Europe Electric Vehicle On-Board Charger Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

The Europe Electric Vehicle On-Board Charger Market was valued at USD 5.9 billion in 2023. Projections indicate a robust growth trajectory, with an anticipated CAGR of 21.3% from 2024 to 2032. This surge is fueled by regulatory incentives, technological strides, and evolving consumer preferences. Policymakers across Europe have set ambitious targets to curtail carbon emissions and attain climate neutrality, making the adoption of electric vehicles (EVs) a paramount focus. Consequently, the demand for on-board chargers is rising, underscoring the urgent need to bolster charging infrastructure.

Technological innovations in charging methods, notably fast and wireless charging, are enhancing the convenience of electric vehicles and accelerating their adoption. Europe is solidifying its position as a pivotal hub for EV manufacturing and innovation. Given these dynamics, the region's electric vehicle on-board charger market is poised for substantial growth in the foreseeable future.

Europe's stringent emissions standards and ambitious EV adoption goals are pivotal drivers, catalyzing substantial investments in EV on-board chargers. Regulation (EU) 2019/631, effective from 2025, sets stringent EU-wide CO2 fleet targets. These include a 15% reduction for cars and vans by 2025, escalating to a 50% target for vans and 55% for cars by 2030, all benchmarked against a 2021 baseline. Such measures highlight the European Union's dedication to tackling climate change and expediting the shift to cleaner transportation. This commitment emphasizes the crucial role of on-board chargers in this transition, setting the stage for industry growth.

Europe EV on-board charger industry is classified based on propulsion, rating, and country.

In terms of propulsion, Europe BEV electric vehicle on-board charger sector is projected to exceed USD 25 billion by 2032. This growth is spurred by rising consumer demand for zero-emission vehicles and government incentives championing battery electric vehicles (BEVs). Given that BEVs operate solely on battery power, the demand for efficient on-board charging solutions becomes paramount.

The segment for chargers rated between 11 kW and 22 kW is predicted to expand at a CAGR of over 21% through 2032. This growth is attributed to the surging demand for efficient charging solutions, especially with the expanding EV fleet. As charging infrastructure evolves and higher-capacity batteries gain traction in electric vehicles, the appeal of this charger segment continues to rise.

Germany electric vehicle on-board charger market will exceed USD 8.1 billion by 2032. This outlook is underpinned by mounting environmental concerns, heightened incentives from both private entities and the government, and significant investments in developing EV infrastructure. A notable trend shaping the market is the push for on-board chargers with elevated power ratings, aimed at curtailing charging times and addressing the surging demand for hybrid electric vehicles.

In Norway, supportive policies and schemes promoting electric vehicle adoption and emission reduction have fostered a conducive environment for EV on-board chargers. For example, from 2023, Norway's introduction of a weight-based purchase tax on new electric vehicles is anticipated to bolster EV adoption, further fueling market growth.