Market Size of Automotive On-board Charger Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.86 Billion |
| Market Size (2029) | USD 12.27 Billion |
| CAGR (2024 - 2029) | 13.24 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive On-board Charger Market Analysis
The Automotive On-board Charger Market size is estimated at USD 6.86 billion in 2024, and is expected to reach USD 12.27 billion by 2029, growing at a CAGR of 13.24% during the forecast period (2024-2029).
Over the long term, rapid sales of electric vehicles, advancements in battery technology, improving charging infrastructure, and stringent emission regulations are expected to fuel the demand for automotive on board chargers. The market has been witnessing the adaptation of electric passenger vehicles in developed countries. Major players and new start-ups in the EV industry plan to introduce new electric models in the coming years.
• As per the International Energy Agency (IEA), battery electric vehicle sales worldwide touched 7.3 million units in 2022 compared to 4.6 million units in 2021, representing a Y-o-Y growth of 30.3% between 2021 and 2022.
• The US government committed to reducing greenhouse gas emissions 50-52% below 2005 levels in 2030. The government announced its target to achieve a net-zero economy by 2050.
With the introduction of high-power commercial vehicles in the market, there is a massive demand for advanced on board chargers suitable for integration into these vehicles. Thus, several manufacturers are strategizing to incorporate dual on board chargers that improve the efficiency of these vehicles and help reduce the cost of the on board chargers. With the growing electric vehicle propulsion technology penetration in the coming years, the demand for on board chargers worldwide will increase.
However, the high cost of on board chargers imposes a significant challenge for players in the market. To tackle the issue of high costs, various players in the market are developing advanced technologies to reduce the cost of these chargers. To keep up with the high demand from buyers for electric vehicles, several OEMs are introducing cars with fast charging technologies to reduce the charging time, which will positively impact the demand for on board chargers during the forecast period. In the coming years, Asia-Pacific is expected to showcase surging growth owing to the rapid urbanization rate, increasing per capita disposable income, and the consumer preference shifting toward the adoption of new-energy vehicles.
