EV Charging Connector Market Share, Trends Analysis & Industry Report, 2020-2027
EV Charging Connector Market
The global EV Charging Connector Market is likely to expand
at a rate of 18.44% over the forecast period. The accelerating population rate
and mounting fuel prices have supplemented the market growth. Also, the
intensified support by government, in terms of tax rebates is likely to expand
the market growth.
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EV Charging Connector Market Dynamics
The intensified emphasis on encouraging the adoption of EVs
has stimulated the demand for fast charging connectors. Thus, this is regarded
as a major force supplementing the growth of the global EV charging connector
market. The increasing carbon discharge has promoted the switch towards
electric vehicles to decrease the negative impact of vehicles on the
environment. As per the IAE, the
electric car sales were nearly 2.1 million throughout the nation. Also, these
cars accounted for nearly 2.6% of the yearly sales and 1% of the car stock in
2019. Besides this, several key producers in the market, such as Tesla and ABB
are emphasising on elevating their product offering to cater for a prominent EV
charging connector market share. For example, ABB, in 2019, launched
its Terra HP, the fastest EV charges, adding for 200 km in range for its
application at petrol pumps and highways. Thus, this will further compel the
market growth. Consumers have become aware about the beneficial features of EV
connector, such as it establishes the connection with the charging point of
station and functions as an EV combiner with charging pole. This has captivated
hue end consumers towards the market, thereby propelling the market growth.
However, as projected by the EV charging connector market global forecast,
the lack of standardisation of EV connectors stands to be a prime reason
responsible for obstruction in the market.
End-User Segment Drivers
Based on the end-user, the commercial segment is expected to
witness a faster growth during the forecast period. The intensified initiatives
by various government bodies and automobile producers to encourage the establishment
of EV charging stations has steered the EV charging connectors market size.
For instance, the Indian government, in 2020, declared to fixture more than 69,000
EV charging kiosks across petrol pumps pan-India to raise the espousal of
electric vehicles in the country.
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