DC BEV On-Board Charger Market - By Rating & Forecast, 2024 – 2032

DC BEV On-Board Charger Market Size

DC BEV On-Board Charger Market was valued at USD 6.8 billion in 2023 and will grow at a CAGR of 23% from 2024 to 2032 driven by ongoing technological advancements in charging infrastructure along with rising adoption of electric vehicles (EVs) across the globe.
 

In response to this demand, manufacturers are developing on-board chargers with higher power ratings, significantly reducing charging times and enhancing the overall user experience. Continuous advancements in charging technologies, such as ultra-fast and high efficiency charging systems are boosting the adoption of DC on-board chargers. These innovations cater to the growing need for faster charging times and enhanced energy efficiency in battery electric vehicles (BEVs).
 

In addition, with global efforts to curb carbon emissions, governments and consumers are increasingly embracing electric vehicles. This surge in EV adoption is driving demand for efficient charging systems, including DC on-board chargers that provide faster and more efficient energy transfer.
 

DC BEV On-Board Charger Market Trends

Favourable government incentives & regulations promoting the EV adoption across the globe coupled with increasing consumer demand for reduced EV charging time technology in the vehicles is fuelling the market growth. For instance, In July 2023, the Council of the EU enacted a law requiring the installation of fast-charging stations every 60 kilometres along highways by the end of 2025. These stations must provide a minimum output of 400 kW for cars and vans, and 600 kW for heavy-duty vehicles, with interoperability to ensure compatibility with all EVs, regardless of manufacturer. Government policies promoting clean energy and emissions reduction, including subsidies, tax benefits, and regulatory mandates for zero-emission vehicles are encouraging automakers to incorporate advanced DC on-board charging systems, further driving market growth.
 

DC BEV On-Board Charger Market Analysis

The DC BEV on-board charger industry is projected to surpass USD 45.1 billion by 2032. Efforts to standardize charging protocols including DC-DC conversion aim to ensure compatibility across various EV models and charging infrastructures. This initiative simplifies the charging experience for consumers, making it consistent regardless of the vehicle or station. Additionally, smart charging features offering remote monitoring & optimization along with increasing initiatives towards improving battery technology is further spurring the growth into the market. As battery technology evolves, with higher energy densities and faster charging capabilities, the demand for DC on-board chargers that efficiently handle increased voltage and power requirements will rise, thereby contributing to the overall market growth.
 

Based on rating, the DC BEV on-board charger market is divided into > 11 kW to 22 kW and > 22 kW. The > 22 kW DC on-board charger industry is projected to witness a robust CAGR of over 23.5% through 2032. The EV on-board charger market for power outputs above 22 kW is experiencing strong growth due to the rising adoption of electric vehicles with faster charging capabilities. Additionally, increasing demand for DC-DC converters optimized for commercial and workplace charging is enhancing market prospects. To meet the needs of this segment, manufacturers are focusing on developing lightweight, space-efficient chargers with power outputs exceeding 22 kW.
 

The U.S. market will exceed USD 3 billion by 2032. Increasing government initiatives, funding, 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 market growth in the country. For instance, In June 2024, the U.S. saw notable growth in its EV charging infrastructure, with nearly 600 new public fast-charging stations added in the first quarter of 2024. This expansion was fuelled by the Biden administration's National Electric Vehicle Infrastructure (NEVI) program. In addition, accelerating adoption of battery electric vehicles in the country and the growing availability of public charging infrastructure are contributing to the industry growth.
 

Government authorities across Asia Pacific 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.
 

DC BEV On-Board Charger Market Share

Leading the charge in the DC BEV on-board charger industry are key players such as BorgWarner, Delta Energy Systems, Eaton Corporation, Innolectric, and Stercom Power Solutions. Their market dominance stems from a robust brand reputation, continuous technological innovations, unwavering reliability, and elevated customer satisfaction. These attributes firmly establish them as the preferred manufacturers and suppliers in the sector.

DC BEV On-Board Charger Market Companies

Some of the key market players operating across the industry are:

• Alfanar Group
• Avid Technology
• Bell Power Solution
• BorgWarner
• Brusa Elektronik
• Current Ways
• Delphi Technologies
• Delta Energy Systems
• Eaton Corporation
• Ficosa International
• Innolectric
• Kirloskar Electric Company
• Powell Industries
• Stercom Power Solutions
• STMicroelectronics
• Toyota Industries Corporation
• Valeo
• Xepics Italia
   

DC BEV On-Board Charger Industry News

• In July 2024, Toyota announced its investment in the IONNA high-powered charging network to support BEV expansion in North America. Partnering with seven other automakers, the initiative will deploy at least 30,000 DC fast charging ports by 2030. This collaboration aims to boost BEV adoption and customer confidence, with initial stations going online later in 2024.
   
• In July 2024, STMicroelectronics showcased its innovative solutions at electronica China 2024 in Shanghai. The focus was on Automotive, Industrial, Personal Electronics, and Cloud Infrastructure sectors. Emphasizing smart e-mobility, ST unveiled technologies like 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 DC 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 2021 to 2032, for the following segments:

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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