Electric Vehicle On-Board Charger Market Size, Share & Industry Analysis, By Propulsion Type (BEV, PHEV, HEV), By Power Output (<20kW, >20kW), By Vehicle Type (Passenger Car, Commercial Vehicle), and Regional Forecast, 2024-2032

The global electric vehicle on-board charger market size was valued at USD 4.39 billion in 2023 and is projected to grow from USD 5.13 billion in 2024 to USD 18.20 billion by 2032, exhibiting a CAGR of 17.2% during the forecast period. The asia pacific dominated the electric vehicle on-board charger market with a share of 46.24% in 2023.

An electric vehicle on-board charger is a crucial component of an electric vehicle (EV) that serves the primary purpose of converting alternating current (AC) from an external power source, typically a charging station or outlet, into direct current (DC) to charge the vehicle's battery pack. It is essentially the interface between the external power supply and the vehicle's energy storage system. The charger includes power electronic components such as diodes, transistors, capacitors, and inductors to manage the conversion process efficiently. These components regulate the flow of electricity, adjust voltage levels, and maintain optimal charging conditions.

The electric vehicle (EV) on-board charger market growth is attributed to the increasing environmental concerns, declining battery costs, government incentives, and expanding charging infrastructure. Despite the COVID-19 pandemic, the global EV sales reached a record of 3.66 million units. Europe registered 1.4 million EVs, 137% more than in 2019. This surge was huge for a market that was down by 20% year on year. Besides, Europe surpassed China in the EV market for the first time since 2015.

Electric Vehicle On-Board Charger Market Trends

Technological development of (V2G), for future electric vehicles, to Set a Positive Trend for Market Growth

Automobile manufacturers are increasingly focusing and investing in designing and developing electric vehicles, which is also a trend in the mobility & freight transportation industry. Therefore, the electric vehicle on-board charger market will increase proportionally with the growth in the EV market. Currently, most of the EVs in the market are equipped with on-board unidirectional battery charging systems. Some vehicles charge their batteries using off-board chargers. The recent surge of EV investments by the transport sector demonstrates a change of exemplars. For instance, the development of wireless, bi-directional and fast chargers.

An effortless process of integrating the EVs batteries charging system with the power grid is known as the Grid-to-Vehicle (G2V) concept. The distinctive feature of V2G is that it only requires battery chargers with bidirectional power flow capability and communication with the Smart Grids. Furthermore, numerous EV and EV charging manufacturers have started pursuing two-way charging technology. For instance, in August 2017, Hyundai Mobis announced the development of a two-way on-board charger (V2G) for future EVs and PHEVs with confirmed safety performance. Thus, the battery charging technology development will create lucrative opportunities for market expansion during the forecast period.

The use of Wireless Power & Portable Charging Units will boost the technological developments in the charging infrastructure of EV

Wireless charging is already available for mobiles and is also applicable to electric vehicles. The vehicle’s battery can be recharged wirelessly by parking the car on the spot with a charger on the ground. It reciprocates the charging operation of wireless phone chargers but on a bigger scale. However, it must be robust and safe as the amount of energy reciprocated in these wireless systems is much more than a wireless cell phone charger.

ELIX, a startup based in Canada, has successfully developed a wireless charging technology for EVs, which offers a charging system that charges your car while it is parked.

One of the main concerns for consumers buying an EV is range anxiety-The fear of running out of battery and not finding a charging station close enough. Charging equipment manufacturers are developing power banks for cars, as the one used to charge smartphones can be ordered from a mobile app.

SparkCharge, a startup, has been developing a portable and ultrafast charging unit that can be requested on-demand anytime, anywhere.

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Electric Vehicle On-Board Charger Market Growth Factors

A surge in sales of Electric Vehicles will propel the market growth

Electric Vehicles’ sales have increased by 50% in 2023 compared to 2022. China emerged as the world’s top EV hub holding maximum market share. Advances in battery technology, particularly the development of lithium-ion batteries, have significantly improved the performance, range, and affordability of electric vehicles. Battery costs have declined steadily over the past decade, making electric vehicles more cost-competitive with conventional internal combustion engine vehicles. Thus, increasing technological advancement for EV battery boost the demand for electric vehicle, driving the market growth.

RESTRAINING FACTORS

Increased installation of DC fast chargers may hamper the growth of the market

Major charging stations have AC (alternating current) input from the grid, also found in the household outlets. On-board chargers inside the EV convert AC power to DC (Direct Current) power for the battery. However, this charging process is slower than DC fast chargers. DC fast chargers charge the EV faster, as the charging stations convert AC power to DC within and deliver DC power directly to the battery.

However, DC fast charging has its own set of limitations. DC fast charging is more expensive to install and operate. Much power flows from a DC fast charger and managing it puts extra strain on electric vehicles’ batteries. Thus, EV requires a properly designed Battery Management Service (BMS), without which using a DC charger more frequently could reduce the battery’s efficiency and lifespan. Recent developments and technological advancements in the fast DC chargers will help eliminate these limitations in the future, reducing the dependency of EVs on on-board chargers, which may hamper the growth of on-board chargers.

Lack of standardization of EV charging

One major factor challenging the growth of the global on-board electric vehicle charger market is the inadequacy of charging points in most developing regions. Lack of charging infrastructure at consistent distances can create a problem for an electric vehicle. Moreover, the availability of supportive infrastructure in developing countries is less. The lack of a dedicated parking spot in rural areas makes it difficult to charge an electric car at home. Hence, charging EVs in rural areas is a concerning factor. Furthermore, the automotive industry has not set a standard on the ports that can charge vehicles in 30 minutes or less. Thus, all these factors combined with the different charging stations' prices can hinder the global electric vehicle on-board charger market.

Electric Vehicle On-Board Charger Market Segmentation Analysis

By Propulsion Type Analysis

BEV Segment dominates the Market

The market is segmented into BEV (Battery Electric Vehicle), PHEV (Plug-in Electric Vehicle), and HEV based on propulsion type.

BEV holds the largest share globally and is expected to retain its leading position in the electric vehicle on-board charger market throughout the forecast period. BEVs, PHEVs have an electric motor recharged via an external plug; however, the main operational difference is that BEVs are powered entirely by electricity. PHEVs have a fuel tank to support their battery-powered motors.

Now, as PHEVs have an IC Engine to support them, it leaves less space for batteries, and hence because of the small battery, the vehicle's travel range and high speed are less than BEV. On the contrary, BEV has an increased travel range coupled with high withstand energy storage. BEVs are favored over PHEVs due to the increasing charging infrastructure and government support, mainly for BEV typed vehicles. This drives consumers' purchase preference towards the BEV over PHEV. Hence the BEV segment dominates the market by propulsion type analysis.

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By Vehicle Type Analysis

Passenger Car Segment is anticipated to hold a major market share

This market can be segmented into passenger cars and commercial vehicles based on vehicle type.

The passenger car segment will dominate the global market in 2023. Key factors influencing this market growth are rapid urbanization leading to increased demand for economic transport mediums such as electric cars. Electric cars are economic and have minimal impact on the environment compared to IC vehicles. Therefore, governments of major economies, including the U.S., China, and India, promote the adoption of such vehicles. Such government support and growing consumer interest in EV technology are expected to drive the demand for EVs in the next few years. As the EV Ob-Board charger market is directly dependent upon the EV market, the growth in the latter will eventually lead to growth in demand for chargers.

Although there are very few options available from the EV ecosystem in the commercial segment, the future looks bright as major players introduce new products. The path of commercial EV adoption is tougher than passenger cars as such vehicles need more power and higher maintenance. We expect that the demand for commercial EV on-board chargers will increase as the number of commercial EV models available in the market increases over the forecast period.

By Power Outputs Analysis

<20 kW chargers are the norm presently, but the future lies in >20 kW charging

The market is classified into <20 kW and >20kW based on power output.

Vehicle on-board chargers convert power from AC to DC and then feed it into the car’s battery. AC is the most common charging method for electric vehicles, as power from the grid is always AC. It takes about eight to nine hours to fully recharge an EV’s battery with a Level-1 AC charger. Level-2 and Level-3 chargers are faster when it comes to EVs as it uses higher power capacity chargers. Chargers are defined by the no of kW output they provide. Each kWh (KiloWatt Hour) received by the battery equates to a driving range of about 6.5 km.

With the introduction of connected and autonomous EVs, the vehicle architecture will become more complex, and charging it will need an OBC with higher power capacity. Hence, currently, OBCs with less than 20kW power output is more operational. Also, with consumers’ increasing demand for fast charging, OBCs with more than 20kW power capacity will exhibit a greater CAGR during the forecast period.

REGIONAL INSIGHTS

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The Asia Pacific EV on-board charger market was valued at USD 2.03 Billion in 2023. The increasing urban population in China and India causes environmental pollution through greenhouse gas emissions emitted by vehicles and industries. Hence governments are acting on this by promoting clean fuel-powered vehicles, especially the EV, by various favorable government initiatives incentivizing the EV sector. Furthermore, high urbanization and smart cities are expected to drive EV growth, accelerating the development of this region's electric vehicle on-board charger market.

