Electric Vehicle Connector Market to Gain from Government Initiatives

1. Electric Vehicle Connector Market to Gain from Government Initiatives Electric Vehicle Connector Market to Get Charged by Increasing Demand for Electric Vehicles Hike in Disposable Income to Ensure Growth Opportunities for Electric Vehicle Connector Market Overview: In electric vehicles, powers get transferred to the car via electric vehicle connector. There are different shapes available in the market to comply with the systems of North America, Europe, and China. The global electric vehicle connector market is expected to take a lead by 20% CAGR during the forecast period (2018-2023). Market Research Future (MRFR), in their recent report claims high integration of the system could help the market speed past the expected valuation with substantial ease. Factors such as eco-friendly measures, government initiatives, growing trend to buy electric vehicles, better infrastructure, interests shown by manufacturers, and others are expected to provide tailwind to the market. However, the lack in standardization and high cost can deter the expected growth rate of the electric vehicle connector market. But growing disposable income can take out the market from any long-time sluggishness. Segmentation: The global electric vehicle connector market, as studied by MRFR in their latest report on the same market, has been segmented by application, connector type, charging type, vehicle type, power supply range, current supply, charging station, component, charging speed, and region. Based on the connector type, the electric vehicle connector market comprises type1, type2, type3, and others. Based on the power supply range, the electric vehicle connector market is segmented into level1 (1.4 kW–1.9 kW), level2 (AC 240 V Up to 19.2 kW), level 3 (DC 200 V–600 V Up to 240 kW), and level 4 (>DC 600 V, Above 240 kW). Based on the current supply charging, the electric vehicle connector market includes AC charging and DC charging. Based on the charging station, the electric vehicle connector market includes wall mounted and floor mounted. Based on the charging speed, the electric vehicle connector market comprises slow, fast and rapid charger. The fast charger segment is witnessing high traction. Based on the component, the electric vehicle connector market consists leads, adaptor, pins, wallbox, and others. Based on the vehicle type, the electric vehicle connector market encompasses battery EV, plug-in EV, and hybrid EV. The hybrid EV segment is gaining much traction during the forecast period. Based on the application, the electric vehicle connector market has been segmented into residential and commercial.

2. Regional Analysis: Based on a region-specific analysis, the global electric vehicle connector market includes four major regions namely North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW). The Asia-Pacific has the lion’s share in the market and during the forecast period, the region is expected to maintain its dominance. This would be possible due to the presence of countries like China and Japan. China is trying to reduce the pollution level by implementing new rules and integrating electric vehicles into the system. The entire region is witnessing a hike in the demand for electric vehicle connector market. It is expected to gain traction from other factors as well such as increasing population, urbanization, and attempts to reduce the vehicle emissions. Europe and North America are expected to bolster this growth as these two regions are taking carbon emission quite seriously and making elaborate plans to shift towards electric vehicles. Competitive Landscape: Several companies like Yazaki (Japan), Schneider Electric (France), Tesla (US), Bosch (Germany), ABB (China), Siemens AG (Germany), Fujikura (Japan), Amphenol (US), Huber+Suhner (Switzerland), and Sumitomo (Japan) are showing great interest in this global electric vehicle connector market. These companies have realized that the automotive future is in the hands of electric vehicles. MRFR, while discussing the global electric vehicle connector market, profiled these companies for a better understanding of the trends that could significantly contribute to various changes in the coming years. In May 2019, Efacec launched the new fast charger for electric vehicles, QC45 generation 2. The charger is more futuristic but easy to maintain and provides faster charge to all electric vehicles. It is also compatible with all the brands. It provides 0 to 80% charge in 30 minutes only and runs on AC power of 22kVA.