Press release
EV Charging Connector Market Touched USD 55 million in 2021 and to reach USD 187 million in 2029, Expanding at a significant CAGR of 16.5% | Size & Forecast Report
EV Charging Connector Market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/ev-charging-connector-market-analysis-industry-research/
The factors driving growth of the EV Charging Connector Market includes rising focus on reducing carbon emissions around the world, growing awareness about the benefits of EV connector, Government initiatives to expand Electric Vehicles (EV) charging stations and improvements in the living stations. Government of India has allocated around INR 1,300 crore under the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme, to expand the EV charging network nationwide, which will accelerate the EV Charging Connector Market size in the approaching years. Moreover, low operating and maintenance costs of EV charging connectors, growing consumers preference for electric cars over conventional fuel driven vehicles, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the EV Charging Connector Market is hindered due to lack of standardization for EV connectors worldwide.
The major players operating in the market are HUBER+SUHNER, Tesla, Robert Bosch GmbH, YAZAKI Corporation, TE Connectivity, Sumitomo Corporation, ITT INC., ABB, Schneider Electric and Siemens, among others.
Based on Charging Speed, the Fast segment is predicted to expand at a significant CAGR during the forecast period
Growing demand for DC charging points because it provides faster charging as compared to traditional power sockets, is propelling growth of the segment.
Based on End-Users, the Commercial segment is projected to grow at a remarkable CAGR over the forecast period
Government initiatives regarding the installation of charging stations and increasing penetration of electric vehicles across the globe, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period
Government policies promoting the manufacturing of electric vehicles, rising focus on reducing carbon footprints, increasing installation of charging stations across India, China and Singapore, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.
Key Developments
In 2018, IIT INC., showcased its Liquid Cooled DC High Power charging and customized AC charging solutions at the EVS 30 (the Electric Vehicle Symposium and Exhibition, Germany).
In 2018, ABB developed Terra HP, adding up to 200 km of range to an EV in just 8 minutes. This charger is ideal for use at highway rest stops and petrol stations.
Market Segmentation
Segmentation by Charging Type
Type 1
Type 2
Others
Segmentation by Charging Speed
Fast
Rapid
Segmentation by End-Users
Residential
Commercial
Segmentation by Current Supply
AC
DC
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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