Europe Electric Vehicle On-Board Charger Market Analysis

Europe Electric Vehicle On-Board Charger Market Analysis

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Based on propulsion, the Europe BEV electric vehicle on-board charger industry will surpass over USD 25 billion by 2032, driven by increasing consumer demand for zero-emission vehicles and bolstered by government incentives promoting the adoption of battery electric vehicles (BEVs). These chargers are essential components for BEVs as they rely solely on battery power for propulsion, necessitating efficient on-board charging solutions to recharge their batteries.
 

Based on rating, the > 11 kW to 22 kW rating segment is estimated to grow with a CAGR of over 21% through 2032, driven by the growing demand for efficient charging solutions to support the expanding fleet of electric vehicles (EVs). Additionally, advancements in charging infrastructure and the increasing adoption of higher-capacity batteries in electric vehicles are further boosting the popularity of chargers in this segment?.
 

Europe electric vehicle on-board charger market is projected to surpass USD 8.1 billion by 2032. Growing environmental concerns, increased private and government incentives, and investments across developing EV infrastructure is set to propel the industry outlook. The market is influenced by a trend towards developing on-board chargers with higher power ratings to reduce charging times, catering to the rising demand for hybrid electric vehicles.
 

Favourable schemes for the adoption of electric vehicles and policies regarding emission reduction have positively influenced a positive business landscape for EV on-board chargers in Norway. For instance, starting from 2023, Norway implemented a purchase tax based on the weight of new electric vehicles (EVs), which in turn will aid the adoption of EVs in the country, thereby contributing to the overall market growth.