- Summary
- Table Of Content
- Methodology
Electric Vehicle On-Board Charger Market Size:
Electric Vehicle On-Board Charger Market size is estimated to reach over USD 17,335.40 Million by 2032 from a value of USD 5,093.57 Million in 2024 and is projected to grow by USD 5,832.13 Million in 2025, growing at a CAGR of 18.5% from 2025 to 2032.
Electric Vehicle On-Board Charger Market Scope & Overview:
Electric vehicle on-board charger is an electronic equipment which is integrated in EVs for power conversions. On board charger converts AC power from power sources such as grids, residential outlets, and others into DC power for charging the battery. Further, on-board chargers enhance convenience by allowing vehicles to charge using AC base stations, reducing dependency on external equipment and charging infrastructure. Moreover, the system ensures efficient energy conversion, improving battery performance and lifespan. Additionally, AC chargers provide two types of charging including constant voltage, which offers more control for completely charging the vehicle and constant current, which optimizes the charging speed at the beginning of the charging cycle.
Electric Vehicle On-Board Charger Market Dynamics - (DRO) :
Key Drivers:
Rising EV adoption is driving the electric vehicle on-board charger market growth
There is a rising trend towards the adoption of electric vehicles over traditional internal combustion engines due to various factors such as growing consumer focus on energy efficiency, advancements in battery charging technology, and concerns about climate change. Further, the increasing affordability of electric vehicles and the advancements in battery charging systems enabling longer travel distances on a single quick charge, are further driving their utilization. Moreover, stringent government regulations on sustainability and carbon emissions in the automotive sector are accelerating the adoption of electric vehicles, which in turn propelling the market.
- For instance, in November 2024, Mahindra launched 2 SUVs, XEV 9e and BE 6e with various features including fast charging, artificial intelligence, augmented-reality heads up display, and others.
Thus, the rising advancements in electric vehicles globally is driving the electric vehicle on-board charger market size.
Key Restraints:
High installation, maintenance, and other costs associated with EV charging infrastructure are restraining the electric vehicle on-board charger market growth
The primary factor restraining the adoption of electric vehicles is associated with EV charging infrastructure which includes limited lifespan of charging equipment, high initial investments, maintenance costs, and others. Further, setting up an electric vehicle charging station costs a significant investment including labor, equipment, and others.
Moreover, increasing concerns associated with the limited lifespan of electric vehicle batteries continue to hinder the widespread adoption of electric vehicle. Additionally, the cost of battery replacement is higher, ranging from USD 5000 to USD 20,000. Thus, according to the analysis, the factors collectively acts as a barrier for the adoption of electric vehicles globally, thereby constraining the electric vehicle on-board charger market expansion.
Future Opportunities :
Rising developments, investments, and supportive government policies associated with EV charging infrastructure are expected to drive the electric vehicle on-board charger market opportunities
There is an increase in developments and advancements associated with electric vehicle infrastructure including battery charging systems, battery swapping stations, charging infrastructure, and others. Further, there is a rise in implementation of charging systems in commercial workplaces, which makes it convenient to the consumers for charging battery quickly. Additionally, countries such as China and Germany are increasingly investing in implementing publicly available charging stations to boost the overall adoption of electric vehicles.
- For instance, in December 2022, the European Commission approved USD 1.9 Billion German scheme to support high power charging infrastructure for EVs under EU State aid rules.
- For instance, according to International Trade Administration, the government of Germany announced investment of USD 6.7 billion to develop fast charging network across Germany.
Thus, as per the electric vehicle on-board charger market analysis, rising investments in fast charging infrastructure are driving the global electric vehicle on-board charger market opportunities.
Electric Vehicle On-Board Charger Market Segmental Analysis :
By Type:
Based on the type, the market is segmented into single phase and three phase.
Trends in the Type:
- There is an increasing adoption of single phase in electric vehicle on-board chargers in residential applications due to widespread availability.
