AC BEV On-Board Charger Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

The Global AC BEV On-Board Charger Market was valued at USD 8.6 billion in 2023 and is projected to grow at a CAGR of 22% from 2024 to 2032, driven by global EV adoption and the shift towards clean energy technologies. Manufacturers are developing higher power on-board chargers to reduce charging times and enhance user experience. This transformation aligns with the adoption of low-carbon, energy-efficient, and electric transportation. Government regulations addressing greenhouse gas emissions are driving demand for sustainable electric vehicles, further propelling industry growth. Standardizing infrastructure deployment and charging protocol initiatives are key growth drivers.

The AC BEV on-board charger market is expected to surpass USD 53.5 billion by 2032. Standardizing charging protocols aims to ensure uniformity and compatibility among EV models and charging infrastructure, streamlining the charging process for consumers. Additionally, government incentives and policies promoting EV adoption are accelerating market growth. The increasing development of public and private charging stations is also playing a critical role in driving market expansion. Furthermore, advancements in energy management systems are improving the integration of renewable energy sources with EV charging infrastructure, supporting sustainability goals.

The overall AC BEV on-board charger industry is classified based on the rating and region.

Based on rating, the market is divided into < 11 kW, > 11 kW to 22 kW, and > 22 kW. The < 11 kW AC on-board charger segment is projected to witness a robust CAGR of over 25% by 2032, driven by the adoption of electric vehicles in urban areas for commuter use. Growing government efforts to reduce carbon emissions in urban transport are further bolstering the segment. Additionally, increased consumer preference for affordable EV models equipped with lower-capacity chargers is influencing market growth. Manufacturers are developing lightweight and space-saving chargers with power outputs below 11 kW to cater to this segment.

The Asia Pacific AC BEV on-board charger market is anticipated to surpass USD 35.5 billion by 2032. Governments in the region are implementing stringent emissions regulations and offering incentives to accelerate EV adoption. For instance, in April 2024, China's National Development and Reform Commission called for the development of technical standards by 2025 to regulate the integration of new energy vehicles into the power grid. Advancements in charging infrastructure, including the expansion of public charging networks and fast-charging stations, are enhancing the accessibility and convenience of EV charging, further driving market growth.