BEV On-Board Charger Market Size

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.

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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.