- Rising adoption of three phase on board chargers in commercial and industrial applications for quick charging.
Single phase segment accounted for a significant revenue in the total market share in 2024.
- An on-board single-phase charger is a device integrated into electric vehicles to convert AC power from a charging base station into DC power for charging battery of electric vehicle.
- Further, single-phase on-board charger includes various benefits such as it is cheaper, compatible with home charging system, and convenient for vehicles with single-phase on-board charger.
- For instance, in August 2024, Microchip Technology launched a single-phase AC residential EV charger which is a convenient solution for residential charging with on-board high performance energy metering device.
- Thus, the rising advancements associated with on-board single-phase charger is driving the electric vehicle on-board charger market size.
Three phase anticipated to register fastest CAGR during the forecast period.
- A three-phase on board is an EV-integrated device designed to convert three-phase AC power into DC power for efficient battery charging.
- Moreover, three phase on-board charger offers various benefits including increased charging power and enhanced charging speeds.
- Additionally, three phase charging is ideal for medium and heavy sized vehicles for industrial and commercial applications.
- For instance, in August 2024, Coulomb Solutions Inc. launched 40kW on-board charger at the Advanced Clean Transportation Expo for commercial electric vehicle.
- Thus, the rising advancements in three phase on-board charger for commercial vehicles is expected to boost the market during the forecast period.
By Power Source:
Based on the power source, the market is segmented into AC and DC.
Trends in the Power Source:
- There is an increasing trend towards adoption of DC charger for enabling fast charging speeds.
- Increasing utilization of AC chargers in residential apartments due to various benefits including low cost in maintenance and installation.
DC segment accounted for the largest revenue in the total electric vehicle on-board charger market in 2024 and it is anticipated to register the fastest CAGR during the forecast period.
- The DC charging technology is used for providing faster charging with improved power levels from 50kW to 100kW.
- Further, DC charger has improved charging bypasses for charging the battery of electric vehicle faster to reduce the overall time in charging an EV.
- Additionally, DC charger offers various benefits including compatibility with high-voltage batteries, fast charging speed, high charging efficiency, flexibility, and others.
- For instance, CUI launched PGNP-S & PGNM-S series of isolated DC-DC converters, which is used in EV charging with a 1:1 input voltage range.
- Thus, the rising advancements in DC charging technology of electric vehicles for fast charging are driving the electric vehicle on-board charger market trends.
By Technology:
Based on the technology, the market is segmented into BEV and PHEV.
Trends in the Technology:
- Rising adoption of battery electric vehicles in Europe due to its reduced carbon footprint and less environmental impact.
- Increasing utilization of PHEV in India due to its improved fuel economy, lower fuel costs, reduced carbon emissions and others.
BEV segment accounted for the largest in the total electric vehicle on-board charger market share in 2024 and it is anticipated to register a substantial CAGR growth during the forecast period.
- BEVs stands for battery electric vehicles which is powered by lithium-ion battery operated electric motor and charged through power grid.
- Further, BEV offer various benefits such as zero emissions, lower operating costs, instant torque and acceleration, and others.
- Additionally, battery electric vehicles is a type of vehicle which do not utilize combustion engines for providing power source to the motor.
- Moreover, BEV can be operated with electricity, generated from renewable source of energy which in turn reducing CO2 emissions.
- For instance, according to the International Energy Agency, the total number of electric vehicle sales in China reached up to 21.9 million in 2023, in which BEV accounted for 16.1 million.
- Hence, the rising adoption of battery electric vehicles are driving the electric vehicle on-board charger market trends.
By Vehicle Type:
Based on the battery, the market is segmented into passenger vehicles and commercial vehicles.
Trends in the Vehicle Type:
- There is an increasing adoption of electric passenger cars due to availability of wide range of eco-friendliness, models, and prevalence of several government incentives.
- Increasing support of policies in countries such as India for electrifying public transport such as buses, trucks, and others.
