Electric Vehicle On-Board Charger Market By Product Type (On-Board AC Chargers, On-Board DC Chargers, Wireless Chargers), By End-User Industry (Passenger Electric Vehicles, Commercial Electric Vehicles, Two-Wheel Electric Vehicles, Electric Buses, Electric Trucks), By Power Rating (Low Power On-Board Chargers, Medium Power On-Board Chargers, High Power On-Board Chargers), By Charging Technology (AC Charging, DC Fast Charging, Wireless Charging, Smart Charging Technology), and By Vehicle Type (Electric Cars, Electric Buses, Electric Two-Wheelers, Electric Trucks, Electric Commercial Vehicles); Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Electric Vehicle On-Board Charger Market was valued at USD 4.6 billion in 2023 and will surpass USD 16.1 billion by 2030; growing at a CAGR of 19.5% during 2024 - 2030.

The electric vehicle (EV) on-board charger market is a critical component of the expanding electric vehicle industry. On-board chargers play a key role in converting alternating current (AC) or direct current (DC) into the required power to recharge EV batteries. This segment is gaining significant traction as EV adoption accelerates worldwide, spurred by sustainability initiatives, government incentives, and increased consumer demand for environmentally friendly transportation. The market is driven by advancements in charging technologies, innovations in power ratings, and improvements in the efficiency of various types of on-board chargers, which enable faster and more convenient charging experiences for consumers.

On-Board AC Chargers Are Largest Owing to Their Versatility and Widespread Use

On-board AC chargers dominate the electric vehicle on-board charger market due to their widespread adoption and compatibility with standard home charging infrastructure. These chargers are typically used in passenger electric vehicles, which are the largest consumer segment in the EV market. On-board AC chargers are capable of handling lower power requirements (up to 3 kW) and are particularly cost-effective for personal vehicle owners, as they can be plugged into regular household outlets. With the global expansion of electric vehicle fleets and infrastructure, the AC charger market continues to grow as a primary choice for individual and fleet EV owners looking for convenient and accessible charging options.

Additionally, the increasing focus on reducing energy consumption and carbon emissions is bolstering the demand for efficient on-board AC chargers. These chargers also allow for flexible home charging solutions, making them attractive for electric car owners in urban areas or those without access to dedicated fast charging stations. As the global EV market continues its upward trajectory, the demand for on-board AC chargers is expected to remain robust, particularly in regions with extensive home charging infrastructure.

Medium Power On-Board Chargers Drive Market Growth in Power Ratings

In terms of power ratings, medium power on-board chargers (3 kW to 10 kW) are the fastest-growing sub-segment due to their ability to offer a balance between charging speed and cost. Medium power chargers cater to both personal and commercial electric vehicles that require faster charging times than low-power solutions but are not as costly as high-power systems. These chargers are particularly effective for electric buses, light trucks, and other commercial vehicles, providing sufficient power for regular operation without the higher cost or complexity associated with high-power chargers.

The demand for medium-power chargers is being driven by the growing adoption of electric commercial vehicles, including delivery trucks and buses, which benefit from quicker charging times while avoiding the strain on power grids that high-power chargers might cause. This segment is expected to continue expanding as fleet operators and public transport systems look for more efficient ways to recharge their electric vehicles during off-peak hours, making medium-power chargers an attractive solution for mixed-use and urban transportation needs.

DC Fast Charging Technology Is Growing Rapidly in Charging Technologies

DC fast charging technology is the fastest-growing charging technology in the on-board charger market. This technology offers significantly shorter charging times compared to AC charging, making it essential for high-usage vehicles such as electric buses, trucks, and commercial fleets. With the increasing need for quick turnaround times for vehicles in transit, DC fast charging enables vehicles to charge rapidly, minimizing downtime and maximizing operational efficiency. This makes DC fast charging indispensable in the context of growing demand for long-range electric buses and electric trucks that require high power for efficient fleet management.

As electric vehicles become a more common mode of transportation, the push for widespread DC fast charging infrastructure is intensifying. The ability to quickly charge vehicles on long-distance routes or during quick breaks is expected to drive further growth in this segment. Additionally, advancements in DC fast charging technology, such as increased power output and better integration with smart grid systems, are contributing to its growing popularity.

