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

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

Asia Pacific BEV On-Board Charger Market size will depict a 23.4% CAGR between 2024 and 2032 propelled by the expansion of public and private charging infrastructure. For example, in May 2024, Indian electric mobility services firm BluSmart launched the 'BluSmart Charge' app to deliver accessible, reliable, and convenient EV charging services to users in Delhi-NCR and Bengaluru. With more charging stations being installed in the region, vehicles are required to be equipped with chargers that can handle various charging standards and power levels. Multiple efforts are also made to provide charging solutions in both urban and rural areas to ensure comprehensive coverage and accessibility for BEV owners. The APAC BEV on-board charger industry is segmented into rating, current, and country. By rating, the industry value from the > 22 kW segment will accrue a lucrative growth rate through 2032 due to the strong need for faster charging. BEVs equipped with larger battery packs necessitate more powerful on-board chargers to effectively manage their heightened energy demands. While larger batteries enable extended driving ranges, they simultaneously demand quicker charging solutions for practicality. With the ongoing expansion of BEV ranges, the adoption of higher capacity chargers becomes crucial, ensuring the charging infrastructure meets these escalating energy needs. With respect to current, the Asia Pacific BEV on-board charger market size from the DC segment will showcase a remarkable CAGR from 2024-2032. DC on-board chargers enable faster charging compared to their AC counterparts as they can deliver power directly to the vehicle’s battery, bypassing the need for AC-to-DC conversion, which significantly reduces charging time. The growing need for on-board chargers to handle higher power levels to meet consumer expectations for faster charging will boost segment growth. South Korea BEV on-board charger industry share will witness significant growth through 2032 on account of the growing commitment to reducing carbon emissions and promoting electric mobility. The South Korean government is implementing policies and incentives to promote electric vehicles, including subsidies and tax benefits. These initiatives are encouraging manufacturers and consumers to invest in BEVs and their supporting infrastructure, favoring regional market growth.