EV Onboard Battery Charger Market: Global Industry Analysis and Forecast (2024-2030) by Propulsion Type, Power Output, Vehicle Type and Region

EV Onboard Battery Charger Market size was valued at USD 4.4 Bn in 2023 and is expected to reach USD 13.44 Bn by 2030, at a CAGR of 17.3%.
EV Onboard Battery Charger Market Overview
An onboard charger (OBC) is a power electronics device in electric vehicles (EVs) that converts AC power from external sources such as residential outlets, to DC power to charge the vehicle's battery pack. Single-phase OBCs commonly offer a charging capacity ranging from 7.2 kW to 11 kW. These chargers are preferable for home use where a three-phase electrical supply is not available. Three-phase OBCs, have a higher capacity of up to 22 kW, allowing faster charging. EV Onboard Battery Charger ensures efficient as well as safe charging by managing current flow and voltage regulation while incorporating the vehicle's Battery Management System (BMS) to monitor battery health.

To know about the Research Methodology :- Request Free Sample Report

Featuring safety mechanisms including overload protection and electrical isolation, the OBC empowers the utility of standard electrical infrastructure for EV charging, making it essential for the extensive adoption and convenience of electric vehicles. The increase in the use of electric vehicles, and government initiatives to develop electric vehicle charging infrastructure and its associated components are the driving factors of the EV Onboard Battery Charger Market growth.

Onboard chargers are indispensable for enabling efficient home and public charging, offering the convenience of using existing electrical infrastructure. The development of higher power chargers to minimize charging times and the integration of smart technologies for better energy management, drive EV Onboard Battery Charger Market growth. Key players emphasize improving efficiency, safety features, and interoperability with several charging standards. As the shift towards sustainable transportation increases, the demand for advanced onboard battery chargers is increasing, making them an important component in the evolving EV ecosystem.
EV Onboard Battery Charger Market Trend
Development and Adoption of Bidirectional Charging Technology

Bidirectional chargers enable electric vehicles to receive energy from the grid and send it back, aiding a two-way flow of electricity. This technology transforms the role of electric vehicles beyond transportation which provides advantages including cost investments, energy resilience, and grid stability. The vehicles contribute to grid stability by offering energy during peak demand periods or emergencies through bidirectional charging, recognized as vehicle-to-grid (V2G) charging. The bidirectional chargers allow vehicle-to-home (V2H) charging, enabling EV batteries to act as backup power sources for homes during power outages or to optimize energy usage by storing excess energy from renewable sources. Vehicle-to-load (V2L) charging, enables EVs to power tools and appliances, providing that flexibility and convenience, which drive the EV Onboard Battery Charger Market growth. While bidirectional charging technology is still developing, its adoption by automakers and charging infrastructure offers emphasizes its potential to reshape the electric vehicle ecosystem, contribute environmental and economic benefits to consumers and the transition towards a more sustainable energy future.

The innovation of the innovation bidirectional charging technology enables electric vehicles (EVs) to serve as mobile battery storage units, enhancing resilience and demand-response capabilities for building infrastructure. Bidirectional EVs both receive energy from electric vehicle supply equipment (EVSE) and provide energy to external loads, offering backup power to buildings or specific loads during outages, either as part of a microgrid or by supplementing traditional backup systems such as diesel generators. The flexibility of bidirectional EVs allows for the optimization of energy consumption from local and sustainable sources, such as solar photovoltaic (PV) arrays, and mobilized to sites ahead of planned outages or swiftly deployed after unexpected power failures and drive EV Onboard Battery Charger Market growth. Bidirectional charging technology facilitates participation in demand response programs and time-of-use arbitrage, potentially reducing energy costs for fleets and aiding in grid stability during peak demand periods.
1. In 2022, the University of Delaware's partnership with PJM, or the pilot project in Brooklyn, New York, highlights the growing adoption and benefits of bidirectional EV charging technology in enhancing grid resilience and efficiency.
2. Collaborations such as the one in Denmark between Nissan, Enel, and Frederiksberg Forsyning demonstrate international efforts to scale up bidirectional charging infrastructure for broader grid support.

EV Onboard Battery Charger Market Dynamics
Driver

Government Policies and Regulations to Drive the EV Onboard Battery Charger Market Growth

Government measures including subsidies, tax incentives, and stringent emission norms incentivize manufacturers as well as consumers to adopt electric vehicles equipped with efficient onboard chargers. Subsidies and tax breaks decrease the upfront cost of purchasing EVs, making them more financially attractive to consumers. The regulations instructing lower emissions and higher fuel efficiency standards encourage automakers to invest in electric vehicle technology such as onboard chargers, which boost EV Onboard Battery Charger Market growth. The government initiatives to enlarge charging infrastructure including funding for charging stations and incentivizing installation in public places and residences, alleviate range anxiety and promote extensive adoption of EVs. The regulatory frameworks that boost research and development in battery and charging technology adaptive innovation and drive improvements in onboard charger efficiency, charging speed, and compatibility with various EV models.

