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Electric Vehicle On-Board Charger Market Trends

Report ID: GMI6963
Published Date: Oct 2023
Report Format: PDF

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Electric Vehicle On-Board Charger Market Trends

The on-board charger market is experiencing a transformative shift driven by several key trends. With the rise in electric vehicle adoption, there is a clear demand for faster and more powerful charging solutions, prompting manufacturers to develop on-board chargers with higher power ratings to reduce charging times significantly. Growing interest in bidirectional charging capabilities, enabling electric vehicles to not only draw power from the grid but also send excess energy back, contributing to grid stability and home energy use. Integration of advanced materials like silicon carbide (SiC) and gallium nitride (GaN) semiconductors is revolutionizing charger efficiency and performance.

The inclusion of smart charging features, such as remote monitoring and optimization, is becoming increasingly important for users seeking greater control and efficiency in their electric vehicle charging. Standardization efforts are also underway to ensure compatibility and interoperability across diverse EV models and charging infrastructure, streamlining the charging experience for consumers and further propelling the growth of the on-board charger market.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of electric vehicle on-board charger was worth USD 6.1 billion in 2023 and is projected to witness over 9.3% CAGR from 2024 to 2032, due to the increasing shift toward electric vehicles, driven by environmental concerns along with the rise in private and government incentives & investments.

Electric vehicle on-board charger industry size from the > 11 kW to 22 kW rating segment is set to grow at more than 10.5% CAGR from 2023 to 2032, owing to higher adoption for addressing the need for reduced charging times and improved convenience for EV users.

Asia Pacific market for electric vehicle on-board charger is set to witness over 10.15% CAGR through 2032, due to the rapid EV adoption, infrastructure expansion, and domestic manufacturing.

BorgWarner Inc., alfanar Group, Powell Industries, Kirloskar Electric Company, Bell Power Solution, BRUSA Elektronik AG, and Current Ways Inc. are some of the prominent electric vehicle on-board charger market players.