North America Electric Vehicle On-board Charger Market Forecast 2021-2028
The North America electric vehicle on-board charger market is projected to progress with a CAGR of 22.27% in terms of volume and 20.79% in terms of revenue. The regional market’s growth is mainly attributed to favorable market conditions for scientific innovations, the presence of well-established electric vehicle industry players, and rapidly developing technological advancements.
The North America electric vehicle on-board charger market growth evaluation entails the assessment of Canada and the United States. Presently, Canada holds a relatively minor share within the North America electric vehicle on-board charger market. However, the nation is anticipated to grow with a notable CAGR over the forecasted years. In terms of automobile production, Canada observed a negative growth rate from 2010 to 2017 due to the financial crisis of 2008-2009. Nevertheless, the country’s automotive sales acquired a much-required boost in 2018, primarily due to the increased growth rate of commercial vehicles, thereby improving Canada’s automotive growth outlook.
Over 70% of the electric vehicle sales in Canada are derived from three regions including, British Columbia, Quebec, and Ontario, collectively encompassing 75% of the total population. Moreover, government reformations facilitating the sale of electric vehicles are being drafted across numerous Canadian states. In this regard, Canada has a coherent policy allowing a $5,000 rebate to electric car buyers. The program is termed iZEV and also includes plug-in hybrid vehicles (PHEV). Therefore, these factors are set to play a pivotal role in augmenting the North America electric vehicle on-board charger market growth.
Some of the key companies operating in the market are Current Ways Inc, TDK Corporation, LG Electronics, etc.
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