Press release
On-Board Charger Market Poised to Hit $11.27 Billion by 2029 with Accelerating Growth Trends
On-Board Charger Market
On-Board Charger Market Size Growth Forecast: What to Expect by 2025?
In recent times, the market size for on-board chargers has witnessed a swift expansion. The sector, valued at $5.05 billion in 2024, is projected to rise to $5.87 billion in 2025, presenting a compound annual growth rate (CAGR) of 16.4%. The notable growth during the historic period stems from factors such as government incentives, increased acceptance of electric vehicles (ev), goals to reduce emissions, cost reduction strategies, and further government support.
How Will the On-Board Charger Market Size Evolve and Grow by 2029?
The market size of on-board chargers is anticipated to experience a swift expansion in the upcoming years, rising to a value of $11.27 billion in 2029, with a CAGR of 17.7%. The ascension projected for this period can be credited to factors such as consumer demand, sustainable measures, the automotive industry, quicker charging, and electric vehicle (EV) fleets. Significant trends anticipated throughout the forecast period encompass high-power charging stations, EV charging infrastructure, technology progression, battery innovations, and vehicle-to-grid (v2g) technology.
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What Drivers Are Propelling the Growth of On-Board Charger Market Forward?
The surge in electric vehicle demand is projected to stimulate the on-board charger market's growth. The economical consequences of COVID-19 may have softened the demand for petrol and diesel cars, but the need for EVs has escalated. Concerns about global warming and aims to achieve net-zero emissions are promoting the worldwide transition to emission-free motoring. These advancements in EVs and hybrid vehicles are economically beneficial as they lead to reduced fuel expenditures and a shift from petroleum-based products to power vehicles produced more locally. For example, projections by the Edison Electric Institute (EEI), a US-based association representing all investor-owned electric companies, indicate that the count of electric vehicles (EVs) on U.S. roads might rise from 2.4 million in 2021 to 26.4 million by 2030. The yearly sales of EVs are anticipated to approach approximately 5.6 million in 2030, accounting for nearly 32% of the total annual light-duty vehicle sales. Hence, the growing requirement for electric vehicles is anticipated to reinforce the on-board charger market in the forecast duration.
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Which Emerging Trends Are Transforming the On-Board Charger Market in 2025?
Leading corporations in the onboard charger market are prioritizing the development of technologically advanced solutions like onboard battery chargers in an effort to improve charging efficiency, shorten charging periods, and cater to the growing demand for electric vehicles (EVs). An onboard battery charger is a built-in device found in EVs or hybrids, which enables the battery of the vehicle to be charged from an external power source like a wall socket or a charging station. For instance, in October 2022, Zivan Srl, an electronics firm based in Italy, introduced the CT3.3, a state-of-the-art onboard charger for EVs, at Bauma 2022 in Munich. This novel charger is characterized by its rugged build fit for a range of mobile applications, a water-cooling system for better performance, and high power density for compactness without sacrificing output. Additionally, it comes with an optional built-in DC-DC converter and input over-voltage safeguard for added security. The CT3.3 can be adjusted to provide charging capabilities of 3.3 kW, 6.6 kW, or 9.9 kW, thus making it a flexible solution for contemporary electric mobility requirements.
What Are the Key Segments in the On-Board Charger Market?
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), Aftermarket
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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Who Are the Key Players Shaping the On-Board Charger Market's Competitive 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.
What Geographic Markets Are Powering 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.
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