EV on-board Charger Market is Forecasted to Reach US$15.7 Billion in 2031, Says Stratview Research

The global EV on-board Charger market size was valued at US$6.5 billion in 2024 and is projected to reach US$15.7 billion by 2031, witnessing a market growth CAGR of 12.4% from 2024 to 2031, according to an analysis by Stratview Research.

Stratview Research, a global market research firm, has launched a report on the global EV on-board Charger market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2024: US$6.5 billion
Market Size in 2031: US$15.7 billion
Growth (CAGR): 12.4% during 2024-2031
Leading Power Flow Type: Commercial Aircraft
Leading Propulsion Type: Unidirectional
Leading Vehicle Type: BEV
Leading Power Rating Type: LV
Leading Region: Asia-Pacific
Forecast Period: 2024-2031
Trend Period: 2019-2023
Base Year: 2024
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the EV on-board Charger Market:

The global EV on-board Charger market is segmented based on Power Flow type, Propulsion type, Vehicle type, Power Rating type, and Region.

Based on the aircraft type -

- EV on-board chargers are segmented into unidirectional and bidirectional power flow types. Unidirectional on-board chargers (OBCs) continue to dominate the market due to their cost-effectiveness, simplified design, and seamless compatibility with existing EV charging infrastructure. Unidirectional on-board chargers adequately meet the standard energy transfer needs of most EV users, making them well-suited for mass-market, entry-level, and mid-range vehicles where affordability and efficiency are critical. Their simple design and ease of integration into existing vehicle architectures also enable faster production and deployment by automakers.
- The bidirectional OBCs are expected to grow at a faster rate during the forecast period, driven by increasing interest in advanced energy applications such as vehicle-to-grid (V2G) and vehicle-to-home (V2H). Despite their growth potential, bidirectional systems face challenges like higher costs, regulatory uncertainty, and insufficient grid infrastructure, which limit widespread adoption in the short term.

Based on the propulsion type -

- EV on-board chargers are segmented into BEV and HEV propulsion types. Battery electric vehicles (BEVs) are likely to continue to dominate the EV on-board charger (OBC) market through the forecast period. Unlike plug-in hybrid electric vehicles (PHEVs), BEVs rely entirely on electric power for propulsion, making energy-efficient and high-performance OBCs essential. Their larger battery packs, especially in long-range models, demand more robust charging systems to ensure acceptable charging times and overall user convenience.
- In the coming years, the expansion of fast-charging networks and the development of infrastructure supporting higher-powered chargers will favor vehicles equipped with OBCs rated above 5 kW, enabling them to better capitalize on these advancements and achieve sustained market penetration.

Which region shows the most promising growth forecast and opportunity?

- During the forecast period, the Asia Pacific region holds the top share for on-board chargers (OBCs) for electric vehicles (EVs). This is mainly fuelled by the explosion of the electric vehicle (EV) industry in countries such as China, India, and Japan, which are at the forefront of adopting EVs courtesy of a strong government policy on incentives, environment policies, and growing consumer demand for cleaner means of transport. China, more specifically, is the world's biggest EV market, and the demand for OBCs is significant, as the nation continues to develop its EV infrastructure and capacity.
- In addition, many big car makers are set on making electric vehicles for the Asia-Pacific market, thereby pushing the adoption of OBCs to higher levels. The region also enjoys cheap manufacturing and established supply chains for EV components, which is a key gateway for both EV production and charging technology. As the demand shifts towards sustainable growth and enhanced emissions, Asia-Pacific will continue to dominate the EV on-board charger market for the years to come.

EV on-board Charger Market Drivers:

Some of the key drivers listed in the report are given below.

- Rising EV Adoption: Increasing demand for electric vehicles due to environmental concerns, fuel cost savings, and advancements in battery technology.
- Government Incentives & Policies: Subsidies, tax rebates, and stringent emission regulations are pushing automakers toward electrification.
- Expansion of Charging Infrastructure: Development of fast-charging stations and rising public and private charging networks drive the need for efficient OBCs.
- Technological Advancements: Innovations in power electronics, bidirectional charging, and smarter OBCs with enhanced efficiency.
- Battery Performance Improvements: The shift toward higher-capacity and higher-voltage EV batteries demands more advanced on-board chargers (OBCs) capable of efficient power conversion, optimized thermal management, and enhanced safety protocols.

Competitive Landscape: Top Companies in the EV on-board Charger Market:

Most of the major players compete in some of the factors, including price, service offerings, regional presence, etc. The following are the key players in the EV on-board Charger Market:

• Valeo
• BYD Auto Co., Ltd.
• BorgWarner Inc.
• Tesla, Inc.
• Toyota Industries Corporation
• KOSTAL Group

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Please write to us at sales@stratviewresearch.com

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the EV on-board Charger market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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