The latest market report published by Credence Research “Global Electric Vehicle Connectors Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 40.93 million in 2020 and expected to reach a healthy CAGR of over 18.7% during the forecast period from 2021 to 2027 to reach around USD 114.20 million in 2027.
Browse Full Report: https://www.credenceresearch.com/press/global-electric-vehicle-connectors-market
The EV connector is a charging connector for electric vehicles that allows electric power to be conveyed from charging base to the vehicle. The specification and design of EV connectors differs depending on electric vehicle and charging station’s charging speed, which can range from slow to fast to quick. The EV connector is used to attach the battery of an electric vehicle to the charging rod, allowing electric power to be synchronized with the battery.
Key Trends in Global Market
Stringent Pollution Regulations
Increasing demand for EV observed due to increased concern about emissions and stricter transportation pollution regulations, is expected to boost the EV connector market in the future. Since electric vehicles run on electricity, rising sales of electric vehicles are expected to result in a greater rate of adoption of EV charging stations.
Furthermore, the global market is expected to benefit from increasing government support in the form of tax and subsidies credits. Regulatory bodies’ increasing encouragement to choose electric vehicles, combined with their low operating and maintenance costs, is expected to cause an increase in the number of EV charging stations being built, which augments the market growth.
COVID-19 Impact on the Market
Supply chain disturbances are another major concern for EV adoption. China is the world’s largest producer of electric vehicle components. Lockdowns disrupting supply chains are having a short-term adverse effect on EV producers across the world, but that trade tensions could hamper the medium-to long-term cost-effective EV roadmap and postpone adoption. Similar risk would be comprehended if more countries focused on re-shoring key component manufacturing, like batteries, and erected trade obstacles to confirm localization of production. In these sort of situation, the transition path will differ from country to country and will be determined by a country’s ability to establish indigenous supply chain in a timely manner.
Global Market by Level Type Insights
Level 2, Level 1, Level 3, and Level 4 are some of the Level Type of this market. During the forecast period, level 3 is expected to rise at a strong pace. Level 3 charging has a power output of more than 51 KW and can charge the battery more than three fourth in less than 30 minutes. In the near future, this capacity to charge quickly is expected to improve the segment of the industry.
Global Market by Charging Speed type Insights
Global market is segmented on the basis of Charging Speed type as Slow, Fast, and Rapid. Fast chargers generally takes 2-4 hours to completely charge the car, was an extremely appealing part of the global market in the past years, owing to higher deployment rate observed in fast charging stations. In the upcoming years, rapid charging segment will be high in demand as it is capable of charging a vehicle in 30 minutes to 2 hours, which may hinder the fast charging segment.
Global Market by Regional Insights
The Asia Pacific region dominates the global market for electric vehicle charging connectors. Since the region contains rapidly developing countries, the market is augmenting its growth. The market is being boosted by rising demand for electric vehicles and rapid growth of electric charging infrastructure in major countries.
The demand for electric vehicles is growing rapidly in Asia Pacific, due to government support in the form of tax incentives. The electric vehicle charging connector market in China, South Korea and India is expected to grow due to low prices and tax incentives for electric vehicle purchases. South Korea, China and Japan are all attempting to achieve zero-emission vehicle status.
Global Market Competitive Landscape
Most prominent players across the global market include The New Motion, ABB, ClipperCreek, Siemens, BP-Chargemaster, Tesla Motors, DBT CEV and BYD. The report covers very detailed profiles of these key players.
Global Electric Vehicle Connectors Market by Level Type, 2015 – 2027
· Level 1
· Level 2
· Level 3
· Level 4
Global Electric Vehicle Connectors Market by Charging Speed type, 2015 – 2027
Global Electric Vehicle Connectors Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Electric Vehicle Connectors Market: Key Players
· The New Motion
· Tesla Motors
· DBT CEV