Fast Charging Segment to Push Global Electric Vehicle Connector Market till 2024
Surging demand for electric
vehicles coupled with increasing concerns related to pollution, and government
schemes and incentives to drive global electric vehicle connector market
through 2024
According
to TechSci Research report, “Global
Electric Vehicle Connector Market By Type, By Charging Level, By Charging Speed, By Voltage, By End User, By
Region, By Company,
Competition, Forecast & Opportunities, 2014 – 2024”, global electric vehicle connector market is projected to
grow at a double-digit CAGR of 19% through 2024, owing to increasing adoption
of electric vehicles. Several governments across the globe are empowering the reception
of electric vehicles with strategies, which would quicken the appropriation of
electric vehicle framework and electric vehicle connectors. Moreover, increasing
research & development activities by various leading automobile companies
to develop more advanced and affordable electric vehicles are anticipated to
positively influence global electric vehicle connector market.
Additionally, increasing consumer inclination towards
electric vehicles, on account of growing concerns associated with rising GHG
emissions and deteriorating air quality is likely to push demand for electric
vehicle connectors in the coming years. Based on type, type 1 or SAE J1772 connector
is expected to witness significant growth during the forecast period, as it is
the widely used connector in US and Japan. In terms of charging level, level 3
is likely to grow at the fastest rate, owing to its ability to charge the fully
drained battery to 80% in less than 10 minutes.
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Some of the major players operating in global
electric vehicle connector market are Yazaki Corporation, TE Connectivity Ltd.,
Sumitomo Corporation, Schneider Electric, Huber+Suhner, Tesla, Inc. and Robert
Bosch GmbH. Their continued
research & development efforts to manufacture technologically advanced and
affordable electric vehicle connectors are expected to intensify the market
over the course of next five years. Increasing investments and continuous
product developments by automotive companies in the electric vehicle connector
market is also anticipated to fuel the market.
“Demand for electric vehicle connectors is growing over the past few
years, owing to rising demand for electric vehicles across the world. Governments
in different countries are providing incentives and discounts on the purchase
of electric vehicles, owing to various environmental benefits associated with
this automotive segment. Moreover, growing demand to harmonize various
electric vehicle connectors and communication protocol standards is expected to
positively impact global electric vehicle connector market through 2024.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Electric
Vehicle Connector Market By Type, By Charging Level, By Charging
Speed, By Voltage, By End User, By Region, By
Company, Competition, Forecast & Opportunities, 2014 – 2024” has evaluated the future growth potential of global
electric vehicle connector market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global electric
vehicle connector market.
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