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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