BEV On-Board Charger Market - By Rating (< 11 kW, > 11 kW to 22 kW, > 22 kW), By Current (AC, DC), & Forecast, 2023 – 2032

BEV On-Board Charger Market Size

BEV On-Board Charger Market was valued at USD 3.6 billion in 2022 and is projected to grow at a CAGR of over 10.0% by 2032. The increasing global adoption of battery electric vehicles (EVs) is a response to environmental concerns and is further accelerated by both private and government incentives and investments. This growing popularity of EVs naturally results in a heightened demand for onboard chargers.
 

For instance, in March 2022, Ford made an announcement that it would boost its worldwide investment in electric vehicles (EVs) to USD 50 billion. Ford's commitment has positioned it as the prime investor in electric vehicles (EVs) among global automakers and the leading one in the U.S. The rising costs associated with charging EVs at public charging stations have spurred an increased demand for onboard chargers.
 

Public charging stations located near highways, shopping centers, and workplaces often operate under commercial electric rates, which are considerably more expensive than residential rates. As a result, there is a heightened requirement for on-board chargers for battery electric vehicles. The growing emphasis on advanced materials and cooling solutions for electric vehicles, coupled with the increasing trend of bidirectional charging speeds, is set to have a positive impact on the industry.
 

Innovations in materials and cooling systems are being explored to enhance the efficiency and reliability of onboard chargers. Semiconductors like silicon carbide (SiC) and gallium nitride (GaN) are gaining popularity due to their superior performance. Additionally, there is a shift towards the development of onboard chargers with higher power ratings to reduce charging times. Faster chargers are considered more appealing to consumers and represent a significant selling point for automakers.
 

The energy industry has been a prominent global focus, but it has also encountered persistent challenges due to regional regulatory and geopolitical constraints. Turmoil in various nations has the potential to have a substantial impact on energy markets, disrupting the industry's dynamics. Political instability and associated risks can destabilize local, regional, and even global energy markets by deterring investments and causing disruptions in the supply chain. Throughout the twentieth and twenty-first centuries, energy geopolitics has played a significant role in shaping global dynamics.
 

This concept involves how nations exert influence over each other through the supply and demand of energy resources. In the contemporary context, the balance of power in energy geopolitics is shifting away from countries that possess fossil fuel resources and toward nations actively embracing low-carbon energy sources, thereby complementing the electric vehicle industry, in turn adding growth prospects to the market.
 

COVID-19 Impact

The battery electric vehicle onboard charger market experienced a multifaceted impact from the COVID-19 pandemic. Initially, as the pandemic unfolded and economic uncertainties prevailed, there was a notable slowdown in the EV market, affecting the demand for onboard charger. However, some governments introduced or enhanced incentives to promote EV adoption and charging infrastructure development, partially mitigating the negative impact.
 

BEV On-Board Charger Market Trends

The BEV on-board charger industry is currently undergoing a transformative shift, driven by several prominent trends. As the adoption of electric vehicles continues to rise, there is a discernible demand for faster and more robust charging solutions. This demand is compelling manufacturers to engineer on-board chargers with higher power ratings, which can significantly reduce charging times.
 

Another key trend is the increasing interest in bidirectional charging capabilities, allowing electric vehicles not only to draw power from the grid but also to feed excess energy back, contributing to grid stability and enabling home energy use optimization. Furthermore, the integration of advanced materials such as silicon carbide (SiC) and gallium nitride (GaN) semiconductors is revolutionizing charger efficiency and enhancing overall performance.
 

The integration of intelligent charging features, including remote monitoring and optimization, is gaining significance among users who desire greater control and efficiency in their electric vehicle charging processes. Concurrently, there are ongoing efforts to standardize charging protocols to ensure compatibility and interoperability across a wide range of EV models and charging infrastructure. This standardization aims to streamline the charging experience for consumers and further drive the expansion of market. These combined trends underscore the industry's dedication to improving the convenience, speed, and sustainability of electric vehicle charging systems.
 

BEV On-Board Charger Market Analysis

Based on rating, the market is segmented as < 11 kW, > 11 kW to 22 kW, & > 22 kW. The > 11 kW to 22 kW segment is set to grow at a CAGR of more than 10.5% by 2032. The market trend for battery electric vehicle (BEV) on-board chargers rated between 11 kW and 22 kW has witnessed significant dynamism in recent years. The segment of on-board chargers is pivotal for fast charging, catering to the demand for reduced charging times and enhanced convenience for EV users. Growing adoption of higher-power on-board chargers in various electric vehicle models, particularly within the mid-range and premium segments will complement the business scenario. These chargers provide faster charging speeds, rendering EVs more appealing to consumers who prioritize shorter charging durations.
 

