Global On-Board Charger Market to Reach US$ 16.58 Billion by 2028, Propelled by the Increasing Demand for Electric Vehicles

May 23, 2023 | Electronics and Semiconductors

The latest report by IMARC Group, titled "On-Board Charger Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global on-board charger market size reached US$ 5.41 Billion in 2022. An on-board charger (OBC) is an essential component in electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) that plays a crucial role in managing the charging process. It is a device designed to convert alternating current (AC) from an external power source, such as a charging station or wall outlet, into direct current (DC) for charging the vehicle's battery pack. OBC comprises components, such as rectifiers, transformers, power electronics, and control circuitry. The rectifiers convert the incoming AC power to DC, while the transformers modify the voltage levels as required. The power electronics manage the flow of electricity and control the charging process. The control circuitry monitors the condition of battery and communicates with the vehicle's management system to ensure safe and efficient charging. It performs several tasks during the charging process, including voltage conversion, current regulation, and monitoring of the charging parameters. The charger adjusts the voltage and current levels according to the battery's state of charge and the charging protocol being used.

Global On-Board Charger Market Trends:

One of the primary factors driving the market is the rising awareness about environmental concerns and the increasing need to reduce greenhouse gas emissions. As electric vehicles become more mainstream, the demand for efficient and high-performance OBCs is also escalating. Additionally, governments of different nations are implementing various policies and regulations, including financial incentives, tax benefits, and stricter emission standards, to promote the adoption of electric vehicles. Such initiatives are contributing to market growth as they create a favorable environment for electric vehicle manufacturers and encourage investment in charging infrastructure. Other than this, there has been significant progress in the development of fast-charging stations and wireless charging technologies. These advancements require advanced OBCs capable of handling higher power levels and supporting different charging standards, thus accelerating the sales of OBCs. Moreover, collaboration between automotive manufacturers, OBC suppliers, and charging infrastructure providers is positively influencing the market growth. Partnerships enable the development of interoperable solutions, standardized charging protocols, and integrated charging networks, which enhance the convenience and accessibility of electric vehicle charging. Looking forward, IMARC Group expects the market value to reach US$ 16.58 Billion by 2028, exhibiting a CAGR of 19.20% during the forecast period (2023-2028). 

Market Summary:

  • On the basis of the power, the market has been segmented into less than 11 kW, 11kW to 22 kW, more than 22 kW. Currently, 11 kW to 22 kW represents the largest segment.
  • Based on the vehicle type, the market has been classified into passenger cars, buses, vans, medium and heavy-duty vehicles, boats, and others. Passenger cars are the most popular vehicle type.
  • On the basis of the propulsion type, the market has been bifurcated into battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV). At present, battery electric vehicle (BEV) accounts for the majority of the market share.
  • Based on the distribution channel, the market has been segmented into OEMs and aftermarket.
  • Region-wise, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) exhibits a clear dominance in the market. Other major regions include North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Bel Fuse Inc., BRUSA Elektronik AG, Delta Energy Systems, Ficosa International SA, Innolectric AG, KOSTAL Automobil Elektrik GmbH & Co. KG, Robert Bosch GmbH, Semiconductor Components Industries LLC, Stercom Power Solutions GmbH, STMicroelectronics N.V., Texas Instruments Incorporated, and Toyota Industries Corporation.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Powers Covered Less Than 11 kW, 11 kW to 22 kW, More Than 22 kW
Vehicle Types Covered Passenger Car, Buses, Vans, Medium and Heavy Duty Vehicles, Boats, Others
Propulsion Types Covered Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)
Distribution Channels Covered OEMs, Aftermarket
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Bel Fuse Inc., BRUSA Elektronik AG, Delta Energy Systems, Ficosa International SA, innolectric AG, KOSTAL Automobil Elektrik GmbH & Co. KG, Robert Bosch GmbH, Semiconductor Components Industries LLC, Stercom Power Solutions GmbH, STMicroelectronics N.V., Texas Instruments Incorporated, Toyota Industries Corporation, etc.
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Global On-Board Charger Market to Reach US$ 16.58 Billion by 2028, Propelled by the Increasing Demand for Electric Vehicles
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