Automotive

On-Board Charger Market Size, Growth, Report By 2032

The global on-board charger market is projected to hit around USD 20.49 billion by 2032, poised to grow at a CAGR of 13.50% over the forecast period 2023 to 2032.

Key Points:

By power output, the U.S. on-board charger market was valued at USD 458 million in 2022.
By power output, the 11 kW to 22 kW segment accounted market share of around 43% in 2022
By vehicle type, the passenger cars segment garnered 37% market share in 2022 and bus segment is projected to grow at a remarkable CAGR from 2023 to 2032.
By propulsion type, the BEV segment hit 69% market share in 2022 and PHEV segment will register notable growth from 2023 to 2032.
In 2022, the Asia Pacific region representing in excess of 40% of overall income
Europe is projected to witness significant growth from 2023 to 2032.
European plug-in passenger car sales registered at 8% in 2022 in contrast to 4% in 2021.

The On-Board Charger (OBC) market is witnessing substantial growth due to the rising adoption of electric vehicles (EVs) worldwide. OBCs play a crucial role in EV charging infrastructure, converting AC power from the grid into DC power to charge the vehicle’s battery. As the demand for EVs continues to surge, propelled by concerns over environmental sustainability and government initiatives to reduce emissions, the market for OBCs is experiencing significant expansion.

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Growth Factors:

Several factors are driving the growth of the On-Board Charger market. Firstly, the increasing consumer preference for electric vehicles, fueled by concerns over air pollution and the depletion of fossil fuels, is a major growth driver. Additionally, advancements in charging infrastructure, including faster charging speeds and enhanced efficiency of OBCs, are contributing to market expansion. Moreover, supportive government policies and incentives promoting the adoption of electric vehicles are further stimulating the demand for OBCs.

Region Insights:

The market for On-Board Chargers exhibits a global presence, with key regions including North America, Europe, Asia Pacific, and the rest of the world. North America and Europe are leading markets, driven by stringent emission regulations, robust infrastructure development, and growing consumer awareness regarding electric vehicles. In the Asia Pacific region, countries like China, Japan, and South Korea are witnessing rapid growth due to government initiatives, increasing investments in electric vehicle manufacturing, and rising consumer acceptance of EVs.

Report Scope of the On-Board Charger Market

Report Coverage	Details
Market Size by 2032	USD 20.49 Billion
Growth Rate from 2023 to 2032	CAGR of 13.50%
Asia Pacific Market Share in 2022	40%
BEV Segment Market Share in 2022	69%
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Vehicle Type, Power Type, Propulsion Type, Sales Channel, Geography

Drivers

Several factors are propelling the demand for On-Board Chargers. Firstly, the growing emphasis on reducing greenhouse gas emissions and combating climate change is driving the transition towards electric vehicles, thereby boosting the demand for OBCs. Additionally, technological advancements leading to faster charging times, increased energy efficiency, and improved reliability are encouraging consumers to opt for electric vehicles, thereby fueling the demand for OBCs.

Opportunities:

The On-Board Charger market presents numerous opportunities for growth and innovation. With ongoing research and development efforts focused on enhancing charging efficiency, reducing charging times, and improving compatibility with different vehicle models, there is significant potential for innovation in OBC technology. Furthermore, the expansion of electric vehicle charging infrastructure, including public charging stations and home charging solutions, presents opportunities for OBC manufacturers to capitalize on the growing demand for EVs.

Challenges:

Despite the favorable market conditions, the On-Board Charger market faces several challenges. One of the primary challenges is the high initial cost associated with electric vehicles and charging infrastructure, which may deter widespread adoption, especially in developing regions. Additionally, concerns regarding charging infrastructure availability, including range anxiety and charging station accessibility, pose challenges to the adoption of electric vehicles and, consequently, the demand for OBCs. Furthermore, interoperability issues between different charging standards and protocols may hinder market growth and require standardized solutions to ensure seamless compatibility across various EV models and charging stations.

Key market developments

BrusaElektronik delivered an improvement to their original remote charging in Jan 2019, permitting electrical vehicle drivers to re-energize the footing batteries of vehicles going in limit from 3.6 to 11 kilowatts
Bel Power Solutions delivered the BCL 25-700-7, a bidirectional on-board battery-powered battery that can interface up to four charging units in equal and has an effectiveness of more than 95%, in Jan 2021. As indicated by Bel Power, this charger might be associated with a charging station or straightforwardly to the framework to charge EV batteries.
STMicroelectronics will work with Renault Group, a French worldwide vehicle maker, in June 2021. The objective of this organization is to configuration, create, produce, and give STMicroelectronics items and related bundling answers for the Renault Group for the power gadgets frameworks of battery-controlled and half and half vehicles. Besides, these advances would considerably affect the driving reach and charging of electric vehicles by diminishing power misfortunes and helping productivity, bringing about less expensive battery costs, more kilometers per charge, more limited charging time, and lower client costs.

Key market players

Tonhe Technology
Anghua
Wanma
Kongsberg
Lear
Delphi
Infineon

Segments covered in the report

By Vehicle Type

Boats
Vans
Passenger Cars
Buses
Medium and Heavy Duty Vehicles
Others

By Power Type

11 kW to 22 kW
Less than 11 kW
More than 22 kW

By Propulsion Type

Plug-in Hybrid Electric Vehicle
Battery Electric Vehicle

By Sales Channel

Original Equipment Manufacturer (OEM)
Aftermarket

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa