On-Board Charger Market Outlook 2024: Trends, Growth & Demand

According to recent findings, the Global On-Board Charger Market size is valued at around USD 6.2 billion in 2024 and is estimated to grow at a CAGR of around 16.5% during the forecast period, i.e., 2024-30.

At MarkNtel Advisors, we continuously monitor and analyze industry trends to provide reliable insights that support informed decision-making and the key factors contributing to the market's promising outlook.

On-Board Charger Overview:

Multiple market factors are driving the market such as the increased use of EVs at a very significant growth rate supported by advancement in technology as multiple levels of on-board chargers (Level 1, Level2, Level 3, or the DC fast charger) are being introduced to provide fast charging resolution as per requirement. Other factors that help in driving the industry include government policies supporting the growth of EVs to promote clean energy and reduce the greenhouse effects in addition to safe the depletion of nonrenewable natural resources. Global investments are being made on a mass level to support the industry with RD and innovations.

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On-Board Charger Outlook and Future Trends :

Increasing Popularity of High Speed Wireless Tech Chargers – Companies are focusing on increasing the speed of on-board chargers by introducing level 3 charges also known as DC fast chargers to significantly reduce charging times as compared to the previous gen level 1 and level 2 chargers. This demand for high-speed charging infrastructure is driving growth in the market. Wireless tech is also supporting growth in the industry allowing chargers without physical connectors. It is in the development phase but still it can change market dynamics positively. Thus, the increasing popularity of high-speed wireless tech chargers is developing a positive market environment for the market players and ultimately paving a solid path for growth expansion in the coming years.

Global On-Board Charger Segmentation Analysis:

By Propulsion Type

Battery Electric Vehicle [BEV]
Plug-in Hybrid Electric Vehicle [PHEV]

According to reports,Battery Electric Vehicles (BEVs) are fully electric vehicles that operate solely on electric power stored in their battery packs.

By Power Output

Less than 10 KW
10 KW–20 KW
More than 20 KW

By Vehicle Type

Passenger Vehicles
Commercial Vehicle

According to reports,Passenger vehicles include electric cars and light-duty electric vehicles. This segment has a market share of approx. 70% of the market.

By End-User

OEMs
Aftermarket

By Region

North America
South America
Europe
Asia-Pacific
Middle East Africa.

According to reports, According to the data, Europe currently holds the most of the global market share i.e. 35% approx.

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Some of the Market players in the Global On-Board Charger are:

BRUSA Elektronik AG
Current Ways Inc.
Bel Power solution
Innoelectric GmbH
Toyota Industries Corporation
Stercom Power Solutions GmbH
Eaton
Delphi Technologies
Xepics Italia SRL
Infineon Technologies AG
AVID Technology Limited
Hangzhou Aodi Electronic Control Co., Ltd.
STMICROELECTRONICS
Ficosa Internacional SA.

On-Board Charger Recent Development:

In March 2023: Toyota Industries Corporation announced the launch of a new generation of on-board chargers featuring high-efficiency silicon carbide (SiC) technology in their press release.

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Market Size, Share Future Projections – Understand the current market dimensions and forecasted growth trajectory.
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Company Strategies Developments – Discover recent mergers, acquisitions, partnerships, and innovations.
Key Stakeholders Value Chain Insights – Identify the main players and their roles within the industry ecosystem.
Import Export Dynamics – Analyze global trade flows, regional export trends, and supply chain movements.
Competitive Benchmarking – Gain a clear view of the leading companies and their market positioning.
Emerging Growth Opportunities – Spot untapped areas and niche markets for potential investment.
Market Trends Growth Drivers – Stay ahead with insights into evolving consumer behavior and industry indicators.

Research Methodology Summary

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Key Steps:

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