Nov 11, 2020, 05:41 EST
Shibuya-ku, Tokyo, Japan, Japan, Nov 11, 2020, 05:41 /Comserve / -- Global EV Charging Connector Market is valued approximately USD 0.4 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 18.44S % over the forecast period 2020-2027.
Global EV Charging Connector Market is valued approximately USD 0.4 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 18.44S % over the forecast period 2020-2027. Electric vehicle ( EV) chargers are used to provide a battery and an energy source for charging electric vehicles to help charge the battery. Charging of such vehicles can be carried out by means of various charging stages , i.e. level 1 , level 2 and level 3. In addition to electric vehicle maintenance costs, the cost of EV vehicle is lower than traditional petrol / diesel vehicles. Electric vehicles eliminate the carbon footprints that contain greenhouse gas emitted into the atmosphere. The market is driven by strong government emphasis on promoting the adoption of EVs, growing automakers' attention on EVs as the primary segment, growing demand for fast charging EV connectors. Governments are investing heavily in building charging infrastructure in different countries, which bodes well for the growth of the sector. For instance, In October 2015, the Chinese Government declared its intention to invest in the deployment of EV infrastructure in order to achieve its goal of supporting 5 million on-road EVs by 2020. In addition, an EV car-sharing scheme was initiated by the Singapore government in 2017.
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Under this initiative, 2,000 EV chargers will be installed in 500 charging stations across Singapore by BlueSG (Singapore), a Bollore Group subsidiary. The key players of global EV Charging connector market have adopted various strategies to gain competitive advantage including product launch, mergers and acquisition, partnerships and agreements, investment, funding and others. For instance, In June 2018, ABB unveiled its Terra HP, the world's fastest EV battery, which in just 8 minutes adds up to 200 km of range to an EV. . However, lack of EV connector standardization around the world would restrain the market growth.
The regional analysis of global EV Charging Connector Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of growing demand for fast charging EV. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as Strong government emphasis on promoting the adoption of EVs, growing automakers' attention on EVs as the primary segment connectors would create lucrative growth prospects for the EV Charging Connector Market across Asia-Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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By Charging Type:
By Level Type:
By Voltage Type:
Alternating current charging
Direct current charging
By Charging speed Type:
Rest of the World
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