Electric Buses Are Driving Market Expansion in Vehicle Type

Electric buses are the fastest-growing sub-segment within the vehicle type category in the EV on-board charger market. The global shift towards public transportation electrification is fueling this demand, driven by government regulations promoting cleaner air, reduced emissions, and energy-efficient transportation. Electric buses are particularly prominent in urban centers, where they serve as a critical component of public transport fleets. As municipalities and cities look to adopt sustainable transport solutions, electric buses are increasingly seen as a viable option to replace diesel-powered buses, making them a central focus for on-board charger providers.

The growth in electric bus fleets requires scalable, high-performance on-board charging solutions to support continuous and efficient operation. Many cities are investing in dedicated charging infrastructure for electric buses, including fast-charging systems that minimize downtime between routes. This shift is expected to further accelerate the demand for on-board chargers designed specifically for high-power applications, propelling the electric bus segment to new heights in the coming years.

Europe Leads as the Largest Region for On-Board Chargers

Europe has emerged as the largest region for the electric vehicle on-board charger market, driven by stringent emission regulations and robust government incentives for electric vehicle adoption. European countries such as Norway, Germany, and France are at the forefront of the EV transition, supported by strong policies that promote the installation of charging infrastructure, including on-board chargers. The EU’s commitment to decarbonizing the transport sector and achieving net-zero emissions by 2050 further accelerates demand for EVs and associated charging solutions.

Europe’s electric vehicle market is supported by a well-developed charging infrastructure network, which continues to expand in line with increasing EV sales. The availability of various on-board charging options, such as AC and DC fast chargers, is helping EV owners in Europe charge their vehicles conveniently and efficiently. As the region continues to push toward sustainable mobility solutions, Europe is expected to maintain its leadership position in the global EV on-board charger market.

Competitive Landscape and Leading Companies

The electric vehicle on-board charger market is highly competitive, with several prominent players striving to capture market share through technological advancements, strategic partnerships, and product innovations. Leading companies like ABB, Siemens, Bosch, Delta Electronics, and Webasto are at the forefront of this market, offering a range of charging solutions to cater to different vehicle types, charging technologies, and power ratings. These companies are actively investing in the development of smart charging systems, which offer enhanced functionality such as real-time monitoring, predictive maintenance, and dynamic charging capabilities.

The competitive landscape is characterized by continuous innovation, with companies focusing on improving charging speed, energy efficiency, and user experience. As the EV market expands, partnerships between automotive manufacturers and charging infrastructure providers are becoming increasingly common, aiming to streamline the integration of on-board chargers into electric vehicles. Additionally, the rise of new entrants and startups focusing on wireless and ultra-fast charging solutions is further intensifying competition in this dynamic and rapidly evolving market.

List of Leading Companies:

• ABB Ltd.
• Siemens AG
• Schneider Electric
• Delta Electronics
• Bosch Automotive
• BYD Co. Ltd.
• Infineon Technologies
• Panasonic Corporation
• Webasto Group
• Tesla, Inc.
• ChargePoint, Inc.
• Plug Power, Inc.
• Eaton Corporation
• Leviton Manufacturing Co., Inc.
• Fastned

Recent Developments:

• Siemens AG's Investment in EV Charging Solutions Siemens AG has recently expanded its EV charging solutions portfolio by investing in the development of high-speed, smart on-board chargers aimed at improving the charging efficiency for electric buses and commercial vehicles.
• Delta Electronics Launches Next-Generation On-Board Chargers Delta Electronics has unveiled its next-generation DC fast charging on-board solutions designed to reduce charging times and enhance the longevity of electric vehicle batteries, targeting the commercial EV market.
• Tesla’s Expansion into Charging Networks Tesla has announced plans to expand its Supercharger network to include faster, more efficient on-board charging stations, improving charging accessibility for its electric vehicle fleet worldwide.
• BYD’s Strategic Partnership with Charging Infrastructure Providers BYD Co. Ltd. has partnered with leading charging infrastructure providers to enhance the charging capabilities of its electric buses and trucks with advanced, high-power on-board chargers.
• Eaton Corporation’s Acquisition of Charging Technology Firm Eaton Corporation has acquired a charging technology firm that specializes in wireless EV chargers, strengthening its position in the growing market for advanced on-board charging solutions.

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