Growing emphasis on interoperability and compatibility among charging stations and vehicles owing to expansion of electric vehicle infrastructure will influence the business dynamics. The trend is pushing manufacturers to ensure that their EVs can utilize a range of charging networks, including those offering 11 kW to 22 kW charging capacity. In addition, governments and regulatory bodies are encouraging the development and adoption of on-board chargers with higher power ratings to support fast-charging networks and enhance the practicality of electric vehicles for longer trips. As a result, the market for on-board chargers in this power range is expected to continue growing as automakers strive to meet consumer demands for faster and more accessible charging options.
 

Based on Current, the BEV on-board charger market is segmented as AC, DC. The DC segment will grow at a rate of over 12.5% by 2032. The DC on-board charger market is experiencing several notable trends that reflect the evolving landscape of electric mobility. Push for higher charging capacities in BEVs along with consumer demand for faster charging and increased driving range grows, manufacturers are developing on-board chargers with higher power ratings, enabling quicker replenishment of the battery pack. This trend aligns with the broader industry goal of reducing charging times and enhancing the practicality of BEVs.

• DC chargers provide direct DC power to the vehicle's battery, bypassing the need for conversion from AC to DC. This allows for faster charging.
   
• DC chargers are much faster than AC chargers and they provide a significant amount of energy to the vehicle's battery in a short time, making them suitable for fast charging at public charging stations.
   
• DC fast chargers are commonly found at public charging stations, allowing EVs to charge quickly during trips or while on the go. These chargers are essential for long-distance travel.
   
• DC chargers are more expensive to install and operate compared to AC chargers. They require more substantial electrical infrastructure and equipment.
  
   

The Asia Pacific region will grow at a CAGR of over 10.1% through 2032. The Asia-Pacific BEV on-board charger market is marked by the swift adoption of BEVs, extensive infrastructure expansion, local manufacturing capabilities, technological innovations, and robust government backing. These trends have collectively established the region as a significant player in the global EV market. The increasing need for on-board chargers to facilitate the shift toward electric mobility and minimize environmental effects will continue to drive the market's prospects.
 

• Governments across the region were actively supporting the growth of the EV market through subsidies, tax incentives, and regulatory measures.
   
• These policies encouraged both consumers and automakers to embrace electric mobility.
   
• In addition, the adoption of smart charging solutions is on the rise in the region as consumers are increasingly interested in on-board chargers with remote monitoring, scheduling, and optimization capabilities, aligning with the broader trend of smart and connected mobility.
   

BEV on-board charger market Market Share

Delta Electronics, a Taiwanese multinational company, had been expanding its market share by providing a range of high-power onboard chargers designed for electric vehicles. In addition, Siemens had been leveraging its established presence in the industrial and automation sectors to make inroads into EV charging solutions, aiming to capture a significant share of the market.
 

The analysis by major key companies helps stakeholders, including investors and consumers, assess the competitive strengths and weaknesses of these key players and provides insights into the market's growth trajectory. However, the EV industry is highly dynamic, and market share can shift rapidly as new entrants, innovations, and evolving consumer preferences continue to shape the landscape.
 

Some of the key market players operating across the BEV On-Board Charger industry are:

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

BEV On-Board Charger Industry News:

• BMW Group and Evergo announced a strategic alliance that aims to strengthen Mexico’s public EV charging network. The companies will invest USD 200 million to install over 4,000 new chargers across the country in a five-year period.
   
• As per Indian Brand Equity Foundation, in April 2022, India is set to witness extensive EV chargers along with expansion of EV infrastructure with the investment of USD 1.84 billion in coming 3 to 4 years under the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme, which in turn will have a positive impact on the deployment of EV charging station.
   

BEV On-Board Charger market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume & revenue in ‘000 Units & USD Million from 2019 to 2032, for the following segments:

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By Rating, 2019 - 2032 (‘000 Units & USD Million)

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

By Current, 2019 - 2032 (‘000 Units & USD Million)

• AC
• DC

The above information is provided for the following regions and countries:

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