Electric Vehicle On-Board Charger Market Size - By Rating (< 11 kW, > 11 kW to 22 kW, > 22 kW), By Propulsion (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)), & Forecast, 2023 - 2032

Electric Vehicle On-Board Charger Market Size - By Rating (< 11 kW, > 11 kW to 22 kW, > 22 kW), By Propulsion (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)), & Forecast, 2023 - 2032

Global Electric Vehicle On-Board Charger Market will register 8% CAGR from 2023 to 2032, driven by rapid advancements in charging technology and the evolution of high-capacity charging solutions. As electric mobility gains momentum, the demand for efficient, fast-charging capabilities rises. Ongoing innovations, including enhanced charging protocols and increased power capacities, contribute to the market's expansion. These developments address consumer expectations for convenient and rapid charging, positioning the market as a crucial element in the transformative landscape of electric transportation.

For instance, in 2023, BorgWarner secured a contract with a prominent North American Original Equipment Manufacturer (OEM) to deliver its bi-directional 800V On-board Charger (OBC) for the OEM's premium battery electric vehicle (BEV) platforms designed for passenger vehicles. This move marks a strategic advancement, strengthening the electric vehicle on-board charger market.

The electric vehicle on-board charger market is classified on the basis of rating, application, and region.

The industry size from the > 22 kW rating segment will garner significant gains through 2032, fueled by the increasing demand for high-power charging solutions to reduce electric vehicle charging times. As the adoption of electric vehicles surges globally, especially in the commercial and public transport sectors, the >22 kW rating segment addresses the need for faster and more efficient charging, playing a pivotal role in driving market growth and innovation.

The plug-in hybrid electric vehicle (PHEV) segment will achieve remarkable electric vehicle on-board charger market share by 2032, attributed to the increasing popularity of PHEVs, which offer a balance between electric and internal combustion capabilities. As automotive manufacturers focus on developing diverse propulsion systems, the demand for on-board chargers tailored for PHEVs rises, making this segment a key contributor to the market's growth and reflecting evolving preferences in the electric vehicle landscape.

Europe EV on-board charger industry will grow at a notable CAGR from 2023 to 2032 due to the region's proactive approach towards sustainable mobility and stringent emissions regulations. As European countries emphasize electric vehicle adoption, the demand for efficient on-board chargers rises. The robust charging infrastructure and supportive policies contribute to Europe's leadership in this market. With a focus on reducing carbon footprints and advancing electric mobility, the region will play a central role in shaping the on-board charger market.