Market Overview:
The global market for Electric Vehicle Onboard Charger (OBC) valued at USD 3.04 Billion in 2022 is projected to reach a revised size of USD 14.29 Billion by 2030, growing at a CAGR of 21.34% over the period 2023-2030.
In electric vehicles (EVs) or hybrid electric vehicles (HEVs), the onboard charger (OBC) plays a crucial role in charging the traction battery. When an EV is connected to Level 2 electric vehicle supply equipment (EVSE) using the appropriate charging cable, the OBC manages the charging process. Its primary function is to charge the high-voltage DC battery packs from the power grid infrastructure. This allows for convenient charging of EVs using standard power outlets at home without requiring additional power conversion equipment. The market for onboard chargers is experiencing growth due to the increasing number of AC private and public charging stations globally. AC level 1 onboard chargers, which can be connected to standard electrical plugs, are used in various electric vehicles.
Top Key Players for Electric Vehicle Onboard Charger (OBC) Market:
- Ficosa Corporation (Spain)
- LG Electronics (South Korea)
- Hyundai Mobis Co. Ltd (South Korea)
- BorgWarner Inc. (US)
- Bel Power Solutions (US)
- BRUSA Elektronik AG (Switzerland)
- Delphi Technologies (UK)
- Toyota Industries Corporation (Japan)
- Xepics Italia SRL (Italy)
- Infineon Technologies AG (Germany)
- Stercom Power Solutions GmbH (Germany)
- Eaton Corporation (Ireland/US), and Other Major Players
Market Dynamics and Factors:
The increasing adoption of electric vehicles worldwide is driving the demand for on-board chargers. As more consumers choose electric vehicles for their environmental benefits and lower operating costs, the need for efficient and reliable charging solutions, including OBCs, grows. Governments worldwide are implementing stringent emission regulations to reduce greenhouse gas emissions and combat climate change. These regulations encourage automakers to produce and sell electric vehicles, which, in turn, drive the demand for OBCs as a vital component of the charging infrastructure. Continuous advancements in battery technology, including higher energy densities, faster charging capabilities, and extended driving ranges, are expanding the appeal and feasibility of electric vehicles.
Governments play a crucial role in shaping the EV market through policy incentives and regulations. Supportive policies, such as financial incentives, tax rebates, subsidies, and grants, can significantly boost EV adoption. Developing regions that implement such policies can attract investments in EV manufacturing, charging infrastructure development, and related industries, creating opportunities for businesses. Developing regions are experiencing a rise in EV adoption due to factors like increasing environmental awareness, improving charging infrastructure, and the availability of affordable EV models.
Key Industry Development:
- In May 2023, Bel Power Solutions had introduced the BCL25-700-8, an onboard battery charger for hybrid and electric vehicles. This liquid-cooled charger had a power output of 22 kW and converted 3-phase AC voltage to DC voltage. The product played a significant role in boosting the company's growth in the market.
- In Feb 2023, Eaton, the intelligent power management company, had entered into an agreement with IES, a globally recognized climate tech and building performance analytics firm. The purpose of the agreement was to collaborate on developing approaches that would assist building owners in enhancing the sustainability of their buildings and making them ready for the ongoing energy transition.
Electric Vehicle Onboard Charger (OBC) Market Report Highlight:
- By Vehicle Type, Passenger Cars hold a larger market share, due to the higher volume of passenger vehicles compared to other vehicle types, such as commercial vehicles or buses.
- By Propulsion, the Battery Electric Vehicle Segment is expected to register the highest growth during the projected period. BEVs, rely solely on electric power from batteries, have gained significant popularity and market acceptance.
- By Power Rated, the 3.3 – 11KW segments are set to achieve the highest Growth Rate during the forecasted period, Its popularity can be attributed to its ability to provide faster charging compared to lower-power chargers while remaining suitable for daily charging needs.
- The Asia Pacific region is expected to have the highest share of the Electric Vehicle Onboard Charger (OBC) market over the projected period. This dominance can be attributed to the high electric vehicle adoption rate and supportive government policies promoting sustainable transportation.
Central to our report are the company profiles and competitive analysis, providing insights into market players' overview, market role, and operating business segments. We evaluate their financial performance, production volume, sales volume, and sales margin, while highlighting recent market developments. Our market research offers invaluable intelligence and strategic insights to drive informed decision-making. By capitalizing on emerging opportunities and understanding the competitive landscape, our report empowers businesses to thrive in the Global Electric Vehicle Onboard Charger (OBC) Market.
Electric Vehicle Onboard Charger (OBC) Market Segmentation:
By Vehicle Type
- Passenger cars
- Commercial vehicles
By Propulsion
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Hybrid Electric Vehicles
By Rated Power
- Less than 3.3 kW
- 3.3-11 kW
- more than 11 kW
For this report, Introspective Market Research has segmented the Electric Vehicle Onboard Charger (OBC) Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