In the EV onboard battery charger market, the Indian government has implemented policies and regulations aimed at encouraging the adoption of electric vehicles (EVs) and establishing a robust charging infrastructure. Recognizing the urgent requirement to address environmental concerns and reduce greenhouse gas emissions, the government has introduced incentives to incentivize both consumers and Original Equipment Manufacturers (OEMs) to accelerate EV adoption. These policies such as tax credits, rebates, grants, and subsidies, foster a favorable environment for the EV industry growth. The state governments have formulated their own EV policies to incentivize buyers and manufacturers, to attract foreign direct investment (FDI) and to position India as a hub for EV manufacturing. As the EV industry continues to experience substantial growth, it is expected that around 1.2 Billion EV units will be sold, with an expected investment influx of USD 200 billion by 2030. To support this growth trajectory, the government aims to establish a robust charging infrastructure, with a minimum of 1.32 Billion charging stations essential by 2030 to meet the demand for EVs. These regulations and policies emphasize the government's commitment to boosting the transition towards a greener and cleaner transportation ecosystem in India.
EV Onboard Battery Charger Market
Challenge of Standardization and Interoperability to Restraint Market Growth

The challenge of standardization and interoperability poses a significant restraint in the EV onboard battery charger market. While the rising accessibility of electric vehicles (EVs) offers flexibility to the power grid, disparate communication protocols between EVs, EVSEs (Electric Vehicle Supply Equipment) and the power system deter seamless integration. The lack of uniformity, especially in international contexts, complicates EV charging infrastructure deployment and restricts consumer choice. This constraint underscores the requirement for consistent protocols to support widespread EV adoption and grid services provision. The cybersecurity concerns about authentication and encryption in communication protocols highlight the importance of robust policy frameworks and mitigation strategies. Policymakers have been prioritizing cybersecurity assessments to safeguard charging operations against potential threats.
EV Onboard Battery Charger Market Segment Analysis
Based on Propulsion Type, the market is segmented into Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs) and Plug-in hybrid electric vehicles (PHEVs). Battery Electric Vehicles (BEVs) held the largest EV Onboard Battery Charger Market share in 2023 and are expected to have the highest CAGR during the forecast period. Battery Electric Vehicles (BEVs) provide zero-emission driving, aligning with global efforts to mitigate air pollution and combat climate change. These environmental benefits have stimulated significant government support and consumer interest, driving the rapid growth of the BEV market. The advancements in battery technology, especially with lithium-ion batteries, have substantially enhanced the range and performance of BEVs, addressing concerns about limited driving range and charging infrastructure. BEVs boast lower operating and maintenance costs compared to internal combustion engine vehicles, due to fewer moving parts and simpler drivetrains. This cost-effectiveness, coupled with incentives such as public charging infrastructure and the convenience of home charging has alleviated range anxiety and enhanced the practicality of BEVs for everyday use.



Based on Vehicle Type, the market is categorized into Passenger Cars and Commercial Vehicles. Passenger Cars are expected to dominate EV Onboard Battery Charger Market in 2023. The growing adoption of electric vehicles (EVs) has primarily focused on passenger cars, which is driven by increasing demand for eco-friendly and cost-effective transportation solutions among consumers. This leads to automakers having severely invested in developing and manufacturing EVs for passenger cars, resulting in a larger market share. The infrastructure supporting EV charging stations has mainly been provided to passenger cars, with charging stations more typically found in urban and residential areas where passenger cars are established. The advancements in battery technology have enabled greater energy storage capacity within passenger cars, reducing range anxiety and increasing the appeal of EVs to consumers. The passenger car also benefits from regulatory incentives and government subsidies aimed at promoting the adoption of electric vehicles, further driving market growth.


EV Onboard Battery Charger Market Regional Insights
Asia Pacific dominated EV Onboard Battery Charger Market in 2023 and is expected to continue its dominance during the forecast period. Asia Pacific is the global manufacturing powerhouse of the production of electric vehicles and their related components, with developing economies such as Japan, China and South Korea. Supportive government incentives and policies promote cleaner transportation alternatives to address environmental concerns and reduce the necessity of fossil fuels. The countries employed ambitious initiatives to encourage the adoption of electric vehicles, such as subsidies, tax incentives, and stringent emission regulations, which have stimulated consumer interest and accelerated the transition towards electric mobility. Leading automotive manufacturers, electronics companies, and research institutions in the region are continuously helping to activate the research and development activities of EV technology, including onboard charging systems, which boost EV Onboard Battery Charger Market growth. Through ongoing research and development efforts, Asia Pacific-based firms are developing cutting-edge charging solutions characterized by enhanced efficiency, reliability, and compatibility with diverse vehicle models. This commitment to innovation reinforces the region's competitive benefit in the global EV market and solidifies its position as a hub for onboard charger manufacturing as well as innovation.

For instance, Luoyang Grasen Power Technology Co., Ltd. is poised to significantly impact the Asia Pacific EV Onboard Battery Charger Market, emphasized by its role in the rapidly growing Nepal EV Charging Station market, which is expected to reach USD 47.4 Billion by 2024 with a CAGR of 30.8%. The market, which was USD 8.8 Billion in 2019, is experiencing substantial growth driven by Nepal's government initiatives to replace petrol and diesel vehicles with electric vehicles by 2031, alongside increasing awareness of EV benefits like reduced emissions and lower operating costs. Fast chargers, leading the Nepal market due to their efficiency, are in high demand. To meet this demand, Chinese suppliers such as BYD, Risen Energy, and ChargeStar, along with Luoyang Grasen, are increasing their presence by offering advanced, cost-effective solutions.

The strong government support and collaboration among industry stakeholders to establish common standards and protocols for EV charging infrastructure. By encouraging interoperability and standardization, policymakers and industry leaders facilitate seamless integration between electric vehicles, charging stations, and the power grid, thereby improving the overall user experience and accelerating the adoption of the EV Onboard Battery Charger. Initiatives including the adoption of ISO/IEC 15118, CHAdeMO, and Open Charge Point Protocol (OCPP) exhibit the region's commitment to driving technological harmonization and interoperability in the EV charging ecosystem.
EV Onboard Battery Charger Market Scope : Inquire Before Buying



Global EV Onboard Battery Charger Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 4.4 Bn.


Forecast Period 2024 to 2030 CAGR:
17.3%
Market Size in 2030:
US $ 13.44 Bn.


 Segments Covered:
by Propulsion Type
Battery Electric Vehicles (BEVs)
Hybrid Electric Vehicles (HEVs)
Plug-in hybrid electric vehicles(PHEVs)


by Power Output
Below 20kW
Above 20kW


by Vehicle Type
Passenger Cars
Commercial Vehicles



EV Onboard Battery Charger Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
South America (Brazil, Argentina Rest of South America)
Middle East & Africa (South Africa, GCC, Egypt, Nigeria and the Rest of ME&A)
EV Onboard Battery Charger Key competitors:
North America
1. Tesla, Inc. (Palo Alto, California, USA)
2. Delphi Technologies (Troy, Michigan, USA)
3. BorgWarner Inc. (Auburn Hills, Michigan, USA)
4. Dana Incorporated (Maumee, Ohio, USA)
5. GM Cruise LLC (San Francisco, California, USA)
Asia Pacific
1. BYD Co. Ltd. (Shenzhen, China)
2. Delta Electronics, Inc. (Taipei, Taiwan)
3. Shenzhen Inovance Technology Co., Ltd. (Shenzhen, China)
4. Hyundai Mobis (Seoul, South Korea)
5. Toyota Industries Corporation (Kariya, Japan)
Europe
1. Bosch Mobility Solutions (Gerlingen, Germany)
2. Continental AG (Hanover, Germany)
3. Valeo S.A. (Paris, France)
4. Siemens AG (Munich, Germany)
5. Infineon Technologies AG (Neubiberg, Germany)
Middle East and Africa
1. EMD Technologies Ltd. (Haifa, Israel)
2. Energy Management Services (EMS) (Dubai, UAE)
3. Electric Vehicle Middle East (Dubai, UAE)
4. MOTOR (Riyadh, Saudi Arabia)
South America
1. WEG Industries (Jaragua do Sul, Brazil)
2. Hopi Energia (Sao Paulo, Brazil)
3. Brazilian Electric Vehicles (BEV) (Sao Paulo, Brazil)
4. Elmor (Buenos Aires, Argentina)
5. Voltbras (Curitiba, Brazil)

Frequently Asked Questions:

1] What is the growth rate of the Global EV Onboard Battery Charger Market?
Ans. The Global EV Onboard Battery Charger Market is growing at a significant rate of 4.4% during the forecast period.

2] Which region is expected to dominate the Global EV Onboard Battery Charger Market?
Ans. Asia Pacific is expected to dominate the EV Onboard Battery Charger Market during the forecast period.

3] What is the expected Global EV Onboard Battery Charger Market size by 2030?
Ans. The EV Onboard Battery Charger Market size is expected to reach USD 13.44 Billion by 2030.

4] Which are the top players in the Global EV Onboard Battery Charger Market?
Ans. The major top players in the Global EV Onboard Battery Charger Market areTesla, Inc. (Palo Alto, California, USA), Delphi Technologies (Troy, Michigan, USA), BorgWarner Inc. (Auburn Hills, Michigan, USA), Dana Incorporated (Maumee, Ohio, USA), GM Cruise LLC (San Francisco, California, USA) and others.

5] What are the factors driving the Global EV Onboard Battery Charger Market growth?
Ans. Government policies and regulations and advancements in technology are expected to drive market growth during the forecast period.