Electric Vehicle Connector Market – Overview
The revolution in the automobile sector brought about by the need to reduce repercussions to the global climate has raised the demand for electric vehicles. Reports that evaluate the automobile industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The electric vehicle connector industry is anticipated to grow with a 20% CAGR in the upcoming period.
The increased popularity of plug-in electric vehicles and hybrid electric vehicles is projected to benefit the expansion of the electric vehicle connector market. The amplified development of the electric vehicle connectors is attributed to the use of electric cars for longer distances which requires an increased number of charging points is expected to create an increased scope for the market in the approaching years.
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Segmental Analysis
The segmentation of the electric vehicle connector market is carried out on the basis of charging type, connector type, power supply range, charging station, vehicle type, charging speed, component, application, and region. Based on the connector type, the market has been segmented into type2, type3, type1, and others. By power supply range, electric vehicle connector market has been segmented into level2 (AC 240 V Up to 19.2 kW), level 3 (DC 200 V–600 V Up to 240 kW), level1 (1.4 kW–1.9 kW), and level 4 (>DC 600 V, Above 240 kW). On the basis of current supply charging the market is divided into DC charging and AC charging. Based on the charging station, the market has been segmented into floor mounted and wall mounted. Based on the charging speed, the market has been segmented into fast, slow, and rapid charger. By component, the electric vehicle connector market has been segmented into leads, wallbox, adaptor, pins, battery EV, and others. Based on vehicle type, the market has been divided into hybrid EV and plug-in EV. By application, the electric vehicle connector market has been segmented into residential and commercial. The regions in the electric vehicle connector market are Asia-Pacific, Europe, North America, and the Rest of the World.
Detailed Regional Analysis
The regional examination of the electric vehicle connector market comprises of regions such as Europe, Asia Pacific, North America, and the rest of the world. The Asia Pacific region is likely to hold the biggest market share through the forecast period due to increasing charging infrastructure from Japan and China. Furthermore, amplified production and sales of electric vehicles are projected to further the demand for electric vehicle connector market in this region. Moreover, the rising disposable income from countries such as China, India, and other countries, and escalating population, urbanization, and increasing focus to lessen the vehicle emissions is contributing to the expansion of the market in this region.
Competitive Analysis
The evolution of the market is chiefly due to the reductions in profile-raising and miscellaneous expenses. A strengthened growth pace is observed in the market due to the productive effect exerted both externally and internally by key driving factors. The competency of the market is bolstered by the reconditioned nature of the assets existing in the market. The market is anticipated to achieve an unequivocal lead in the market place credited to amended strategies in specific areas. Also, the deals being devised in the market are presumed to inspire the expansion of the market in the approaching years. The absorbed charges in the market are easily dealt with, freeing up more resources for the progress in the market. The firms operating in the market are insistently dealing with the deterrents to growth and are making approaches that are likely to influence a beneficial consequence with regards to the market's advancement.
The well-known firms in the Electric Vehicle Connector Market globally are Schneider Electric (France), Tesla (US), Bosch (Germany), ABB (China), Yazaki (Japan), Siemens AG (Germany), Amphenol (US), Huber+Suhner (Switzerland), Fujikura (Japan), and Sumitomo (Japan).
Market Highlights Market Research Future published a research report on the Global Electric Vehicle Connector Market, which expected to progress with 20% CAGR from 2019–2024.
The sudden outbreak of the COVID-19 virus and its impact on the industry are analyzed in granular detail.Main Boosters and Key Deterrents Electric vehicles note high demand as they outperform other vehicle types, offering various benefits including low carbon emission, comfortable drive, higher fuel economy, convenience of charging at home, reduced sound from engine and more.
However, the global auto industry is experiencing a rough patch due to the recent COVID-19 crisis.
Considering these factors, one can safely assume that the demand for electric vehicle connector market can boom in the following years.A vast number of companies in the market boast of well-built distribution networks, which contributes largely to the market growth for electric vehicle connectors.
Surge in EV charging points can also induce market growth in the approaching years.Significant Contenders Significant contenders operating in the electric vehicle connector industry are Huber+Suhner (Switzerland), Fujikura (Japan), Yazaki (Japan), Tesla (US), Bosch (Germany), Schneider Electric (France), ABB (China), Siemens AG (Germany), Sumitomo (Japan), Amphenol (US), to mention a few.Get Free Sample Report@ https://www.marketresearchfuture.com/sample_request/7222Market Segmentation The electric vehicle connector industry has been extensively covered in the report, taking into account segments like connector type, charging type, power supply range, current supply, charging station, charging speed, component, vehicle type and application.
The market segmentation as per the connector type comprises type1, type2, type3, and others.
