Press Release

A USD 6.2 Billion Global On-Board Charger Market to Flourish at a CAGR of Around 16.5% During 2024-30

The Global On Board Charger Market size is valued at around USD 6.2 billion in 2024 and is anticipated to grow at a CAGR of about 16.5% during the forecast period of 2024-30, cites MarkNtel Advisors in their recent research report. The industry has seen rapid growth in the past few years with the boom in the EV sector. The main factor fostering the market growth is the emerging demand for green mobility alternatives that are likely to pave the way for more EVs (Electric Vehicles) during the forecast period creating the need for on-board chargers.

Moreover, multiple brands are planning with innovative ideas to reshape the on-board charger industry with new technologies integrated with IoT, V2G, AI, etc. The growth rate has become rapid with numerous available options like Level 1 Chargers, Level 2 Chargers, Level 3, or the DC fast Chargers. This demand for high-speed charging infrastructure is driving growth in the market. Although various things are still under development. There is a huge potential in the market as integration with renewable sources of energy like solar and wind power, and the development of wireless technology will drive more revenue growth because new advancements will make charging fast and effective to avoid huge lines at the charging station.

Despite huge growth potential, many challenges could hamper the growth. Since the industry also works for environment-sensitive causes providing clean energy charging solutions, it has to go through multiple government rules and regulations worldwide. Other challenges may include, the high investment required in R&D and innovation, lack of availability of charging infrastructure, and excessive cost of technology ultimately increasing the overall cost of the vehicle making it unattainable for the lower and middle class. There is another issue of standardization and compatibility due to variations in technology which can hinder market growth & development, further states the research report, “Global On-Board Charger Market Analysis, 2024.”

On Board Charger Market Segmentation Analysis

Passenger Vehicles Segment Holds the Largest Market Share

Based on the vehicle type, the market is further bifurcated into, passenger vehicles and commercial vehicles. The passenger vehicles segment currently holds up to 70% of the market share as they are most commonly used for daily commuting by the common people.  With the on-board charger industry growing at a faster rate and continuous increase in demand for EVs this segment is to show strong revenue growth with an expected CAGR of around 10-12% in the coming years. This anticipated higher growth rate is supported by government incentives provided on tax and relaxations to the manufacturers making it easier for them to invest in R&D and technological advancements.

Asia Pacific to Lead the On-Board Charger Industry

Asia-Pacific is anticipated to witness steady revenue growth in the coming years, with China as the most prominent and India as one of the fastest-growing countries. The expected CAGR is about 12-15% in the coming years. The Asia-Pacific region is considered to be a manufacturing hub for automotive components and electronics including on-board chargers, providing cheap labour and easily attainable resources.  Expansion are continuously being made in the charging infrastructure to increase the growth and provide fast solutions to the customers. Well-established facilities and supply chains are already developed by various countries like China, Japan, and India that support mass production of these components.

With the increase in demand for EVs and their early adoption in China and India, manufacturers are now focusing on innovations and expansion to catch up to the increasing demand for OBCs in the region. Government aids like tax regimes, relaxations, and investments also play a major role in the overall growth of the on-board charger industry.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including 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, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?