According to the report published by Market Research Future (MRFR), the global market for electric vehicle connectors is slated to reach a substantial market value at a moderate CAGR over the assessment period
Drivers and Restraints
The primary driving factors for the growth of the electric vehicle connector market are the improving charging infrastructure in developing countries, rapidly growing charging points across globe, increasing production and sales of electric vehicles globally, raising long-distance driven by electric cars, increasing demand for environment friendly vehicles, and the rising demand for fast charging vehicles. The Electric Vehicle Connector is a simple solution for charging hybrid electric cars and plug-in electric cars, which is ideally suited to stationary charging.
The lack of standardization for connectors, higher cost, and energy loss during transmission is considered as the critical hindering factor for the growth of this market. Moreover, the growing disposable income in various developing countries, along with the increasing demand for the vehicle to the grid charging station, are providing an ample opportunity growth of this market.
The global electric vehicle connector market is projected to witness substantial growth during the assessment period. The rising production of electric vehicles is accelerating the growth of the electric vehicle connector market. Also, the increasing support, incentives, and subsidies from governments across the globe for the production and sales of electric vehicles are even driving the growth of this market.
One of the key factors considered for the growth of this market is the increasing competition between electric vehicle connector system manufacturers and growing support from the local government of different countries has encouraged the producers to design the connector system according to the guidelines set by governing bodies across the regions.
The global market for Electric Vehicle Connectors is segmented based on charging type, connector type, current supply, power supply range, charging station, component, charging speed, vehicle type, application, and region. Based on the connector type, the market has been segmented into type2, type3, type1, and others. Based on the power supply range, the electric vehicle connector market has been divided into level 3 (DC 200 V–600 V Up to 240 kW), level2 (AC 240 V Up to 19.2 kW), level1 (1.4 kW–1.9 kW), and level 4 (>DC 600 V, Above 240 kW). The segmentation based on current supply charging includes AC charging and DC charging. Based on the charging station, the market has been segmented into wall-mounted and floor mounted. Based on charging speed, the market has been segmented into a slow, fast and rapid charger. Based on the component, the electric vehicle connector market has been segmented into adaptors, leads, pins, wall boxes, and others. Based on vehicle type, the global market for electrical vehicle connector has been categorized into plug-in EV, battery EV, and hybrid EV. Based on the application, the electric vehicle connector market has been bifurcated into residential and commercial.
Geographically, the global Electric Vehicle Connector Market has been studied in major regions such as North America, Asia-Pacific, Europe, and the Rest of the World. The Asia-Pacific region is projected to account for the maximum market share during the forecast period owing to the growing charging infrastructure from China and Japan. Moreover, increased production and sales of the electric vehicle are expected to boost the demand for the electric vehicle connector market in this region. Furthermore, the rising disposable income from countries such as India, China, and other countries and growing population, urbanization, and rising focus to reduce vehicle emissions are contributing to the growth of this market in this region.
The major market players in the global Electric Vehicle Connector Market include Huber+Suhner (Switzerland), Schneider Electric (France), Yazaki (Japan), Tesla (US), ABB (China), Bosch (Germany), Siemens AG (Germany), Amphenol (US),Fujikura (Japan), and Sumitomo (Japan).
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
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