On-Board Charger Market

Market Overview:

The global on-board charger market size reached US$ 5.41 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.58 Billion by 2028, exhibiting a growth rate (CAGR) of 19.20% during 2023-2028. The high cost of charging an EV at public charging stations, burgeoning automotive industry, and the growing demand for zero-emission buses as a public transport represent some of the key factors driving the market.

An on-board charger (OBC) is a device that is mounted inside the vehicle and converts alternative current (AC) power into the direct current (DC) form. It is highly efficient, reliable, and compact, with different power levels suitable for various grid conditions. It is easy to operate as OBC offers constant current or voltage charging while maintaining the speed and efficiency of charging. It integrates seamlessly with the EV battery management system and vehicle management system through the controller area network (CAN). It also assists in charging the electric vehicle (EV) using the power outlet at home without buying any extra equipment for power conversion. It provides high power density and heat dissipation for a variety of electric mobility applications. As it controls the level of current and voltage at which the battery is charged to maintain the lifespan of the battery, the demand for OBC is rising across the globe.

On-Board Charger Market Trends:

At present, there is a rise in the demand for OBCs due to the high cost of charging an EV at public charging stations, such as highways, malls, and workplaces, as compared to residential rates. This, along with the thriving automotive industry around the world, represents one of the key factors supporting the growth of the market. In addition, the growing demand for the AC level 1 on-board charger that can be used in all types of EVs and can be plugged into ordinary power outlets is positively influencing the market. Moreover, key players are introducing silicon carbide semiconductor technology for manufacturing OBCs as it provides high power density with an enhanced efficiency rate. Besides this, there is an increase in the demand for zero-emission buses as public transport due to the rising awareness among the masses about the harmful impact of air pollution worldwide. This, coupled with the growing utilization of EVs to reduce the dependency on fossil fuels, is offering a positive market outlook. Additionally, governing agencies of various countries are promoting the usage of EVs by banning diesel vehicles and providing incentives to EV buyers. They are also implementing stringent emission regulations to lower the level of air pollution, which is propelling the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global on-board charger market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on power, vehicle type, propulsion type, and distribution channel.

Power Insights:

• Less Than 11 kW
• 11 kW to 22 kW
• More Than 22 kW
   

The report has provided a detailed breakup and analysis of the on-board charger market based on the power. This includes less than 11 kW, 11 kW to 22 kW, and more than 22 kW. According to the report, 11 kW to 22 kW represented the largest segment.

Vehicle Type Insights:

• Passenger Car
• Buses
• Vans
• Medium and Heavy Duty Vehicles
• Boats
• Others
   

A detailed breakup and analysis of the on-board charger market based on the vehicle type has also been provided in the report. This includes passenger car, buses, vans, medium and heavy duty vehicles, boats, and others. According to the report, passenger cars accounted for the largest market share.

Propulsion Type Insights:

• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
   

A detailed breakup and analysis of the on-board charger market based on the propulsion type has also been provided in the report. This includes battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV). According to the report, battery electric vehicle (BEV) accounted for the largest market share.

Distribution Channel Insights:

• OEMs
• Aftermarket
   

A detailed breakup and analysis of the on-board charger market based on the distribution channel has also been provided in the report. This includes OEMs and aftermarket.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for on-board charger. Some of the factors driving the Asia Pacific on-board charger market included various government efforts for promoting the usage of EVs, rising air pollution, increasing development of smart cities, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global on-board charger market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global on-board charger market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global on-board charger market?
• What is the impact of each driver, restraint, and opportunity on the global on-board charger market?
• What are the key regional markets?
• Which countries represent the most attractive on-board charger market?
• What is the breakup of the market based on the power?
• Which is the most attractive power in the on-board charger market?
• What is the breakup of the market based on the vehicle type?
• Which is the most attractive vehicle type in the on-board charger market?
• What is the breakup of the market based on the propulsion type?
• Which is the most attractive propulsion type in the on-board charger market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the on-board charger market?
• What is the competitive structure of the global on-board charger market?
• Who are the key players/companies in the global on-board charger market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the on-board charger market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global on-board charger market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the on-board charger industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.