AC BEV On-Board Charger Market Size - By Rating (< 11 kW, > 11 kW to 22 kW, > 22 kW), Regional Outlook & Growth Forecast, 2024 – 2032

AC BEV On-Board Charger Market Size

AC BEV On-Board Charger Market was valued at USD 8.6 billion in 2023 and will grow at a CAGR of 22% from 2024 to 2032, driven by ongoing worldwide EV adoption and paradigm shift toward adoption of clean energy technologies, necessitating faster and more potent charging solutions. Manufacturers are responding to this demand by developing on-board chargers with higher power ratings, aiming to significantly reduce charging times and enhance the overall user experience.
 

The rapid transformation aligns with the widespread adoption of low-carbon, energy-efficient, and electric-powered transportation, which is expected to propel industry growth. Favorable government regulations, prompted by the escalating effects of greenhouse gas emissions and their adverse impact on environmental health are driving demand for sustainable electric vehicles further driving the industry trends.
 

AC BEV On-Board Charger Market Trends

Increasing efforts to standardize charging protocols and infrastructure deployment initiatives are propelling market growth, fostering interoperability and convenience for EV owners. As the EV market continues to expand and mature, the BEV on-board charger segment is poised for sustained growth, offering ample opportunities for manufacturers, suppliers, and service providers to capitalize on the electrification revolution and contribute to a greener, more sustainable transportation future.
 

AC BEV On-Board Charger Market Analysis

The AC BEV on-board charger industry is projected to surpass over USD 53.5 billion by 2032. Efforts to standardize charging protocols are actively underway, aiming to establish uniformity and compatibility among various EV models and charging infrastructure. This initiative seeks to streamline the charging process for consumers, ensuring a seamless experience regardless of the vehicle or charging station used. Furthermore, the incorporation of smart charging features is gaining momentum providing users with functionalities including remote monitoring and optimization, thereby empowering them to exercise greater control and efficiency over their EV charging processes, which in turn is fuelling the market growth.
 

Based on rating, the < 11 kW AC on-board charger industry is projected to witness a robust CAGR of over 25% through 2032, driven by the adoption of electric vehicles across urban areas for commuter use. Moreover, there's a growing demand for compact and efficient chargers suited for home and workplace charging scenarios. Manufacturers are developing lightweight and space-saving chargers with power outputs below 11 kW to cater to this market segment.
 

Asia Pacific AC BEV on-board charger market is anticipated to surpass over USD 35.5 billion by 2032. Government authorities across the region are implementing stringent emissions regulations and offering incentives to accelerate EV adoption, fostering a conducive environment for market growth. Moreover, advancements in charging infrastructure, including the expansion of public charging networks and the deployment of fast-charging stations, are enhancing the accessibility and convenience of EV charging, further driving demand for on-board chargers’ industry growth.
 

Increasing government initiatives and regulations promoting the use of electric vehicles along with rising consumer awareness about the benefits of EVs and advancements in charging technologies are catalyzing the U.S. market for AC BEV on-board charger. Accelerating adoption of battery electric vehicles in the country and the growing availability of public charging infrastructure are contributing to the industry growth.
 

AC BEV On-Board Charger Market Share

Key market players, BorgWarner Inc., Delta Energy Systems, Eaton Corporation, innolectric AG, Stercom Power Solutions GmbH, are leading manufacturers of AC BEV on-board chargers. Their dominance is attributed to factors like strong brand reputation, technological innovations, reliability, and high customer satisfaction, cementing their status as preferred manufacturer and suppliers in the sector.
 

AC BEV On-Board Charger Market Companies

Major key players operating across the AC BEV on-board charger industry are:

• Alfanar Group
• AVID Technology Limited
• Bell Power Solution
• BorgWarner Inc.
• BRUSA Elektronik AG
• Current Ways Inc.
• Delphi Technologies
• Delta Energy Systems
• Eaton Corporation
• Ficosa International SA
• innolectric AG
• Kirloskar Electric Company
• Powell Industries
• Stercom Power Solutions GmbH
• STMicroelectronics
• Toyota Industries Corporation
• Valeo
• Xepics Italia SRL
   

AC BEV On-Board Charger Industry News

• In July 2024, Toyota announced its investment in the IONNA high-powered charging network, aiming to support BEV expansion across North America. The initiative, in collaboration with seven other automakers, will deploy at least 30,000 DC fast charging ports by 2030. This partnership aims to promote BEV adoption and enhance customer confidence in the technology, with initial stations set to go online later in 2024.
   
• In July 2024, STMicroelectronics exhibited at electronica China 2024 in Shanghai, showcasing innovative solutions across Automotive, Industrial, Personal Electronics, and Cloud Infrastructure. With a focus on smart e-mobility, ST presented advanced technologies spanning electric powertrains, digital vehicle platforms, and safety systems. Highlights included their On-Board Charger (OBC) and DC-DC converter solutions for electric vehicles, supporting power levels up to 22kW.
   

This AC BEV on-board charger market research report includes an in–depth coverage of the industry with estimates & forecast in terms of volume in ‘Units’ and revenue in USD Billion from 2019 to 2032, for the following segments:

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Market, By Rating

• < 11 kW
• > 11 kW to 22 kW
• > 22 kW

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • Norway
  • Germany
  • France
  • Netherlands
  • UK
  • Sweden
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina