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2024 Global Overview: Electric Vehicle (EV) Connector Market Dynamics
electric vehicle (EV) connectors market
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According to The Business Research Company's, The electric vehicle (EV) connectors market size has grown exponentially in recent years. It will grow from $1.47 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 25.0%. The growth in the historic period can be attributed to government support and initiatives, environmental concerns and sustainable transportation, advancements in battery technology, autonomous driving technologies, and increased focus on energy efficiency
The electric vehicle (EV) connectors market size is expected to see exponential growth in the next few years. It will grow to $4.51 billion in 2028 at a compound annual growth rate (CAGR) of 25.2%. The growth in the forecast period can be attributed to increasing adoption of safety applications in vehicles, advancements in infotainment systems and in-vehicle connectivity, increasing investment in charging infrastructure, growing demand for electric buses and commercial vehicles. Major trends in the forecast period include wireless charging, smart charging infrastructure, universal standards, vehicle-to-everything (V2X) connectivity, and materials innovation.
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Market Drivers and Trends:
The rising adoption of electric vehicles (EVs) is expected to propel the growth of the electric vehicles (EV) connectors market going forward. An electric vehicle is a vehicle that uses one or more electric motors for propulsion and draws electricity from a battery that is capable of being charged from an external source. The rising adoption of electric vehicles (EVs) is due to increasing environmental awareness, government incentives and regulations promoting clean energy, and advancements in battery technology. Electronic vehicle connectors are used in electric vehicles to connect the vehicle's charging system to an external charging station, allowing electricity to flow from the station to the vehicle's battery for charging. For instance, according to a report by Cox Automotive, a US-based automotive services and technology provider, in 2023, electric vehicle (EV) sales in the United States surged by 46% compared to 2022, leading to a corresponding 22% increase in the number of charging stations across the country. Therefore, the rising adoption of electric vehicles (EVs) is driving the growth of the EV connectors market.
Major companies operating in the electronic vehicle (E.V.) connectors market are developing advanced technologies, such as liquid cooling technology, to enhance the efficiency and performance of electronic vehicle (E.V.) connectors. Liquid cooling technology helps to cool the electronic components, such as E.V. connectors, by circulating a liquid coolant through a system of pipes or channels. For instance, in August 2023, Boyd Corporation, a US-based company providing innovative solutions in thermal management, sealing, and protection, in partnership with E-valucon, a US-based company providing connector solutions, designed a liquid-to-air cooling system for D.C. fast charging (DCFC) cables and connectors to accelerate safe and sustainable charging. The liquid cooling technology uses green coolants to address the significant thermal challenges posed by rapid, high-power charging in tight spaces, reducing safety concerns. This solution is aimed at meeting the market demands for faster charge cycles and space-saving infrastructure and supporting the deployment of publicly accessible E.V. charging networks in the U.S. under the NEVI Formula Program.
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Major Key Players of the Market:
Robert Bosch GmbH, Tesla Inc., Siemens AG, Sumitomo Electric Industries Ltd., Schneider Electric, ABB Ltd., Avnet Inc., Aptiv plc, KYOCERA Corporation, TE Connectivity Ltd., Molex LLC, Yazaki Corporation, Amphenol Corporation, Fujikura Ltd., Belden Inc., Huber+Suhner, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Delphi Technologies, Yamaichi Electronics Co. Ltd., Positronic, Shenglan Technology Co. Ltd., ODU Automotive GmbH
Electric Vehicle (EV) Connectors Market 2024 Key Insights:
• The electric vehicle (EV) connectors market size is expected to see exponential growth in the next few years. It will grow to $4.51 billion in 2028 at a compound annual growth rate (CAGR) of 25.2%.
• Impact Of Electric Vehicle Adoption On The EV Connectors Market
• Innovative Liquid Cooling Technology In The EV Connectors Market
• Asia-Pacific was the largest region in the electric vehicle (EV) connectors market in 2023
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