Selbyville, Delaware, June 12, 2024 (GLOBE NEWSWIRE) --
The EV connector market valuation is predicted to reach USD 10.4 billion by 2032, as reported in a research study by Global Market Insights Inc.
The report suggests that the rapid expansion of electric vehicle infrastructure and advancements in electric vehicle technology will propel industry growth over 2024–2032. Increasing investments in charging networks worldwide necessitates the development of efficient and versatile EV connectors. Moreover, innovations in electric vehicle technology, such as faster charging capabilities and higher energy densities, drive the demand for advanced connectors capable of accommodating evolving charging requirements. As the electric vehicle market expands, the demand for compatible connectors will surge, driving market growth.
For instance, in February 2024, ITT Cannon unveiled high-performance CCS2 EV connectors, boasting a 500-amp charging capacity, catering to the burgeoning electric vehicle market. This development indicates a response to the growing demand for fast and efficient charging solutions, reflecting the increasing adoption of electric vehicles worldwide. Additionally, it underscores the industry's commitment to developing innovative technologies to support the expanding EV market, thereby driving further growth and competitiveness within the EV connector market.
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The EV connector market from the medium voltage segment will secure a considerable market share between 2024 and 2032, attributed to the increasing adoption of medium voltage charging solutions in both public and private charging infrastructures. With their ability to deliver higher power levels, medium voltage connectors cater to the growing demand for faster charging times in electric vehicles. Moreover, advancements in charging technology and the expansion of medium voltage charging networks further solidify this segment's position as the primary choice for EV charging solutions.
The charging segment will experience marked growth by 2032, owing to the escalating demand for electric vehicle charging infrastructure worldwide. As governments and private entities invest heavily in expanding charging networks to support the growing EV fleet, the need for reliable and efficient connectors intensifies. Furthermore, advancements in charging technology, including fast charging capabilities and wireless charging solutions, contribute to the segment's significant share in driving the market forward.
North America will expand at a remarkable EV connector market CAGR from 2024 to 2032, driven by supportive government initiatives, robust EV infrastructure development, and a growing number of electric vehicle registrations. The region's leading automotive manufacturers and technological advancements in EV charging solutions further bolster its market dominance. Additionally, the increasing adoption of electric vehicles by consumers and businesses alike contributes to North America's pivotal role as a major contributor to the global EV connector industry.
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Some of the leading firms operating in the EV connector market including Yazaki Corporation, Amphenol Corporation, TE Connectivity, Sumitomo Electric Industries, Ltd., Aptiv, ITT Inc., Hirose Electric Co. Ltd., Molex, Hirschmann Automotive GmbH, and Rosenberger Hochfrequenztechnik GmbH & Co. KG
Companies are increasing their market share through strategic partnerships, technological innovations, and expanding product portfolios. By collaborating with electric vehicle manufacturers and charging infrastructure providers, they ensure the compatibility and reliability of their connectors. Additionally, investments in R&D result in the development of high-performance connectors with faster charging capabilities and enhanced safety features. Furthermore, effective marketing strategies and global distribution networks enable these players to penetrate new markets and cater to the growing demand for electric vehicles worldwide.
In February 2024, JAE launched the KW07C Series, an EV charging connector compliant with the CHAdeMO Standard and UL-recognized, boasting a 200A-rated current for improved handling.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018 - 2032
Chapter 3 EV connector market Insights
3.1 EV connector market ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material suppliers
3.2.2 Charging infrastructure providers
3.2.3 Automobile manufacturers
3.2.4 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rising adoption of EVs
3.8.1.2 The proliferation of autonomous technologies
3.8.1.3 Surging EV infrastructure in North America
3.8.1.4 Rising demand for efficient connectors
3.8.2 Industry pitfalls & challenges
3.8.2.1 Concerns regarding vulnerabilities in infotainment systems
3.8.2.2 Limited supply chain capacity
3.9 Growth potential analysis
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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