Stringent emission regulations, supportive government policies, increasing vehicle electrification and availability of required charging infrastructure are key drivers boosting the adoption of EVs in the European market. Countries such as Norway, Sweden, Denmark, Germany, UK are leading the electric vehicle revolution in the European region. The presence of leading EV manufacturers further creates attractive growth opportunities for the EV on-board chargers in the region.

North America is one of the leading regions supporting EV adoption. Companies such as Tesla have captured the major market share in the region by launching economic, innovative BEV models such as the Tesla Model X. Tesla has built a network of charging infrastructure in the region, which has further boosted the adoption of EVs. Technological advancements, availibility of infrastructure and product innovation are key market growth drivers for the North American region.

The Rest of The World segment comprises regions such as Latin America and Middle East & Africa. The adoption of EVs is expected to gain traction in the MEA region, as the government of countries including UAE, Qatar, South Africa are taking various initiatives focused on a movement towards green mobility. For instance, the Dubai Green Mobility Initiative, that encourages citizens and businesses to move towards sustainable energy solutions including EVs. The sales of electric two-wheelers in the African region witnessed a steep rise in demand, the same scenario is followed by electric cars, Therefore South Africa is offering lucrative growth opportunities for on-board chargers over the next few years.

List of Key Companies in Electric Vehicle On-Board Charger Market

Business Expansion of Delphi Technologies through signing contracts with OEMs to brighten its market prospects

Major players in this market include Delphi Technologies., Eaton Corporation, and Infineon Technologies AG

Delphi Technologies, also known as ‘Aptiv,’ is Dublin based auto part company. It has a presence in 44 countries and more than 180,000 employees employed across 124 manufacturing facilities and. Aptiv’s expertise in software, electronics design, and system architecture optimization empowers it to provide solutions and products related to mobility.

LIST OF KEY COMPANIES PROFILED:

• Bel Power solution (California, U.S.)


• BRUSA Elektronik AG (Sennwald, Switzerland)


• Current Ways Inc. (California, U.S.)


• Delphi Technologies (London, U.K.)


• Eaton Corporation (Dublin, Ireland)


• Infineon Technologies AG (Neubiberg, Germany)


• Innoelectric GmbH (Bochum, Germany)


• Stercom Power Solutions GmbH (Weyarn, Germany)


• Toyota Industries Corporation (Aichi, Japan)


• Xepics Italia SRL (Chiasso, TI, Switzerland)

KEY INDUSTRY DEVELOPMENTS:

• In March 2024, VMAX announced that the company had selected Infineon Technologies AG’s new CoolSiC hybrid discrete with TRENCHSTOP 5 Fast-Switching IGBT and CoolSiC Schottky Diode for its next-generation 6.6 kW OBC/DCDC on-board chargers. Infineon’s components come in a D²PAK package and combine ultra-fast TRENCHSTOP 5 IGBTs with half-rated free-wheeling SiC Schottky barrier diodes to achieve a perfect cost-performance ratio for both hard and soft switching topologies. With their superior performance, optimized power density, and leading quality, the power devices are ideally suited for VMAX’s on-board chargers.


• In April 2022, Faraday Future Intelligent Electric Inc. and Meta System signed a partnership to become the supplier of onboard power management module products for its ultimate tech luxury FF 91 EV and upcoming FF 81 vehicles. Equipped with Meta System’s onboard battery charger, the system will feature 15.2 kW AC charging capability. 


• In November 2023,  BorgWarner signed an agreement with a major North American OEM to supply its bi-directional 800V Onboard Charger (OBC) for the automaker’s premium passenger vehicle battery electric vehicle (BEV) platforms. The technology leverages silicon carbide (SiC) power switches for improved efficiency and delivers amplified power density, power conversion, and safety compliance. The start of production is slated for January 2027.


• In October 2024, KOSTAL Automobil Elektrik (KAE) announced its newest production facility in Querétaro, Mexico. The KOSTAL Electro Mobility Mexicana (KEMM) plant is the KOSTAL Group's third facility in Querétaro. The new plant will create 750 new jobs and produce onboard chargers (OBC) for KOSTAL's OEM customers in the USA.

REPORT COVERAGE

The market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights vital industry developments. In addition to the factors above, the report encompasses several factors contributing to the market's growth over recent years.

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