Global EV On-Board Battery Chargers Market Forecast to Reach USD 25.88 Billion by 2034, Growing at an 18.21% CAGR

Evolve Business Intelligence has published a research report on the Global EV On-Board Battery Chargers Market, 2024–2034. The global EV On-Board Battery Chargers Market is projected to exhibit a CAGR of around 18.21% during the forecast period of 2024 to 2034.

Evolve Business Intelligence has recognized the following companies as the key players in the global EV On-Board Battery Chargers Market: Tesla, Delta electronics, ABB, Valeo, WallBox, Charge Point, Fortum, Tata Power, Ather Energy and BP Pulse.

Market Highlights

The Global EV On-Board Battery Chargers Market is projected to be valued at USD 25.88 Billion by 2034, recording a CAGR of around 18.21% during the forecast period. ​ The EV On-Board Battery Chargers Market is a key segment in the electric vehicle (EV) ecosystem, focusing on the development and production of chargers that are integrated into EVs to convert AC power from external sources into DC power for battery charging. These chargers play a critical role in ensuring efficient energy conversion and battery longevity.

The global EV on-board battery charger market is poised for substantial growth in the coming years. The increasing sales of electric vehicles, coupled with technological advancements in charging solutions and supportive government initiatives, will continue to drive market expansion.

Segmental Analysis

The global EV On-Board Battery Chargers Market has been segmented based on Power Output, Propulsion Type, Vehicle Type and End User.

Based on Power Output, the EV On-Board Battery Chargers Market is segmented into Low-Power Chargers, Medium-Power Chargers, High-Power Chargers. The Low-Power Chargers segment is anticipated to dominate the market.

Based on Propulsion Type, the global EV On-Board Battery Chargers Market has been divided Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs). The Battery Electric Vehicles segment is anticipated to dominate the market.

Based on vehicle Type, the global EV On-Board Battery Chargers Market has been divided into Passenger Cars, Commercial Vehicles. The Passenger Cars segment is anticipated to dominate the market.

Based on End User, the global EV On-Board Battery Chargers Market has been divided into OEMs (Original Equipment Manufacturers) and Aftermarket. The OEMs segment is anticipated to dominate the market.

Regional Analysis

The EV On-Board Battery Chargers Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. EV sales are steadily increasing in North America, driven by growing environmental awareness and the availability of new EV models. Increasing deployment of home and workplace charging stations and growth in fast-charging on-board chargers (11 kW and above) for longer-range EVs. In Europe, The European Union has implemented stringent CO2 emission targets for vehicles, compelling automakers to shift towards EVs. Regulation (EU) 2019/631 introduces more stringent EU-wide CO2 fleet targets, including a 15% reduction by 2025 for both cars and vans. Asia Pacific dominated the global EV on-board charger market. China is the world’s leading EV hub and holds the maximum market share in this region and countries like China, Japan, South Korea, and India are witnessing rapid growth in EV adoption, fueled by government incentives, urbanization, and increasing environmental awareness. Latin America region, has emerging EV market with growing adoption in Brazil, Mexico, and Chile. Government policies promoting EV infrastructure but at a slower pace and Increasing focus on local manufacturing of EV components to reduce costs. Middle east and Africa region is slow but increasing EV adoption in the UAE, South Africa, and Saudi Arabia and Governments investing in sustainable mobility projects and growing interest in solar-powered EV charging solutions.