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Rising EV Adoption Drives Panel Rack Mount Power Connector Market Growth Driver: A Major Catalyst in the Evolution of the Panel Rack Mount Power Connector Market in 2025
Panel Rack Mount Power Connector
The increasing adoption of electric vehicles (EVs) is expected to propel the growth of the panel rack mount power connector market. EVs are becoming more popular due to environmental concerns, better battery technology, government incentives, and lower operating costs. Panel rack mount power connectors are crucial in EV charging stations, providing reliable and efficient power connections for EV battery systems. According to Kelley Blue Book, a record 1.2 million electric vehicles were sold in the U.S. in 2023, making up 7.6% of the total U.S. car market. The growing adoption of EVs will therefore drive the panel rack mount power connector market.
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What Is the projected market size and growth rate for the panel rack mount power connector market?
The panel rack mount power connector market has experienced strong growth, expected to grow from $3.49 billion in 2024 to $3.71 billion in 2025, at a CAGR of 6.2%. This growth is driven by factors such as the increasing demand for computing power, the expansion of automation in manufacturing, growth in telecommunications infrastructure, rising high-performance computing needs, and the growth of renewable energy installations.
The panel rack mount power connector market is projected to grow strongly, reaching $4.68 billion by 2029 with a CAGR of 6.0%. The growth drivers include increased industrial activities, urbanization, and the growth of data centers. Key trends include advancements in smart grid technology, energy efficiency, IoT expansion, and the integration of smart connectors.
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What new trends are reshaping the panel rack mount power connector market and its opportunities?
Companies in the panel rack mount power connector market are focusing on developing tool-less mounting solutions to simplify installation and reduce assembly time. For instance, in April 2022, TE Connectivity launched the 369 series sealed panel mount connector, which provides a tool-less, fast, and easy mounting solution, designed for aerospace applications with high reliability and ease of installation.
What major market segments define the scope and growth of the panel rack mount power connector market?
The panel rack mount power connector market covered in this report is segmented -
1) By Type: Alternating Current (AC) Power Connectors, Direct Current (DC) Power Connectors
2) By Application: Server Racks, Data Centers, Other Applications
3) By End-Use Industry: Information Technology (IT) And Telecommunication, Consumer Electronics, Industrial Automation, Automotive, Aerospace And Defense, Healthcare, Other End-Use Industries
Subsegments:
1) By Alternating Current (AC) Power Connectors: AC Panel Mount Connectors, AC Power Inlets, AC Power Outlets
2) By Direct Current (DC) Power Connectors: DC Panel Mount Connectors, DC Power Inlets, DC Power Outlets
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Which region dominates the panel rack mount power connector market?
North America was the largest region in the panel rack mount power connector market in 2024. Asia-Pacific is expected to be the fastest expansion region in the forecast period. The regions covered in the panel rack mount power connector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the panel rack mount power connector industry growth?
Major companies operating in the panel rack mount power connector market are TE Connectivity Ltd., Delta Electronics Inc., Amphenol Corporation, Molex LLC, Phoenix Contact GmbH & Co. KG, Lapp Group, Hirose Electric Co. Ltd., Samtec Inc., Smiths Interconnect, HARTING Technology Group, Bel Fuse Inc., LEMO, Glenair Inc., Souriau, ODU GmbH & Co.KG, ITT Inc., Fischer Connectors, Positronic, Schurter Holding AG, Bulgin Limited, Anderson Power Products, Neutrik, Switchcraft and Conxall, CUI Inc., Kycon Inc.
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What Is Covered In The Panel Rack Mount Power Connector Global Market Report?
•Market Size Forecast: Examine the panel rack mount power connector market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the panel rack mount power connector market for a structured understanding.
•Key Players Overview: Analyze major players in the panel rack mount power connector market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the panel rack mount power connector market.
•Segment Contributions: Evaluate how different segments drive overall growth in the panel rack mount power connector market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the panel rack mount power connector market.
•Industry Challenges: Identify potential risks and obstacles affecting the panel rack mount power connector market.
•Competitive Landscape: Review strategic developments in the panel rack mount power connector market, including expansions, agreements, and new product launches.
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