Press release
Growing Electric Vehicle Adoption Fuels Expansion Of The On-Board Charger Market: Powering Innovation and Expansion in the On-Board Charger Market by 2025
On-Board Charger Market
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What Is the Expected CAGR for the On-Board Charger Market Through 2025?_x000D_
The market size of on-board chargers has witnessed a quick expansion in the recent past. The industry, which was worth $5.05 billion in 2024, is projected to increase to $5.96 billion in 2025, showcasing a compound annual growth rate (CAGR) of 18.1%. Factors like governmental incentives, increased adoption of electric vehicles (EV), objectives for reducing emissions, and cost cutting, have largely contributed to this growth during the historic period._x000D_
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What's the Projected Size of the Global On-Board Charger Market by 2029?_x000D_
The market size for on-board chargers is predicted to experience a swift expansion in the coming years, reaching a whopping $11.67 billion by 2029. This translates to a compound annual growth rate (CAGR) of 18.3%. Factors driving this surge during the prediction period include consumer needs, sustainable practices, advancements in the automotive sector, accelerated charging, and the increasing use of electric vehicle (EV) fleets. Key trends during this period consist of enhanced charging stations with high power, the development of EV charging layouts, technological progressions, advancements in battery technology, and vehicle-to-grid (v2g) systems._x000D_
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https://www.thebusinessresearchcompany.com/report/on-board-charger-global-market-report_x000D_
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Top Growth Drivers in the On-Board Charger Industry: What's Accelerating the Market?_x000D_
The growth of the on-board charger market is predicted to be spurred by the growing preference for electric vehicles. While the economic repercussions of COVID-19 have caused decrease in demand for gasoline and diesel vehicles, the popularity of electric vehicles continues to rise. The global effort to combat climate change and the ambition to attain net-zero emissions are catalyzing the transition towards vehicles that don't contribute to emissions. This shift towards electric and hybrid vehicles is helpful in curbing fuel costs and transitioning consumption from oil-based products to vehicles powered by locally produced electricity. For example, Edison Electric Institute (EEI), a representative organization for all investor-owned electric companies in the US, predicts in June 2022, that the number of electric vehicles on US roads will grow from 2.4 million in 2021 to 26.4 million by 2030. The annual sales of electric vehicles could hit nearly 5.6 million in 2030, accounting for about 32% of total annual light-duty vehicle sales. Consequently, the surging popularity of electric vehicles is anticipated to fuel the growth of the on-board charger market in the forecast period._x000D_
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What Trends Will Shape the On-Board Charger Market Through 2029 and Beyond?_x000D_
Leading businesses in the onboard charger sector are concentrating on producing ground-breaking technological advancements like onboard battery chargers. These are aimed at improving charging proficiency, decreasing charging periods, and accommodating the rising electric vehicles (EVs) demand. Essentially, an onboard battery charger is a charging apparatus incorporated into an EV or hybrid vehicle, facilitating the charging of the vehicle's battery using an external power source, such as a domestic socket or charging station. For illustration, in October 2022, Zivan Srl, an electronics corporation situated in Italy, introduced the CT3.3, an advanced onboard charger for electric vehicles, presented at Bauma 2022 in Munich. This pioneering charger is designed robustly for numerous mobile applications, incorporates a water-cooling system for superior performance, and possesses high power density for compactness while delivering undeterred output. Additionally, it has an optional integrated DC-DC converter and input over-voltage protection feature for safety. The CT3.3 onboard charger provides flexible charging power options at 3.3 kW, 6.6 kW, or 9.9 kW, characterizing it as an adaptable solution for current electric mobility requirements._x000D_
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What Are the Main Segments in the On-Board Charger Market?_x000D_
The on-board charger market covered in this report is segmented -_x000D_
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1) By Power Output: Below 7.2 kW, 7.2 kW-15 kW, Above 15 kW_x000D_
2) By Sales Channel: Original Equipment Manufacturer (OEM), After market_x000D_
3) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)_x000D_
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Subsegments:_x000D_
1) By Below 7.2 kW: AC Chargers For Low-Power EVs, Level 1 Chargers (120V)_x000D_
2) By 7.2 kW-15 kW: AC Chargers For Mid-Range EVs, Level 2 Chargers (240V)_x000D_
3) By Above 15 kW: High-Power Chargers For Larger EVs, Level 3 Chargers (DC Fast Charging Capable)_x000D_
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Which Top Companies are Driving Growth in the On-Board Charger Market?_x000D_
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._x000D_
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Which Regions Will Dominate the On-Board Charger Market Through 2029?_x000D_
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._x000D_
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1. Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions._x000D_
2. Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning._x000D_
3. Policy Makers & Regulators - To track industry developments and align regulatory frameworks._x000D_
4. Consultants & Analysts - To support market entry, expansion strategies, and client advisory work._x000D_
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