AC BEV On-Board Charger Market Analysis

AC BEV On-Board Charger Market Analysis

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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.