Electric Car Onboard Charger Demand Soaring Amid Surging Global EV Adoption

** Market Overview **

The global electric car onboard charger market is expected to witness significant growth over the next decade. This can be attributed to the rapidly rising adoption of electric vehicles around the world in light of concerns around climate change and energy security.

Governments globally are also promoting policies to encourage electric vehicle adoption through subsidies and investments in charging infrastructure. Stringent emissions norms are further compelling automakers to transition their portfolios from internal combustion engine vehicles to electric. This is creating strong tailwinds for onboard charger demand. Overall the future looks promising for the global electric car onboard charger market through the decade ahead as the broader EV transition gains momentum.

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** Key Takeaways **

• Surging electric vehicle adoption driving onboard charger demand
• Asia Pacific holds dominant market share thanks to China
• Supportive government policies promoting EV adoption globally
• Automakers investing heavily in electric mobility
• Stringent emissions regulations accelerating transition
• Europe and North America also hold noteworthy market share
• Market outlook robust through 2030 owing to EV momentum
• Substantial growth opportunities as market rapidly expands

** Regional Snapshot **

Asia Pacific accounts for the dominant share of the electric car onboard charger market presently. This can be credited to China which boasts the world's largest and fastest growing electric vehicle market. With over 6.5 million EVs on Chinese roads, the country is driving unprecedented demand for onboard chargers. Besides China, South Korea and Japan also contribute given their technological leadership in electronics and prominence in auto manufacturing value chains.

Europe represents the second largest market for onboard chargers globally. EV adoption is rapidly picking up steam in Europe thanks to EU regulations, investments in charging infrastructure, and growing climate consciousness amongst buyers. Major EV markets in Europe like Norway, Germany, France and the UK are key contributors. Leading European automakers are also transitioning their portfolios toward EVs, generating substantial onboard charger demand.

North America offers another key market, predominantly accounted for by the US given its position as the world's second largest EV market after China. With every key American automaker unveiling ambitious electrification roadmaps and the Biden administration emphasizing policies to accelerate EV adoption, North America will remain an important market over the long term. Canada will play a contributing role as well.

** Drivers **

Government incentives and subsidies - Governments around the world are offering generous purchase incentives, tax rebates, and other subsidies to make EVs more affordable and promote their adoption. These measures significantly lower the total cost of owning an EV, creating major demand for onboard chargers.

Investments in charging infrastructure - Authorities globally are also investing heavily in public EV charging stations to alleviate range anxiety. The proliferation of charging infrastructure is encouraging more consumers to adopt EVs, again fueling onboard charger demand.

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** Restraints **

High upfront cost - Despite falling battery prices, EVs remain much more expensive upfront than internal combustion engine vehicles before subsidies. This hampers uptake and onboard charger sales.

Limited model availability - Automakers have been relatively slow in unveiling new EV models. The lack of model availability and variants restricts consumer choice, hindering EV adoption and onboard charger market growth.

** Opportunities **

Surging EV adoption in developing economies - Developing nations like India, Brazil and Mexico are beginning to embrace EVs thanks to rising incomes and worsening air pollution. This presents massive new growth avenues as first-time EV buyers will stimulate demand for onboard chargers.

Growth of long-range EVs - Automakers are rapidly improving EV range and performance to minimize anxiety around charging access. The increasing shift toward long-range EVs will mandate more advanced and higher capacity onboard chargers to leverage larger battery packs.

** Challenges **

Technical challenges and high R&D costs - Designing sophisticated onboard chargers involves tremendous R&D spending given the complexity of powertrain systems and exacting technical specifications around size, weight, efficiency, charging speed, etc.

Navigating diverse charging standards globally - Myriad charging standards and protocols ranging from Level 1 to fast DC charging make developing universal compatible onboard chargers extremely complicated for automakers and charger suppliers.

** Market Segmentation **

By Type
• 6-8 KW
• Below 6 KW
• Above 8 KW

By Application
• BEV
• PHEV

** Key Players **

• Panasonic
• Tesla
• BYD
• VMAX
• Leopold KostalbGmbH
• LG Magna
• EV-Tech
• Hyunda Mobis
• Shinry
• Tiecheng
• Enpower
• Toyota Industries
• Valeo

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** Key Questions **

1. What are the key drivers of the electric car onboard charger market?
A. The key drivers are supportive government policies, investments in EV charging infrastructure, strict emissions regulations, and increasing commitment of automakers toward vehicle electrification.

2. Which region accounts for the largest share of the electric car onboard charger market?
A. Asia Pacific holds the dominant share, mainly thanks to soaring EV adoption in China - the global EV leader.

3. What are some new opportunities in the electric car onboard charger market?
A. Key new opportunities include surging EV adoption in developing nations and increasing shift toward long-range EVs demanding advanced onboard chargers.

4. What are some key challenges confronting the electric car onboard charger industry?
A. Challenges include technical complexity & high R&D costs as well as navigating fragmented charging standards across different regions.

5. What types of onboard chargers are used in electric cars?
A. The most common types are AC onboard chargers and DC onboard chargers. AC chargers are slower but cheaper, while DC chargers are faster and support higher charging capacities.

Related Reports:

Global High Performance Electric Car Market: https://theresearchdeck.com/report/high-performance-electric-car-market/

Global Electric Car Harness Market: https://theresearchdeck.com/report/electric-car-harness-market/

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