Passenger vehicles segment accounted for a significant revenue in the total market share in 2024.
- Passenger vehicles refer to vehicles which carries passengers from one location to another with maximum seating of nine individuals including the driver.
- Factors including the advancements in autonomous driving systems, rising expenditure of income, and rising popularity of SUVs and luxury cars are the crucial factors which are driving the passenger vehicle segment.
- For instance, according to the International Organization of Motor Vehicle Manufacturers, the global sales of passenger car reached up to 65.27 million in 2023, representing an increase of 11.3% from 58.64 million in 2022.
- Thus, the rising adoption of passenger vehicles are driving the electric vehicle on-board charger market.
Commercial vehicles anticipated to register fastest CAGR during the forecast period.
- There is an increasing trend towards adoption of hybrid and electric commercial vehicles for various logistic activities including inventory management, transportation, storage, shipping, and others
- Additionally, commercial vehicles such as trucks are widely used in various industrial applications for loading and offloading heavy metals and raw materials in logistics and manufacturing facilities.
- For instance, according to International Energy Agency, several countries including Switzerland, Norway, China, and Belgium achieved 50% share in sales of electric medium and large buses in 2023.
- According to the analysis, the rising adoption of commercial electric vehicles including medium and large buses are expected to boost the market during the forecast period.
By Application:
Based on the battery, the market is segmented into residential charging, commercial charging, and others.
Trends in the Application:
- There is an increasing adoption of commercial charging points in shopping centers, commercial complexes, retail stores, and others.
- Increasing advancements in residential charging solutions for charging electric vehicle overnight with minimal maintenance of charging system.
Commercial charging segment accounted for a significant revenue of 50.87% in the total electric vehicle on-board charger market share in 2024.
- Commercial electric vehicle charging refers to operating and installing EV charging stations at public or semi-public locations such as office buildings, hotels, retail centers, restaurants and garages or parking lots.
- Further, commercial electric vehicle charging station installation mainly comprises of transformer, substation equipment, and safety equipment.
- Moreover, a commercial electric vehicle charging station depends on various factors including number of chargers installed, charger model, and communications required, cables, and others.
- For instance, in January 2023, Blink Charging Co. launched various charging products at CES 2023 including series 3, a versatile and flexible EV charging solution, which can be implemented in commercial parking areas.
- According to the analysis, the rising advancements and investments in commercial charging solutions is driving the electric vehicle on-board charger market.
Residential charging is anticipated to register significant CAGR during the forecast period.
- Residential charging is a specialized charging system which refers to charging of an electric vehicle at home with AC Level 1 and AC Level 2 power supply.
- Further, it includes various components such as power supply, cables, safety board, and others for charging an EV within safe and secure environment.
- Additionally, most of the electric vehicle owners use Level 1 equipment for charging in overnight with benefits such as less installation cost and low charging cost of the battery.
- For instance, in August 2023, Hypercharge launched Hypercharge Home Level 2 EV Charger, which can be integrated to residential homes for charging the battery of an electric vehicle.
- According to the analysis, the rising advancements in residential fast charging systems for charging batteries of EVs are expected to boost the market during the forecast period.
Regional Analysis:
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 1,973.70 Million in 2024. Moreover, it is projected to grow by USD 2,264.46 Million in 2025 and reach over USD 6,880.42 Million by 2032. Out of this, China accounted for the maximum revenue share of 36.5%. As per the electric vehicle on-board charger market analysis, there is an increasing adoption of electric vehicles, particularly in countries such as China, India, and Japan, due to various government incentive programs and policies for supporting adoption of electric vehicle. The rapid development and growing investments in electric vehicle charging infrastructure are accelerating the electric vehicle on-board charger market expansion.
- For instance, in 2024, according to IEA (International Energy Agency), China accounted for 60% of the total new electric car registrations worldwide in 2023. Rising adoption of electric vehicles is driving the EV on-board charger market in the Asia pacific Region.
