Asia Pacific Electric Vehicle On-Board Charger Market Analysis

Asia Pacific Electric Vehicle On-Board Charger Market Analysis

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Based on propulsion, the Asia Pacific BEV electric vehicle on-board charger market will cross over USD 64 billion by 2032, driven by increasing consumer demand for zero-emission vehicles and government incentives promoting BEV adoption. Additionally, the BEV on board charger depends on battery power for propulsion, making on-board chargers a critical component for recharging their batteries.
 

Based on rating, the > 11 kW to 22 kW rating market is projected to grow with a CAGR of over 23% through 2032, soared by growing demand for efficient charging solutions to support expanding fleet of EVs. Additionally, advancements in charging infrastructure and increasing adoption of higher-capacity batteries in electric vehicles further propel the popularity of chargers in this rating segment.
 

Asia Pacific electric vehicle on-board charger market is estimated to surpass USD 70 billion by 2032. Country’s ambitious EV targets, subsidies, and incentives accelerate EV adoption and charging infrastructure development. A robust ecosystem of EV manufacturers, charging providers, and tech firms fosters innovation, driving market growth.
 

The focus on smart charging solutions, combined with the rapid expansion of charging infrastructure, will significantly drive the South Korea EV on-board charger industry. For instance, in April 2024, the South Korean Fair Trade Commission (KFTC) approved a joint venture between Kakao Mobility and LG Uplus to operate EV charging stations in the country. This collaboration will facilitate the deployment of efficient EV charging infrastructure, thereby boosting the integration of on-board chargers in electric vehicles. Moreover, stringent environmental regulations and strategic partnerships among EV manufacturers, charging infrastructure providers, and technology companies will further propel the industry expansion.