Electric Vehicle On-Board Charger Market Size - By Rating (< 11 kW, > 11 kW to 22 kW, > 22 kW), By Propulsion (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)), & Forecast, 2024 – 2032

Electric Vehicle On-Board Charger Market Size

Electric Vehicle On-Board Charger Market was valued at USD 6.1 billion in 2023 and is projected to grow at a CAGR of over 9.3% from 2024 to 2032. Driven by environmental concerns along with the rise in private and government incentives & investments. This surge in EV adoption naturally drives the demand for onboard chargers. For instance, in March 2022, Ford made an announcement that it would boost its worldwide investment in electric vehicles (EVs) to USD 50 billion. The ambitious commitment positioned Ford as the fourth-largest investor in EVs among all global automakers and the leading one in the United States.
 

Increasing concern for advanced materials & cooling across electric vehicles along with rising trend of bidirectional charging speed across EV’s will complement the electric vehicle on-board charger market scenario. In addition, there was a trend toward developing onboard chargers with higher power ratings to reduce charging times. Faster chargers are seen as more attractive to consumers and are a significant selling point for automakers.
 

COVID-19 Impact

The electric vehicle onboard charger market experienced a multifaceted impact from the COVID-19 pandemic. Initially, as the pandemic unfolded and economic uncertainties prevailed, there was a notable slowdown in the EV market, affecting the demand for onboard charger. However, some governments introduced or enhanced incentives to promote EV adoption and charging infrastructure development, partially mitigating the negative impact.
 

Electric Vehicle On-Board Charger Market Trends

The on-board charger market is experiencing a transformative shift driven by several key trends. With the rise in electric vehicle adoption, there is a clear demand for faster and more powerful charging solutions, prompting manufacturers to develop on-board chargers with higher power ratings to reduce charging times significantly. Growing interest in bidirectional charging capabilities, enabling electric vehicles to not only draw power from the grid but also send excess energy back, contributing to grid stability and home energy use. Integration of advanced materials like silicon carbide (SiC) and gallium nitride (GaN) semiconductors is revolutionizing charger efficiency and performance.
 

The inclusion of smart charging features, such as remote monitoring and optimization, is becoming increasingly important for users seeking greater control and efficiency in their electric vehicle charging. Standardization efforts are also underway to ensure compatibility and interoperability across diverse EV models and charging infrastructure, streamlining the charging experience for consumers and further propelling the growth of the on-board charger market.
 

Electric Vehicle On-Board Charger Market Analysis

Based on rating, the > 11 kW to 22 kW segment is set observe 10.5% growth rate up to 2032. Increasing adoption of higher-power on-board chargers in various electric vehicle models, especially among mid-range and premium segments. These chargers offer faster charging speeds, making EVs more attractive to consumers who value shorter charging intervals. Furthermore, as electric vehicle infrastructure continues to expand, there is a growing emphasis on interoperability and compatibility among charging stations and vehicles. This trend is pushing manufacturers to ensure that their EVs can utilize a range of charging networks, including those offering 11 kW to 22 kW charging capacity.
 

In addition, governments and regulatory bodies are encouraging the development and adoption of on-board chargers with higher power ratings to support fast-charging networks and enhance the practicality of electric vehicles for longer trips. As a result, the market for on-board chargers in this power range is expected to continue growing as automakers strive to meet consumer demands for faster and more accessible charging options.
 

Based on propulsion, the BEV segment stood at a market share of over 66.3% in the year 2022. Push for higher charging capacities in BEVs along with consumer demand for faster charging and increased driving range grows, manufacturers are developing on-board chargers with higher power ratings, enabling quicker replenishment of the battery pack. This trend aligns with the broader industry goal of reducing charging times and enhancing the practicality of BEVs.
 

• On-board chargers were incorporating advanced smart charging features. These included remote monitoring, scheduling, and optimization capabilities that allowed users to manage their charging processes more efficiently. Such features were becoming increasingly important for consumers seeking greater control over their charging routines and costs.
   
• Efforts were underway to establish industry standards and protocols for charging interfaces, aiming to ensure interoperability among different BEV models and charging infrastructure. This trend was crucial for simplifying the charging experience for consumers and promoting the widespread adoption of BEVs.
   
• BEV adoption was expanding globally, and automakers were establishing manufacturing and supply chain capabilities in key markets to meet the growing demand for on-board chargers.

Asia Pacific electric vehicle on-board charger market estimated to expand at a CAGR of 10.15% between 2023 and 2032, owing to the rapid EV adoption, infrastructure expansion, domestic manufacturing, technological advancements, and strong government support. These trends collectively positioned the region as a key player in the global EV market, with a growing demand for on-board chargers to support the transition to electric mobility and reduce environmental impact will further fuel the market outlook.
 

Governments across the region were actively supporting the growth of the EV market through subsidies, tax incentives, and regulatory measures. These policies encouraged both consumers and automakers to embrace electric mobility. In addition, the adoption of smart charging solutions is on the rise in the region as consumers are increasingly interested in on-board chargers with remote monitoring, scheduling, and optimization capabilities, aligning with the broader trend of smart and connected mobility.
 

Electric Vehicle On-Board Charger Market Share

Delta Electronics, a Taiwanese multinational company, had been expanding its market share by providing a range of high-power onboard chargers designed for electric vehicles. In addition, Siemens had been leveraging its established presence in the industrial and automation sectors to make inroads into EV charging solutions, aiming to capture a significant share of the market. The analysis by major key companies helps stakeholders, including investors and consumers, assess the competitive strengths and weaknesses of these key players and provides insights into the market's growth trajectory. However, the EV industry is highly dynamic, and market share can shift rapidly as new entrants, innovations, and evolving consumer preferences continue to shape the landscape.
 

Some of the key market players operating across the Electric Vehicle On-Board Charger industry are:

• BorgWarner Inc.
• alfanar Group
• Powell Industries
• Kirloskar Electric Company
• Bell Power Solution
• BRUSA Elektronik AG
• Current Ways Inc.
• Delphi Technologies
• Eaton Corporation
• Stercom Power Solutions GmbH
• Delta Energy Systems
• STMicroelectronics
• innolectric AG
• AVID Technology Limited
• Ficosa International SA
• Toyota Industries Corporation
• Xepics Italia SRL
• Infineon Technologies AG
   

Electric Vehicle On-Board Charger Market News:

• BMW Group and Evergo announced a strategic alliance that aims to strengthen Mexico’s public EV charging network. The companies will invest USD 200 million to install over 4,000 new chargers across the country in a five-year period.
   
• As per Indian Brand Equity Foundation, in April 2022, India is set to witness extensive EV chargers along with expansion of EV infrastructure with the investment of USD 1.84 billion in coming 3 to 4 years under the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme, which in turn will have a positive impact on the deployment of EV charging station.
   

This electric vehicle on-board charger market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume & revenue in ‘000 Units & USD Million from 2019 to 2032, for the following segments:

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By Rating

• < 11 kW
• > 11 kW to 22 kW
• > 22 kW

By Propulsion

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

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Norway
  • Germany
  • France
  • Netherlands
  • UK
  • Sweden
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore 
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
• Latin America
  • Brazil
  • Argentina