North America is estimated to reach over USD 4,793.24 Million by 2032 from a value of USD 1,410.51 Million in 2024 and is projected to grow by USD 1,614.83 Million in 2025.
In North America, the growth of electric vehicle on-board charger industry is driven by the rising demand of advanced charging solutions. Rising adoption of electric vehicles including passenger vehicles and commercial vehicles such as buses and trucks are also driving the market. Further, increasing government incentive programs and supporting manufacturing policies for driving the adoption of electric vehicles are massively contributing growth in electric vehicle on-board charger market demand.
- For instance, according to International Energy Agency (IEA), the total sales of electric vehicles reached 4.8 million in 2023 in United States, depicting an increase from 3 million in 2022. The above factors are further expected to drive the market growth in North America during the forecast period.
The regional analysis depicts that the rising investments and stringent government regulations are increasing the adoption of electric passenger and commercial vehicles, which in turn drives the electric vehicle on-board charger market demand in Europe. Further, as per the market analysis, the primary factor driving the market growth in the Middle East and African region includes increasing investment in electric vehicle infrastructure and growing electric vehicle industry. The rising demand for reduced carbon emissions in advanced nations and supportive government policies in electric vehicle industry are driving the market demand in the Latin America region.
Top Key Players and Market Share Insights:
The electric vehicle on-board charger market is highly competitive with major players providing services to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the global electric vehicle on-board charger market. Key players in the electric vehicle on-board charger industry include -
- Bel Fuse Inc. (US)
- Delta Energy Systems (US)
- BRUSA Elektronik AG (Switzerland)
- Coulomb Solutions Inc. (US)
- Ficosa Internacional SA (Spain)
- STMicroelectronics (Switzerland)
- Toyota Industries Corporation (Japan)
- Eaton (Ireland)
- Stercom Power Solutions GmbH (Germany)
- Innolectric AG (Germany)
Recent Industry Developments :
Product Launch:
- In November 2023, Danfoss launched Danfoss’ ED3 onboard charger which is used for heavy duty electric vehicles for charging vehicles overnight with AC power input.
- In March 2023, GaN Systems launched 11kW/800V on-board charger which delivers 5% lower BOM (Bill of Materials) and 36% higher power density.
Electric Vehicle On-Board Charger Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2019-2032 |
| Market Size in 2032 | USD 17,335.40 Million |
| CAGR (2025-2032) | 18.5% |
| By Type |
|
| By Power Source |
|
| By Technology |
|
| By Vehicle Type |
|
| By Application |
|
| By Region |
|
| Key Players |
|
| North America | U.S. Canada Mexico |
| Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
| APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
| Middle East and Africa | GCC Turkey South Africa Rest of MEA |
| LATAM | Brazil Argentina Chile Rest of LATAM |
| Report Coverage |
|
Key Questions Answered in the Report
How big is the electric vehicle on-board charger market? +
The electric vehicle on-board charger market was valued at USD 5,093.57 Million in 2024 and is projected to grow to USD 17,335.40 Million by 2032.
Which is the fastest-growing region in the electric vehicle on-board charger market? +
Asia-Pacific is the region experiencing the most rapid growth in the electric vehicle on-board charger market.
What specific segmentation details are covered in the electric vehicle on-board charger report? +
The electric vehicle on-board charger report includes specific segmentation details for type, power source, technology, vehicle type, application and region.
Who are the major players in the electric vehicle on-board charger market? +
The key participants in the electric vehicle on-board charger market are Bel Fuse Inc. (US), Delta Energy Systems (US), STMicroelectronics (Switzerland), Toyota Industries Corporation (Japan), Eaton (Ireland), Stercom Power Solutions GmbH (Germany), Innolectric AG (Germany), BRUSA Elektronik AG (Switzerland), Coulomb Solutions Inc. (US), and Ficosa Internacional SA (Spain).
