The global On-Board Chargers (OBC) market size was USD 3.79 Billion in 2022 and is expected to register a revenue CAGR of 14.1% over the forecast period, according to the latest report by Reports and Data.
The demand for On-Board Chargers (OBC) used in electric and hybrid cars is on the rise due to the increasing acceptance and popularity of these vehicles. This is mainly attributed to their advantages such as lower operational expenses, reduced emissions, and better fuel efficiency. Furthermore, government initiatives to promote the use of hybrid and electric cars have also contributed to the growing demand for On-Board Chargers (OBC). The OBC plays a crucial role in converting AC power from the grid into DC power for storage in the vehicle's battery.
Furthermore, the On-Board Chargers (OBC) industry is increasing as a consequence of a move towards cleaner energy sources caused by a greater emphasis on minimising carbon emissions. Renewable energy development is a significant goal for governments throughout the world, and electric cars are critical for reducing carbon emissions. Demand for on-board chargers is increasing as more individuals use renewable energy sources such as solar and wind power.
The car industry's need for fast and efficient charging infrastructure is contributing to the growth of revenue in the On-Board Chargers (OBC) market. This market is expanding quickly due to the rising demand for high-powered charging options for electric and hybrid vehicles as more of these vehicles hit the road. This surge in demand for quick and efficient charging solutions is mainly driven by the increase in the number of Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) on the road, which is fueling the growth of the On-Board Chargers (OBC) market.
Additionally, the market for On-Board Chargers (OBC) is expected to grow as there is a rising demand for electric buses and trucks. These vehicles are considered a solution to reduce the carbon emissions caused by transportation. The OBC is a crucial part of electric buses and trucks, and as their popularity increases, the market for OBC is also expanding.
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Some of the prominent players profiled in the global On-Board Chargers (OBC) market include Tesla, Inc., Delphi Technologies, Schneider Electric SE, Siemens AG, AeroVironment, Inc., Brusa Elektronik AG, Tritium Pty Ltd., Webasto Group, Delta Electronics, Inc., and Signet EV Inc.
Some Key Highlights from the Report
- During the forecast period, the Battery Electric Vehicle (BEV) segment is expected to be the highest revenue-generating sector. This growth is primarily driven by the increasing focus of both governments and automakers on reducing carbon emissions and promoting sustainable transportation. Since BEVs rely solely on batteries, there is a growing demand for high-capacity on-board chargers to recharge the battery quickly, which is fueling the growth of the market. The rising popularity of long-range EVs and the expansion of public charging stations are also contributing to the revenue growth in the BEV industry.
- During the forecast period, the revenue share of the less than 10 kW segment is expected to be the highest. This is attributed to the rising adoption of electric vehicles for daily commuting, where a charger with lower power output is sufficient for overnight or work-hour battery charging. The growing understanding of the importance of eco-friendly transportation and government initiatives promoting the use of electric cars are anticipated to boost the demand for low-power output on-board chargers.
- During the forecast period, the Asia Pacific market is predicted to hold the highest share of revenue. This is mainly due to the increasing middle class population in countries such as China and India, where the government is promoting the use of electric vehicles to reduce pollution. These countries are the main drivers of the growth in the electric vehicle industry. The availability of affordable electric vehicles is also contributing to the demand for on-board chargers in the region. In particular, the market for on-board chargers in China is expected to grow significantly, as China is the largest electric vehicle market in the world and the government is actively promoting the use of electric vehicles. China's strong manufacturing sector is also expected to contribute to the production of on-board chargers at a lower cost, making it a major supplier of on-board chargers globally in the future.
- In 2022, Siemens AG introduced a powerful on-board charger called the SICHARGE C, which is suitable for heavy-duty electric vehicles like buses and trucks. This charger has a charging power capacity of 350 kW and can support different charging protocols such as CCS1, CCS2, and CHAdeMO. Additionally, it has four charging ports available for use.
- In 2021, Delta Electronics, Inc. launched the DC Wallbox, a new on-board charger for electric vehicles, which aims to provide fast and reliable charging. This charger features a compact and robust design that makes it suitable for various applications. It has a charging capacity of up to 25 kW and works with a range of EVs, including those with CCS1 and CCS2 charging ports.
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For the purpose of this report, Reports and Data has segmented the global On-Board Chargers (OBC) market on the basis of Propulsion Type Outlook, Power Output Outlook, Vehicle Type Outlook, Installation Type Outlook, and Regional Outlook:
Propulsion Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
Power Output Outlook (Revenue, USD Billion; 2022 - 2032)
- Less than 10 kW
- 10 kW to 50 kW
- More than 50 kW
Vehicle Type Outlook (Revenue, USD Billion; 2022-2032)
- Two-Wheelers
- Passenger Cars
- Commercial Vehicles
Installation Type Outlook (Revenue, USD Billion; 2022-2032)
- Embedded
- On-Board
Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Key benefits for stakeholders
- The global On-Board Chargers (OBC) market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis help analyse potential of buyers suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides in-depth analysis of the global On-Board Chargers (OBC) market forecast for the period 2022–2030.
- The report outlines the current global On-Board Chargers (OBC) market trends and future scenario of the global On-Board Chargers (OBC) market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- Key drivers, restraints, opportunities and their detailed impact analysis are explained in the global On-Board Chargers (OBC) market study.
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