Global On-Board Charger Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

 Overview and Scope

The on-board charger refers to a device or energy supply system that is built for the vehicle to charge the traction battery of an electric vehicle (EV) or hybrid electric vehicle (HEV). The primary purpose of an on-board charger (OBC) is to transfer and manage the flow of electricity from the power grid to the battery. This onboard charger (OBC) allows the battery to get recharged from the AC mains at home or from outlets found in private or public charging stations, which provides constant current or voltage charging.

Sizing and Forecast
The on-board charger market size has grown rapidly in recent years. It will grow from $4.31  billion in 2023 to $5.13  billion in 2024 at a compound annual growth rate (CAGR) of 18.9%.  The  growth in the historic period can be attributed to government incentives, electric vehicle (ev) adoption, emission reduction goals, cost reduction, government incentives.

The on-board charger market size is expected to see rapid growth in the next few years. It will grow to $10.09  billion in 2028 at a compound annual growth rate (CAGR) of 18.5%.  The growth in the forecast period can be attributed to consumer demand, sustainable practices, automotive industry, faster charging, electric vehicle (ev) fleets. Major trends in the forecast period include high-power charging stations, ev charging infrastructure, technological advancements, battery technology, vehicle-to-grid (v2g).

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Segmentation & Regional Insights
The on-board charger market covered in this report is segmented –
1) By Power Output: Below 7.2 kW, 7.2 kW–15 kW, Above 15 kW
2) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)

Asia-Pacific was the largest region in the on-board charger market in 2023. The regions covered in the on-board charger market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The increase in demand for electric vehicles is expected to propel the growth of the on-board charger market. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EVs has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. These EV and hybrid vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles. For instance, in June 2022, according to the Edison Electric Institute (EEI), a US-based association representing all investor-owned electric companies, the projected number of electric vehicles (EVs) on U.S. roads is expected to increase from 2.4 million in 2021 to 26.4 million by 2030. The annual sales of EVs are estimated to reach nearly 5.6 million in 2030, comprising around 32% of total annual light-duty vehicle sales.  Therefore, rising demand for electric vehicles is expected to boost on-board charger market during the forecast period.

Key Industry Players
Major companies operating in the on-board charger market include  Delta Energy Systems Corp., Toyota Motor Corporation, Eaton Corporation, STMicroelectronics NV, Stercom Power Solutions GmbH, BorgWarner Inc., Ficosa Corporation, LG Electronics Ltd., BYD Co. Ltd., Tesla Corp., AVID Technology Limited, Bel Fuse Inc., BRUSA Elektronik AG, Siemens AG, Innolectric AG, Current Ways, Yazaki Corporation, Aptiv Global Operations Limited, Hyundai Mobis Co. Ltd., Mitsubishi Electric Corporation, Infineon Technologies AG, Xepics Italia SRL, Hangzhou Aodi Electronic Control Co. Ltd., Meta Systems S.p.A., Leopold Kostal GmbH Co., Dilong Technology Co. Ltd., ClipperCreek Inc., Schneider Electric SE,  Signet Systems Inc., Tritium Pty Ltd.

The on-board charger  market report table of contents includes:
1. Executive Summary

2. On-Board Charger Market Characteristics

3. On-Board Charger Market Trends And Strategies

4. On-Board Charger Market - Macro Economic Scenario

5. Global On-Board Charger Market Size and Growth
.
31. Global On-Board Charger Market Competitive Benchmarking

32. Global On-Board Charger Market Competitive Dashboard

33. Key Mergers And Acquisitions In The On-Board Charger Market

34. On-Board Charger Market Future Outlook and Potential Analysis

35. Appendix

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