Rising Demand for Electric Vehicles Drives Growth in Connector Market
Market Research Future Insights
Electricity is transmitted from an electric vehicle through an EV connector to the charging pole at a recharging station. Electric vehicle batteries can be charged at the station using a variety of connections. To make the EV connections compatible with the battery characteristics of an electric car, electrical requirements are used.
The Global Electric Vehicle Connector Market is estimated to be worth USD 154.08 Billion by 2030, registering a 22.61% CAGR during the forecast period (2022- 2030).
The worldwide electric vehicle connector market is anticipated to flourish throughout the forecast period. The EV Connector Market’s development is fueled by the augmenting number of electric vehicles on the road. An additional factor influencing the expansion of this industry is the escalating public support, encouragement, and grants for the development and marketing of electric cars across the world. In addition, growing competition among electric car connector system makers and boosted backing from the regional government in various countries have bolstered the manufacturers to develop the connecter system following governmental authorities in different locations.
Charge stations are multiplying at a lightning pace worldwide, electric cars are progressively being used for longer travels, environmental awareness is developing, and the thirst for supercharging vehicles is expanding. These are all sides contributing to the augmentation of the worldwide automobile sector. Charge plug-in and hybrid electric cars rapidly with the Electric Vehicle Connector, explicitly designed for perpetual charging stations.
The electric vehicle connector market will similarly benefit from the escalating usage of vehicle-to-grid electric vehicle charging stations, the boosting cooperation between individuals and international firms, the expanding research and development efforts in the industry.
Regional Analysis
The Global Electric Vehicle Connector Market is divided into five regions; North America, Asia Pacific, Europe, Latin America and the Middle East & Africa.
The worldwide electric vehicle connector market is divided into four pivotal regions North America, Europe, Asia- Pacific, and the Rest of the World. The Asia Pacific region is probable to have the largest market share over the forecast period because of the development of charging stations in China and Japan. Demand for electric car connectors in this region is anticipated to rise as the number of electric vehicles produced and sold rises. This region’s auto-emissions market is being driven forward by a combination of factors, embracing increased expendable cash in nations like India and China and expanding populations and urbanization.
Market Segmentation
The global Electric Vehicle Connector Market is segmented into the following types;
By charging type
- Type 1
- Type 2
- CCS
- Chemo
- GB/T
- Tesla
- Type 3
By level type
- Level 1
- Level 2
- Level 3
- Level 4
By voltage type
- AC Charging
- DC Charging
By charging speed type
- Slow
- Fast
- Rapid
Key Players
The global Electric Vehicle Connector Market’s prominent key players are Yazaki (Japan), Schneider Electric (France), Tesla (US), Bosch (Germany), ABB (China), Siemens AG (Germany), Fujikura (Japan), Amphenol (US), Huber+Suhner (Switzerland) and Sumitomo (Japan).
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