The electric car onboard charger market is expected to grow rapidly over the next decade, driven by the rising adoption of electric vehicles globally. Onboard chargers are a critical component in electric cars, allowing the vehicles' batteries to be charged by plugging into electric power sources. Major growth regions include China, Europe, and North America as government policies continue supporting e-mobility.

Regional Snapshot

• Asia Pacific accounted for the largest share of the electric car onboard charger market in 2022, dominated by China which is the world's largest EV market. China is expected to continue leading in onboard charger demand through 2030.
• Europe is another key region, with charger adoption rising in line with EV sales in countries such as Norway, Germany, France and the UK where emissions regulations are accelerating e-mobility.
• North America is also anticipated to see strong growth, especially in the U.S. which is investing heavily in charging infrastructure and offering purchase incentives to consumers under the Inflation Reduction Act.

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Key Drivers

The primary drivers boosting the electric car onboard charger market include government policies and incentives spurring EV adoption such as emissions reduction targets, purchase subsidies, exemptions from registration fees or road taxes, and investments in charging infrastructure. Additional drivers are rising availability of EV models from automakers, improvement in EV battery capacities and charging speeds, growing consumer awareness and preference for sustainable transportation, and the rising total cost of owning internal combustion engine vehicles.

Challenges

Major challenges facing the onboard charger market are initial high costs compared to traditional automobiles, lack of charging infrastructure in many regions, long charging times compared to gas vehicles, and supply chain issues creating components shortages. Additionally, some technical challenges include achieving faster charging speeds to reduce charging times, minimizing size and weight of onboard charges to cut energy consumption, ensuring charger cybersecurity, and enhancing charger interoperability across different EV models and brands. Overcoming these issues will be key for future market growth.

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Conclusion

In conclusion, the electric car onboard charger market has tremendous room for growth in line with the overall electric vehicle industry expansion. All major automakers are announcing aggressive electrification plans. As battery capacities continue improving and more advanced, efficient onboard chargers are developed allowing faster charge times, EVs will become increasingly practical alternatives to gas-powered models. Government carbon reduction and infrastructure funding programs aim to further accelerate this transition, driving substantial near-term and long-term growth in the onboard charger market size.