Electric Vehicle Charging Connector Market with Covid-19 Impact Analysis: Growth, Latest Trend Analysis and Forecast

Electric Vehicle (EV) Charging Connector: Introduction

Electric vehicle (EV) charging connectors are used to charge an electric vehicle. Numerous reasons are prompting the switch from engine-driven vehicles to electric or battery-driven vehicles, as electric vehicles are zero emission and less noisy. The electric vehicle charging connector comprises various charging methods including combined charging system and CHAdeMO. These are the fastest charging methods available for electric vehicle charging.
The electric charging connector can be single-phase or three-phase, depending on application of use such as home application or public space. In some cases, electric charging can be carried out wirelessly, which in turn would require appropriate charging infrastructure.

Key Drivers of Electric Vehicle (EV) Charging Connector Market

Rise in fuel prices and population is a key factor that drives the electric vehicle market. Vehicle manufacturers are emphasizing on the development of electric vehicles, which in turn is estimated to boost the electric vehicle charging connector market. Major regions including Europe, Asia Pacific, and North America are trying to develop zero-emission vehicles, which in turn is projected to boost the EV charging connector market.
Increase in pollution due to increase in vehicle traffic and exhaust gases is likely to be a major factor that fuels the demand for electric vehicles and subsequently, electric charging station. This, in turn, is anticipated to boost the electric vehicle charging connector market. As the major countries are trying to develop pollution-free smart cities. Electric vehicles would be a good option to achieve this goal, which in turn is likely to boost the electric vehicle charging connector market.

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Asia Pacific to hold prominent share of electric vehicle (EV) charging connector market

Asia Pacific accounts for a major share of the global electric vehicle charging connector market. The region comprises rapidly developing countries and consequently, the demand for electric charging connectors is rising in the region. Increase in demand for electric vehicles and rapid development in electric charging infrastructure in major countries, including Japan and China, are key factors that boost the electric vehicle charging connector market.

The market for electric vehicles is witnessing significant expansion in Asia Pacific due to the support of governments, in terms of tax subsidies. Affordable price and tax subsidies on the purchase of electric vehicles is estimated to boost the electric vehicle charging connector market in India, China, and South Korea. Japan, South Korea, and China are trying to move towards zero emission vehicles, this in turn is projected to boost the EV charging connector market.

Key players operating in electric vehicle (EV) charging connector market

The electric vehicle (EV) charging connector market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global electric vehicle (EV) charging connector market are: