Press release
Global On-Board Charger Market Projected to Surpass $11.67 Billion by 2029 with 0.18290178520062% Annual Growth
On-Board Charger Market
The upsurge in the need for electric vehicles is predicted to stimulate the expansion of the on-board charger market. While the economic impact of COVID-19 has subdued the demand for petrol and diesel vehicles, the want for EVs has surged. The global drive to transition to emission-free vehicles is being propelled by climate change and the ambition to attain net-zero emissions. These transitions into EV and hybrid vehicles aid the economy by minimizing fuel expenses and switching consumption from petroleum-based goods to locally manufactured powered vehicles. For example, the Edison Electric Institute (EEI), a U.S. association that represents all investor-owned electric companies, forecasted that the number of EVs on American roads is slated to rise from 2.4 million in 2021 to 26.4 million by 2030 in June 2022. The annual purchases of electric vehicles are projected to reach about 5.6 million in 2030, accounting for nearly 32% of all annual light-duty vehicle sales. Consequently, the growing need for electric vehicles is predicted to augment the on-board charger market throughout the projected timeline.
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How will the growth rate of the on-board charger market shape industry trends by 2034?
The market size of the on-board charger has seen a quick rise in the past few years. It is projected to increase from $5.05 billion in 2024 to $5.96 billion in 2025, advancing at a compound annual growth rate (CAGR) of 18.1%. The noticeable growth during the historic period is mainly due to governmental incentives, uptake of electric vehicles (EV), aims to cut down emissions, reduced expenses, as well as further government-initiated incentives.
The market size of the on-board charger is projected to experience substantial growth in the upcoming years, anticpated to reach a value of $11.67 billion in 2029, with a compound annual growth rate (CAGR) of 18.3%. The growth during this period is likely due to factors such as consumer demand, sustainable practices, developments in the automotive industry, quick charging, and the rise of electric vehicle (ev) fleets. Key trends that are expected to dominate during the forecast period include high-power charging stations, advancements in ev charging infrastructure, technological progress, improved battery technology, and vehicle-to-grid (v2g) systems.
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What trends are poised to drive the future success of the on-board charger market?
Leading corporations in the onboard charger market are focusing their efforts on creating highly innovative technologies, like onboard battery chargers, to improve charging efficiency, decrease charging durations, and cater to the growing demand for electric vehicles (EVs). An onboard battery charger is a charging apparatus incorporated into an EV or hybrid vehicle enabling the automobile battery to be powered using an outside power source such as a wall socket or charging station. For example, in October 2022, Italian electronics company Zivan Srl debuted the CT3.3, an advanced onboard charger for EVs, at Bauma 2022 in Munich. This groundbreaking charger comes with a durable design adaptable for a range of mobile applications, a water-cooling system for superior performance, and a high-power density that ensures compactness without sacrificing output. Additional features include an optional integrated DC-DC converter and input over-voltage protection for added security. The CT3.3 can be tailored to offer charging power modes of 3.3 kW, 6.6 kW, or 9.9 kW, rendering it a flexible solution for contemporary electric mobility requirements.
Which primary segments of the on-board charger market are driving growth and industry transformations?
The on-board charger market covered in this report is segmented -
1) By Power Output: Below 7.2 kW, 7.2 kW-15 kW, Above 15 kW
2) By Sales Channel: Original Equipment Manufacturer (OEM), After market
3) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)
Subsegments:
1) By Below 7.2 kW: AC Chargers For Low-Power EVs, Level 1 Chargers (120V)
2) By 7.2 kW-15 kW: AC Chargers For Mid-Range EVs, Level 2 Chargers (240V)
3) By Above 15 kW: High-Power Chargers For Larger EVs, Level 3 Chargers (DC Fast Charging Capable)
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Which geographical regions are pioneering growth in the on-board charger market?
Asia-Pacific was the largest region in the on-board charger market in 2024. The regions covered in the on-board charger market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the influential players reshaping the on-board charger market landscape?
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.
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What Is Covered In The On-Board Charger Global Market Report?
•Market Size Forecast: Examine the on-board charger market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the on-board charger market for a structured understanding.
•Key Players Overview: Analyze major players in the on-board charger market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the on-board charger market.
•Segment Contributions: Evaluate how different segments drive overall growth in the on-board charger market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the on-board charger market.
•Industry Challenges: Identify potential risks and obstacles affecting the on-board charger market.
•Competitive Landscape: Review strategic developments in the on-board charger market, including expansions, agreements, and new product launches.
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