A device or energy supply system designed specifically for the vehicle to charge the traction battery of an electric vehicle (EV) or a hybrid electric vehicle (HEV) is referred to as the on-board charger. An onboard charger (OBC) is a device that transfers and controls the flow of electricity from the electrical grid to a battery.

In 2021, the onboard charger market was USD 4.6 billion, and by 2030, it will be worth USD 16 billion, growing at a 15% CAGR during the forecast period.

The high cost of charging an electric vehicle at public and commercial locations, including charging stations, roads, malls, and commercial parking spots, is the main cause of the market's explosive expansion. 

Market Dynamics

Drivers

The expensive expense of recharging an electric vehicle at public charging stations drives the demand for on-board chargers. Public charging stations next to roads, malls, and commercial buildings may have higher commercial electric rates than residential ones. By converting the grid's AC input to the DC input required to charge the batteries, a onboard charger allows an electric vehicle to recharge its traction battery. The expansion of public and private AC charging stations globally is the main driver of the market's growth. 

Restraints

Major charging stations receive AC (alternating current) from the grid, which is also present in domestic outlets. On-board chargers inside electric vehicles change AC electricity into DC (Direct Current) power for the battery. However, this charging process takes longer than that of DC fast chargers. DC fast chargers charge the EV more quickly because the charging stations convert AC power to DC and deliver DC power directly to the battery.

Opportunity 

Additionally, the global rollout of electric charging stations is hastening industry growth. In February 2021, Shell, for instance, said that it would put in 500,000 EV charging stations by 2025. Onboard chargers are in electric vehicles supporting AC level 1 and level 2 charging. According to a study by Idaho Laboratory, just 8% of the Nissan Leaf's on-board charging is done using DC fast chargers, with the remaining 92% using AC Level 2 and Level 1 chargers, respectively.

Market Segmentation

By Power Output

In 2021, the 11 kW–22 kW segment led the market with 41.0% of revenue share. The 11-22 kW tri-phase AC chargers can fully charge an electric vehicle in about two to four hours. A tri-phase AC charger is frequently used as a tri-phase AC charging station. Statistics from Transport & Environment indicate that 63% of charging stations in Europe are tri-phase AC charging stations.

During the projected period, the category with less than 11kW will increase quickly. The onboard chargers in the upcoming generation of electric vehicles will have power outputs ranging from 6 kW to 11 kW.

By Vehicle Type

Passenger automobiles dominated the market in 2021. With the rising sales of electric passenger vehicles worldwide, there will likely be a rise in the need for onboard chargers.

During the projected period, the bus segment will expand the fastest. The battery is charged by the onboard charger of the bus, which converts AC to DC. The expansion of zero-emission buses around the globe will accelerate segment growth.

By Propulsion Type

The battery electric vehicle (BEV) sector led the entire market with more than 68% revenue share. Plug-in Hybrid Electric Vehicles (PHEV) are anticipated to see the highest CAGR growth after BEV through 2030.

Regional Analysis 

Asia Pacific led the entire regional market with 42.0% of the revenue share in 2021. Increased government initiatives to encourage electric vehicles in nations like China and India have sped up the region's market growth. Sales quotas for China are a significant driver in the growth of EV on-board charger sales. EVs employing China's onboard chargers include the Tesla Model 3, GAC Aion S, and BYD Qin Pro EV.

During the projection period, Europe will expand at a rapid rate. Players in the EV business in Europe are consistently growing their product lines. This fuels the need for onboard charging stations. According to BMW's ambition, by 2032, all of its automobiles, including sedans and small cars, will be electric in Europe. Another element fueling market expansion in the area is increased incentives for purchasing electric vehicles.

Key Players 

· Toyota Industries Corporation

· STMicroelectronics

· Bel Fuse Inc. 

· Delta Energy Systems

· Ficosa Internacional SA

· Stercom Power Solutions GmbH

· Eaton

· Siemens

· AVID Technology Limited

· BRUSA Elektronik AG

· Innolectric AG

· Infineon Technologies AG

· Current Ways Inc.

· Eaton Corporation

· Innoelectric GmbH

In 2021, the onboard charger market was USD 4.6 billion, and by 2030, it will be worth USD 16 billion, growing at a 15% CAGR during the forecast period. With the rising number of EV on the road, the global on-board charger market is expanding at an astounding rate. Furthermore, the number of onboard chargers is significantly increasing along with the global use of electric vehicles. 

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