In brief, the On-board Charger Market forecast indicates a grand total of USD 28.6 billion by the year 2034, propelled by a steady 15.6% Compound Annual Growth Rate (CAGR).
Copenhagen-based EV charging platform Monta has announced the launch of its U.S. headquarters in Miami, aiming to connect 25,000 commercial charge points by the end of 2025. Meanwhile, the global on-board charger (OBC) market, valued at USD 6.7 billion in 2024, is projected to reach USD 28.6 billion by 2034, growing at a CAGR of 15.6%.
The Asia-Pacific region holds the largest share (44%) of the OBC market, driven by the rapid expansion of the electric vehicle (EV) industry and government initiatives. China, Japan, and South Korea are significant contributors to the Asia-Pacific OBC market. The region's dominance is reflected in the EV landscape, with Battery Electric Vehicles (BEVs) dominating with a 64% share in 2024.
Notable players in the OBC market include Delta Electronics, Inc., which benefits from its strong presence in power conversion technologies and energy solutions. Other major companies include Delphi Technologies, BorgWarner Inc., and Wallbox (NYSE: WBX), which recently acquired the assets and operations of ABL for approximately €15 million, expanding its presence in the EV charging market.
The deployment of AC charging stations with power outputs between 11 kW and 22 kW is increasing. This trend is particularly evident in the passenger car segment, which led the market with a 51% share in 2024. Residential charging emerged as the leading segment, indicating a growing demand for home charging solutions.
Efforts are underway to implement universal 'Plug and Charge' protocols, aiming to simplify the charging process for EV owners. LG Electronics Inc. is making significant strides in integrating smart OBC solutions within its EV components portfolio. Meanwhile, STMicroelectronics, Texas Instruments Incorporated, and Analog Devices, Inc. are providing high-performance power management ICs and silicon carbide (SiC) components for the OBC ecosystem.
Continental AG and Robert Bosch GmbH are leveraging their expertise in automotive electronics to integrate smart charging solutions in the OBC market. Infineon Technologies AG is expanding its footprint by offering advanced power semiconductors and microcontrollers optimized for OBC applications.
As the OBC market continues to grow, the integration of SiC technology is increasing, promising improved efficiency, faster charging times, and extended battery life for EVs. The market size for on-board chargers in Europe is projected to reach up to 130 billion US dollars by 2034, reflecting the continent's commitment to a sustainable and electric future.
In conclusion, the global OBC market is witnessing significant growth, driven by the increasing adoption of electric vehicles, government initiatives, and technological advancements. With key players expanding their presence and innovative solutions being developed, the future of the OBC market looks promising.
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