EV On-Board Battery Chargers Market Overview
The EV On-Board Battery Chargers Market size accounted for USD 4.56 Billion in 2023 and is estimated to account for 5.85 Billion in 2024. The Market is expected to reach USD 25.88 Billion by 2034 growing at a compound annual growth rate (CAGR) of 18.21% from 2024 to 2034. 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.
Global EV On-Board Battery Chargers Market Synopsis
EV On-Board Battery Chargers Market Dynamics
The major factors that have impacted the growth of EV On-Board Battery Chargers Market are as follows:
Drivers:
Ø Expansion of Charging Infrastructure
Growth in home, workplace, and public charging networks. Investments in smart grid integration for efficient charging. Development of fast-charging stations complementing on-board chargers. Shift from 3.3 kW and 6.6 kW chargers to 11 kW and above for faster charging. Growing need for high-power charging in commercial EVs and long-range passenger EVs. Increasing adoption of electric taxis, buses, and delivery fleets driving demand for efficient on-board chargers and expansion of ride-hailing services like Uber and Lyft transitioning to EV fleets.
Restraint:
- High Initial Cost of On-Board Chargers
Advanced on-board battery chargers (especially high-power models) involve expensive semiconductor materials like silicon carbide (SiC) and gallium nitride (GaN). Integration of bidirectional charging and smart grid connectivity further increases costs. On-board chargers must operate efficiently within limited vehicle space, leading to thermal management issues and power conversion losses can impact battery performance and vehicle range and developing countries have limited public charging networks, reducing the need for advanced on-board chargers.
Opportunity:
⮚ Wireless On-Board Charging Technologies
Advancements in inductive (wireless) charging for EVs eliminate the need for physical connectors. Automakers collaborating with tech firms to develop integrated wireless on-board chargers for seamless user experience. AI-driven and IoT-enabled on-board chargers optimize charging based on energy demand and grid conditions. Integration with mobile apps and cloud platforms enables remote monitoring and scheduling of charging. Subsidies for energy-efficient charging solutions boost R&D and innovation in on-board chargers and tax benefits and incentives for EV manufacturers promoting the development of integrated charging systems.
EV On-Board Battery Chargers Market Segment Overview
By Power Output
Based on Power Output, the market is segmented based on Low-Power Chargers, Medium-Power Chargers, High-Power Chargers. The Low-Power Chargers segment dominant the market. Home charging remains the primary use case, with government support boosting adoption and the shift towards higher-power chargers (11+ kW) in long-range EVs could impact the growth of this segment.
By Propulsion Type
Based on Propulsion Type, the market segment has been divided into Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs). The Battery Electric Vehicles segment dominant the market. BEVs are witnessing higher demand than Plug-in Hybrid Electric Vehicles (PHEVs) due to government policies promoting full electrification. More BEVs will feature Vehicle-to-Grid (V2G) & Vehicle-to-Home (V2H) support, allowing energy sharing and grid stabilization.
By Vehicle Type
Based on Vehicle Type, the market segment has been divided into Passenger Cars, Commercial Vehicles. The Passenger Cars segment dominant the market. Global EV sales surged due to government incentives, lower battery costs, and improved charging infrastructure. Integration of bidirectional charging (Vehicle-to-Grid, Vehicle-to-Home) in passenger EVs is increasing demand for advanced OBCs.
By End User
Based on End User, the market segment has been divided into OEMs (Original Equipment Manufacturers) and Aftermarket. The OEMs segment dominant the market. Rising sales of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) globally and Governments offering incentives and tax credits to boost EV adoption. Increase in residential EV ownership driving demand for efficient OBCs and Integration with solar power and AI-based smart charging solutions.
Global EV On-Board Battery Chargers Market Regional Analysis
Based on region, the global EV On-Board Battery Chargers Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the EV On-Board Battery Chargers Market followed by the Asia-Pacific and Europe regions.
North America EV On-Board Battery Chargers Market
North America holds a dominant position in the EV On-Board Battery Chargers Market. 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 EV and Increasing interest in faster charging solutions and higher power OBCs.
Asia-Pacific EV On-Board Battery Chargers Market
The Asia-Pacific region has indeed emerged as the fastest-growing market for the EV On-Board Battery Chargers Market industry. 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. Asia Pacific is a major manufacturing hub for both vehicles and electronic components, providing a strong supply chain for OBCs.
Competitive Landscape
The global EV On-Board Battery Chargers Market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.
Prominent Players:
- Tesla
- Delta electronics
- ABB
- Valeo
- WallBox
- Charge Point
- Fortum
- Tata Power
- Ather Energy
- BP Pulse.
Scope of the Report
Global EV On-Board Battery Chargers Market, by Power Output
- Low-Power Chargers
- Medium-Power Chargers
- High-Power Chargers
Global EV On-Board Battery Chargers Market, by Propulsion Type
- Battery Electric Vehicles (BEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
Global EV On-Board Battery Chargers Market, by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Global EV On-Board Battery Chargers Market, by End User
- OEMs (Original Equipment Manufacturers)
- Aftermarket
Global EV On-Board Battery Chargers Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Nordic
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Indonesia
- Austalia
- Malaysia
- India
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of Middle East & Africa
| Parameters | Indicators |
|---|---|
| Market Size | 2034: USD 25.88 Billion |
| CAGR (2024-2034) | 18.21% |
| Base year | 2022 |
| Forecast Period | 2024-2034 |
| Historical Data | 2021 (2017 to 2020 On Demand) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Segmentations | Power Output, Propulsion Type, Vehicle Type, End User |
| Geographies Covered | North America, Europe, Asia-Pacific, South America, Middle East, Africa |
| Key Vendors | Tesla, Delta electronics, ABB, Valeo, WallBox, Charge Point, Fortum, Tata Power, Ather Energy and BP Pulse. |
| Key Market Opportunities | · Wireless On-Board Charging Technologies
· Growing Demand for Smart & Connected Charging Solutions |
| Key Market Drivers | · Expansion of Charging Infrastructure
· Rising Demand for High-Power On-Board Chargers |
REPORT CONTENT BRIEF:
- High-level analysis of the current and future EV On-Board Battery Chargers Market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- EV On-Board Battery Chargers Market historical market size for the year 2021, and forecast from 2023 to 2033
- EV On-Board Battery Chargers Market share analysis at each product level
- Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global EV On-Board Battery Chargers Market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
