The global Electric Vehicle Connectors market is expected to cross-market value of USD 114.20 billion in 2027 from USD 40.93 billion in 2020. It is expected to grow at a CAGR of over 18.7% during the forecast period.
For power transmission, EV connectors serve as an EV coupler with the charging pole of the station. The connectors aid in the attachment of an electric vehicle's battery to the station's charging point. The electrical requirements for EV connectors are designed to synchronize with the features of the battery installed in an EV. Credence Research offers holistic information and absolute accuracy in the "Global Electric Vehicle Connectors Market report."
Key Market Drivers and Restraints
Factors that greatly impact the market growth of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to identify revenue generation.
Impact of COVID-19
COVID-19's effect on electric vehicles will vary from country to country. For example, it is expected to have solid EV sales in China post-crisis, ensuring that investment remains stable and the positive rise in EV market share remains on track. Even though the ramp-up of electric vehicles may be slightly delayed, there are good regulatory tailwinds in Europe, so investments are expected to stay stable. In the United States, EV demand could plateau, particularly if federal emissions regulations are relaxed and oil prices remain low. These trends can cause EV investment to decline and market share to fall below projected levels.
Asia-Pacific to Dominate the global market
On the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the global market. Asia-Pacific dominated with over 48.7% share in 2020.
Global Market is led by Level 3
Level 1, Level 2, Level 3, and Level 4 are the four Level Types of the global market. In 2020, Level 3 accounted for the largest share of the global market. DC Level 3 necessitates major infrastructure and service enhancements, making it the most costly to implement of the three stages. As a result, level 3 EV connectors are the most common in the global EV Charging Connector Market.
Rapid Chargers will dominate the global market in terms of Charging Speed type.
Slow, Fast, and Rapid are three various Charging Speed types in this market. However, in 2020, Fast Chargers led the market as it is becoming more common. The segment acquired the majority of the market share because it uses a 240 V AC plug and needs the installation of public charging equipment.
Frequently asked questions about global industry
Level 2, Level 1, Level 3, and Level 4 are the different Level Types available in the market
The New Motion, ABB, ClipperCreek, Siemens, BP-Chargemaster, Tesla Motors, DBT CEV and BYD are the key players operating in this market
Rapid Charging Speed type offers tremendous opportunities to players
Asia-Pacific has the largest share owing to various developments happening in this space
The market is anticipated to grow at a CAGR of 18.7% throughout the forecast period
