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Global On-Board Charger (OBC) Market

The global on-board charger market was valued at USD 1.4 billion in 2019 and is expected to reach USD 3.4 billion by 2025, growing at a CAGR of 16.2% during 2020-2025

The global on-board charger market was valued at USD 1.4 billion in 2019 and is expected to reach USD 3.4 billion by 2025, growing at a CAGR of 16.2% during 2020-2025. The global on-board charger market is growing at a remarkable rate with rise in electric vehicle on road. Further, with the growing adoption of electric vehicle globally, the number of on-board chargers is also growing at large scale. The concern related to running out of charge and getting stuck are some of the factors driving the on-board charger penetration.The on-board chargers are used by different electric vehicles (including BEV and PHEV) to charge the traction battery. Such chargers convert the AC input from the grid to a DC input which charges the vehicle battery.

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Industry Dynamics

Industry Trends

One of the key trends in on-board charger market is a gradual shift towards bi-directional charging or vehicle to grid (V2G) charging model. This technology enables the electric energy to be pushed back to the grid from the battery of an electric vehicle and will as a result help in energy saving.

Growth Drivers

A major success factor for on-board charger market is its high efficiency with a high-power density for a small form factor. Further, other significant reason behind success of on-board charger is stringent government regulations supporting electric vehicle adoption. All these factors will impact the on-board charger progression in the market in near future.

Geographic Overview

Geographically, APAC, mainly China is the largest on-board charger market with the largest number of electric vehicle production. It is expected that by 2021, China currently leads in the number of electric vehicle production and sales, as a result, there will be growth in demand for on-board chargers as well.

Further, Europe holds the second-largest position in on-board charger sales, due to the growing electric vehicle adoption, and the increasing deployment of connected cars. In addition, North America will be fastest-growing region deploying the electric vehicle during the forecast period, this as result is also creating a positive impact on the on-board charger market growth.

Competitive Insight

The on-board charger market is very much fragmented with large number of small and large size players operating in the market. The regional players have main focus in the domestic region only, however, the global players are expanding their footprint globally. Further, new product development and global expansion are the key strategies adopted by the market players. For instance, in March 2019, Tesla Inc., one of the largest players in the market launched Supercharger called V3 at its California plant.

Some of the key players operating in the on-board charger market are STMicroelectronics, Delphi Technologies, Infineon Technologies AG, Delta-Q Technologies Corporation, Eaton Corporation, AVID Technology, NXP Semiconductor N.V., Texas Instruments, Lear Corporation, and NOCO Company.

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