Electric Vehicle On-board Charger Market Size & Growth Analysis to 2030

The global electric vehicle on-board charger market size is anticipated to register a significant CAGR of over 17% during the forecast period from 2021 to 2027. The increasing adoption of electric vehicles around the world is a primary factor to drive market growth. The high-cost vehicle charging at public places is further anticipated to boost the market growth over the forecast period. Due to commercial electricity in public places, the charging cost of the electric vehicle is high, which is expected to increase the demand for onboard charger units. Moreover, the fluctuating gasoline prices and government initiatives for the development of EV charging infrastructure are anticipated to spur market growth.

Market Drivers:

Government regulations and incentives: Governments worldwide are implementing stringent emission regulations and offering incentives to promote the adoption of electric vehicles (EVs). These regulations and incentives encourage automakers to increase their EV offerings and consumers to switch to electric vehicles. On-board chargers are essential components of EVs, as they facilitate the charging of the vehicle’s battery. The favorable government regulations and incentives drive the demand for electric vehicle on-board chargers.

Increasing EV adoption: The global market for electric vehicles is growing rapidly, driven by factors such as rising environmental concerns, advancements in battery technology, and improving charging infrastructure. As more consumers and fleet operators transition to electric vehicles, there is a corresponding increase in the demand for on-board chargers to support the charging needs of these vehicles. The increasing adoption of EVs fuels the growth of the electric vehicle on-board charger market.

Expansion of charging infrastructure: The development of a robust and accessible charging infrastructure is critical for the widespread adoption of electric vehicles. Governments, utility companies, and private organizations are investing in the expansion of public and private charging stations, including fast-charging networks. On-board chargers play a vital role in these charging stations, enabling efficient and convenient charging for EV users. The expansion of charging infrastructure drives the demand for electric vehicle on-board chargers.

Technological advancements in charging technology: Continuous advancements in charging technology, including faster charging speeds, enhanced efficiency, and bidirectional charging capabilities, are driving the demand for more advanced on-board chargers. These advancements enable quicker charging times, longer driving ranges, and the ability to utilize EV batteries for energy storage or vehicle-to-grid applications. Technological advancements in charging technology stimulate the growth of the electric vehicle on-board charger market.

Increasing range anxiety: Range anxiety, the fear of running out of battery charge before reaching a charging station, is a significant concern for EV owners. To alleviate range anxiety and enhance the convenience of EV ownership, automakers are increasing the driving range of electric vehicles. This requires more powerful on-board chargers capable of charging the higher-capacity batteries quickly. The need to address range anxiety drives the demand for electric vehicle on-board chargers with higher power ratings.

Collaboration between automakers and charging infrastructure providers: Automakers and charging infrastructure providers are forming collaborations and partnerships to streamline the charging experience for EV owners. These collaborations often involve the integration of charging solutions, including on-board chargers, with vehicle platforms and charging networks. The seamless integration of on-board chargers with charging infrastructure enhances the overall user experience and promotes the growth of the electric vehicle on-board charger market.

Cost reduction of on-board charger technology: As the electric vehicle market matures, the cost of on-board charger technology is expected to decrease. This cost reduction can be attributed to economies of scale, advancements in manufacturing processes, and the optimization of component sourcing. The decreasing cost of on-board chargers makes electric vehicles more affordable and drives their adoption, thereby boosting the demand for electric vehicle on-board chargers.

Market Outlook:

Market Insights:

The global EV on-board charger market is bifurcated into power output, vehicle type, propulsion type, and geography. On the basis of power type, the market is further segmented into less than 11 kW, 11 kW to 22 kW, and more than 22 kW. The 11 kW to 22 kW segment dominated the global market in 2020 and is expected to grow at the same trends over the forecast period. On the other hand, the less than 11kW charger segment is estimated to grow at the highest growth rate over the forecast period.

On the basis of vehicle type, the market is segmented into passenger cars, buses, vans, and others. The passenger car segment dominated the global EV on-board charger market in 2020 and is estimated to hold a major market share of over one-third percent of the market. The increasing penetration of electric passenger car around the world is a primary factor to drive the segment growth. in contrast, the buses segment is accounted to grow at the fastest CAGR over the forecast period due to the increasing adoption of zero-emission buses across the globe.

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The electric vehicle on-board charger comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The electric vehicle on-board charger market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Power Output:

• Less than 11 kW
• 11 kW to 22 kW
• More than 22 kW

By Vehicle Type:

• Passenger Car
• Buses
• Vans
• Medium & Heavy-Duty Vehicles
• Boats
• Others

By Propulsion Type:

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

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

Geographically, the electric vehicle on-board charger market report comprises dedicated sections centering on the regional market revenue and trends. The electric vehicle on-board charger market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The electric vehicle on-board charger market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Electric vehicle on-board charger market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 – 2027.

Competitive Assessment:

Some of the major market players operating in the global electric vehicle on-board charger market are Bel Fuse Inc., STMicroelectronics, Delta Energy Systems, Eaton, and Toyota Industries Corporation. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Bel Fuse Inc.
• STMicroelectronics
• Delta Energy Systems
• Eaton
• Toyota Industries Corporation
• innolectric AG
• Stercom Power Solutions GmbH
• AVID Technology Limited
• BRUSA Elektronik AG
• Ficosa Internacional SA

Key Questions Answered by Electric Vehicle On-board Charger Market Report

• Global electric vehicle on-board charger market forecasts from 2021-2027
• Regional electric vehicle on-board charger market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Electric vehicle on-board charger submarket forecasts from 2021-2027 covering the market by power output, by vehicle type, by propulsion type, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to electric vehicle on-board charger market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level electric vehicle on-board charger markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the electric vehicle on-board charger market