On-Board Charger Global Market Report 2024

An on-board charger (OBC) is a device or energy supply system designed for electric vehicles (EVs) or hybrid electric vehicles (HEVs) to charge their traction batteries. The primary function of the on-board charger is to facilitate the transfer and management of electricity from the power grid to the vehicle's battery. This allows the battery to be recharged from AC mains at home or from outlets at private or public charging stations, providing a constant current or voltage during the charging process.

The main power outputs of on-board chargers are categorized as below 7.2 kW, 7.2 kW–15 kW, and above 15 kW. On-board chargers with outputs below 7.2 kW are capable of being directly plugged into a car through a wall socket. These chargers are distributed through original equipment manufacturers (OEMs) and aftermarket sales channels, catering to both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).

The on-board charger market research report is one of a series of new reports that provides on-board charger market statistics, including on-board chargers industry global market size, regional shares, competitors with an on-board charger market share, detailed on-board charger market segments, market trends and opportunities, and any further data you may need to thrive in the on-board chargers industry. This on-board charger market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The on-board charger market size has grown rapidly in recent years. It will grow from $4.31 billion in 2023 to $5.13 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth observed in the historical period can be attributed to various factors, including government incentives, increased adoption of electric vehicles (EVs), efforts to achieve emission reduction goals, cost reduction measures, and continued government support and incentives.

The on-board charger market size is expected to see rapid growth in the next few years. It will grow to $10.09 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The projected growth in the forecast period can be attributed to factors such as consumer demand for electric vehicles (EVs), a focus on sustainable practices, developments in the automotive industry, advancements in faster charging technologies, and the emergence of electric vehicle (EV) fleets. Key trends expected in the forecast period include the proliferation of high-power charging stations, the expansion of EV charging infrastructure, ongoing technological advancements, developments in battery technology, and the exploration of vehicle-to-grid (V2G) systems.

The growth of the on-board charger market is anticipated to be propelled by the increasing demand for electric vehicles. Despite the economic repercussions of COVID-19 affecting the demand for traditional petrol and diesel cars, there has been a notable surge in demand for electric vehicles (EVs). Global efforts to combat climate change and achieve net-zero emissions have led to a significant shift towards emissions-free transportation. This transition to EVs and hybrid vehicles not only aids in reducing fuel costs but also contributes to changing consumption patterns from petroleum products to locally produced electric power. For example, the Edison Electric Institute (EEI) reported in June 2022 that the projected number of electric vehicles on U.S. roads is expected to rise from 2.4 million in 2021 to 26.4 million by 2030, with annual EV sales estimated to reach nearly 5.6 million in 2030, constituting around 32% of total annual light-duty vehicle sales. Hence, the increasing demand for electric vehicles is poised to drive the on-board charger market during the forecast period.

The on-board charger market is also anticipated to experience growth due to the rising investment in charging infrastructure. Charging infrastructure, encompassing charging stations and equipment for recharging electric vehicles, plays a critical role in boosting consumer confidence and promoting the adoption of electric vehicles. The National Renewable Energy Laboratory (NREL) reported in June 2023 that a projected capital investment of $53–127 billion by 2030 will support 33 million plug-in electric vehicles (PEVs), with substantial funds allocated for accessible Level 1 and Level 2 charging ports. As the investment in charging infrastructure continues to rise, it is expected to fuel the growth of the on-board charger market.

A noteworthy trend in the on-board charger market is the influence of technological advancements. The development of a two-way on-board charger, known as Vehicle-to-Grid (V2G), showcases intelligent technology that enables car batteries to contribute to the power grid. This V2G system assists on-board chargers in balancing electricity demand, thereby avoiding unnecessary costs associated with building additional power infrastructure. For instance, in July 2021, EDF Energy and Nissan Motor Co. Ltd. introduced a commercial V2G service for EV fleets in the UK, allowing electric vehicles to give back to the grid and facilitating smarter electrification for fleet service operators.

Major companies in the on-board charger market are focusing on product innovation, introducing high-tech 20 kW chargers to stay competitive and enhance their product offerings. Coulomb Solutions Inc. (CSI), for example, unveiled a cutting-edge 20 kW on-board charger designed for commercial electric vehicles. This innovative charger offers full power output with single-phase input, providing a cost-effective solution with reduced high-voltage cabling and minimized overall footprint and weight. The development of such advanced electrical components contributes to the ongoing growth of the on-board charger market.

In June 2022, LG Electronics Inc. acquired AppleMango Co. Ltd., a move aimed at bolstering LG's business portfolio within its automotive division and establishing a manufacturing facility for electric vehicle chargers. AppleMango Co. Ltd. is a South Korea-based electric vehicle charger manufacturer, and the acquisition aligns with LG's strategic focus on expanding its presence in the electric vehicle charging 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.

Asia-Pacific was the largest region in the on-board charger market in 2023. The regions covered in the on-board charger market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the on-board charger market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The on-board charger market consists of sales of one-phase, two-phase, and three-phase on-board chargers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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