New York, US, May 15, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Electric Vehicle Connectors Market Research Report Information by charging type, charging speed type, Region, voltage type, and level type - Forecast Till 2030”, the global Electric Vehicle Connectors market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 18.70%. The market is anticipated to continue growing in order to attain a substantially larger value over the coming years.
Electric Vehicle Connector Market Overview:
The global Electric Vehicle Connectors industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the escalating demand for fast-charging vehicles across the globe. Furthermore, the growing charging points across the globe and the escalating demand for environment-friendly vehicles are also projected to boost the market's development around the world over the assessment period.
Competitive Analysis
The listing of the prominent leaders across the global Electric Vehicle Connector market includes players such as:
- Yazaki (Japan)
- Huber+Suhner (Switzerland)
- Schneider Electric (France)
- Amphenol (U.S.)
- Tesla (U.S.)
- Fujikura (Japan)
- Bosch (Germany)
- Siemens AG (Germany)
- ABB (China)
- Sumitomo (Japan)
- Among others.
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Electric Vehicle Connector Market USP Covered
Market Drivers
The global Electric Vehicle Connectors industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the escalating demand for fast-charging vehicles across the globe. Furthermore, the growing charging points across the globe and the escalating demand for environment-friendly vehicles are also projected to boost the market's development around the world over the assessment period. Moreover, the increase in demand for electric vehicles, growing business operations in developing nations, growing government subsidies for purchasing electric vehicles, significant expenditures, transition to zero-emission automobiles, and government emphasis on promoting the adoption of E.V.s are also projected to enhance the performance of the market over the review era.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
Electric Vehicle Connector Market Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: Significant Value |
| CAGR during 2023-2032 | 18.70% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Key Market Opportunities | Growing demand for the vehicle to the grid charging station Growing charging infrastructure |
| Key Market Dynamics | Growing demand for fast-charging vehicles Growing charging points across the globe Growing demand for environment-friendly vehicles |
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COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Electric Vehicle Connectors market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Electric Vehicle Connector Market Segment Analysis
Among all the types, the level 3 sector is anticipated to secure the largest share across the global Electric Vehicle Connector market over the assessment period. It offers fast charging with a 45-kW external charger in the 200 V to 600 V range.
Among all the level types, level 3 charging is expected to ensure the top spot across the global market over the coming years, with Asia-Pacific region being the largest consumer.
Among all the voltage types, the C. charging category secured the lead across the global market in 2021 with the largest contribution of 56.0%.
Among all the charging types, the fast-charging E.V. connector segment is predicted to dominate the global market by providing charge through a 240 V A.C. socket.
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Electric Vehicle Connector Market Regional Analysis
The global Electric Vehicle Connector market is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region held the top position across the global Electric Vehicle Connectors industry in 2021 with the largest contribution of around USD 0.88 billion and is predicted to showcase substantial growth over the coming years. The main parameter supporting the development of the regional market is the rapidly growing electric car industry in countries such as Japan, India, and China. Furthermore, the government's growing assistance in the form of tax breaks, subsidies, grants, and improvements to the infrastructure for charging is also considered to be one of the vital aspects causing a surge in the market performance over the review timeframe. Moreover, with pollution levels in developed nations such as Japan and China increasing, there is a potential market for electric vehicles in these countries because of the requirement for zero-emission automobiles.
The European regional Electric Vehicle Connector market is anticipated to grow substantially during the review timeframe at a healthy growth rate of around 17.7%. It is projected to attain a size of approximately USD 49,777.98 Thousand by the end of 2029. Technological advancement across the regional market is considered the primary parameter supporting regional market development. The Region has Germany as the leading growth contributor. On the other hand, the U.K. is likely to showcase the maximum growth rate over the coming years.
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The North American electric vehicle connectors market is projected to attain a valuation of around USD 38,590.91 Thousand by the end of 2029. The reports further anticipate the market to thrive considerably during the review timeframe at a healthy growth rate of over 18.8%. The Canada Electric Vehicle Connector market is anticipated to showcase maximum growth over the coming years. On the other hand, the U.S. Electric Vehicle Connector market dominated the regional market in 2021.
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