 Bn.
CAGR (2024-2030)	18.5 %
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Type AC On-board Charger DC On-board Charger
	By Power Single-Phase Three-Phase
	By Voltage Low Voltage High Voltage
	By Vertical Passenger Vehicles Commercial Vehicles Two-Wheeler
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

On-board Charger Market Key Players

1. AVID Technology Limited
2. Delta Energy Systems
3. BRUSA Elektronik AG
4. STMicroelectronics
5. Innolectric AG
6. Toyota Industries Corporation
7. Stercom Power Solutions GmbH
8. Eaton
9. Bel Fuse Inc.
10. Ficosa Internacional SA
11. LG Electronics
12. Valeo
13. Hyundai Mobis Co., Ltd.