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The Europe electric vehicle (EV) charging connector market share from 2023 to 2028 is USD 58.6 million, at a progressing CAGR of 19.09%. The market is experiencing significant expansion, driven by several key factors. Firstly, the increasing adoption of EVs in Europe is fueling market growth. Secondly, favorable regulatory policies, such as incentives and subsidies for EV ownership and charging infrastructure development, are creating a conducive environment for market expansion. Lastly, substantial investments in EV charging infrastructure are being made by both public and private sectors, ensuring the availability of charging solutions for EV users. This trifecta of factors is poised to propel the European EV Charging Connector Market forward, making it an intriguing space for stakeholders and investors alike.
The market companies in Europe are - ABB Ltd., Alfen NV, Allego BV, Amphenol Corp., BP Plc, ChargePoint Inc., EFACEC Power Solutions SGPS SA, Fujikura Co. Ltd., HUBER+SUHNER AG, ITT Inc., Lumberg Holding GmbH and Co. KG, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Sumitomo Corp., TE Connectivity Ltd., Tesla Inc., Webasto SE, and Yazaki Corp. among others.
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The market is experiencing significant growth driven by the increasing adoption of electric vehicles (EVs) and the expanding charging infrastructure. The market landscape depends on the Home charging equipment, charging station, power source, Type 1 connector, pins, overheating issue, automobiles, repair and replacement services, monitoring and support services, Charging base, Charging power sources, Electricity, Carbon emission. Electric vehicle connectors and couplers play a crucial role in facilitating the charging process, catering to the diverse needs of automakers and consumers alike. With the rising demand for fast-charging solutions, level 3 charging and fast-charging technologies like DC fast charging are becoming increasingly popular. Charging poles and public charging stations equipped with 45 kW external chargers enable quick and efficient charging, reducing charging time and enhancing convenience for EV owners. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industry in Europe. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
One of the key factors driving growth in the market is the increasing adoption of EVs. The EV charging connector market in Europe is expected to benefit heavily from the rising adoption of EVs in the region. Various factors are contributing directly to the increasing adoption of EVs in the region. The primary factor that is increasing the adoption of EVs is their ability to either reduce or negate the use of gasoline or diesel.
Moreover, despite high costs associated with EVs, the implementation of policies such as the rise in gasoline and diesel prices and the provision of direct subsidies for EVs are also resulting in a major share of the population shift toward EVs from ICE-powered vehicles. The advances in technologies related to batteries of EVs are also contributing to their growing adoption. All these factors are contributing to an increase in the adoption of EVs in Europe, which is expected to directly contribute to the growth of various associated markets, including the EV charging connectors market in Europe, during the forecast period.
The emergence of connected EVs is a key market trend that is expected to have a positive impact in the coming years. The EV charging connector market in Europe is expected to benefit significantly from various technological advances related to EVs. One of the major factors that are hindering the adoption of EVs is the range anxiety associated with EVs. To overcome this challenge, various EV manufacturers are working on developing connectivity modules that help in reducing range anxiety.
Moreover, connected EVs provide users with various range-anxiety solutions such as vehicle range management, charging battery online, navigation-based assistance, and data on battery performance. Various EV manufacturers are investing heavily in developing connected EV technology across all their EVs. The development of connected EVs is expected to significantly reduce the range anxiety and increase the demand for EVs. This, in turn, is expected to drive the demand for EV charging connectors in the coming years. Hence, such factors are driving the market during the forecast period.
The strong dominance of ICE-powered vehicles will be a major challenge for the market during the forecast period. The EV charging connector market in Europe is expected to face a major threat from the strong dominance of ICE-powered vehicles in the region. Globally, ICE-powered vehicles have a strong dominance, with approximately 90% of all vehicles on the road being ICE-powered. In Europe, despite the increasing adoption of EVs, the dominance of conventional motor vehicles is still very high.
Moreover, the automotive sector is a major sector of the EU economy and accounts for approximately 4% of the GDP of the EU. A major share of this revenue is generated from the sales of ICE-powered vehicles. Fossil fuel-powered vehicles still remain highly popular among the people in the region due to the significant popularity of SUVs in the region, which are primarily diesel-based vehicles. Despite various initiatives being taken and policies being set by regulatory bodies and vendors in the region to reduce the prices of EVs as well as the financial burden on buyers, the preference for ICE-powered vehicles still remains high. Hence, such factors are hindering the market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
ABB Ltd: The company offers charging connector under the brand name Ability, that enables fast global service and pro active maintenance.
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as collaborating with vendors in the market to compete in the market.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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The market share growth by the slow charging segment will be significant during the forecast period. The segment is expected to lose its market share, owing to the increasing demand for rapid and fast chargers in the region. This is primarily due to the increasing focus of EV OEMs and EV chargers on overcoming challenges associated with the mile range of EVs. Moreover, factors such as the growing need to rapidly charge EVs on the move and the increasing advances in wireless charging systems are also expected to pose a threat to the growth of the slow-charging segment of the market.
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The market is witnessing rapid growth driven by the increasing adoption of environment-friendly vehicles and government subsidies promoting fast-charging vehicles. Charging infrastructure is evolving with innovations in electric vehicle connectors and couplers, catering to the diverse needs of the EV sector. With the rising demand for fast-charging capabilities, level 3 charging and quick charging EV connectors are gaining prominence, supported by a growing network of charging points and stations. Government assistance in the form of tax breaks and grants further fuels the market, aiming to reduce pollution levels and meet emission norms.
The market offers a range of charging options, from residential charging to public charging stations, with varying power sources and charging times. AC and DC charging technologies, along with the Combined Charging System, ensure efficient power transfer for zero-emission vehicles. However, challenges such as overheating issues and fragmented charging infrastructure persist, highlighting the need for universal charging connector standards and robust service and support standards. Installation services, maintenance, diagnostic services, and software updates are essential for ensuring the reliability and efficiency of the charging network, supported by site assessments and electrical connections.
Traditional fuel-powered vehicles are gradually being replaced by EVs, supported by government incentives such as tax credits and subsidies. Hybrid technology offers a transitional solution, combining electric and internal combustion engine vehicles to reduce carbon emissions. To address challenges like overheating issues and ensure compatibility, standardization efforts such as the universal charging connector standard are underway. Maintenance and diagnostic services, along with software and firmware updates, are essential for the smooth operation of charging infrastructure operated by charging infrastructure operators across Europe.
Market Scope |
|
Report Coverage |
Details |
Page number |
146 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.09% |
Market growth 2024-2028 |
USD 58.6 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
15.48 |
Regional analysis |
Europe |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Alfen NV, Allego BV, Amphenol Corp., BP Plc, ChargePoint Holdings Inc., Efacec, Fujikura Co. Ltd., HUBER SUHNER AG, ITT Inc., Lumberg Holding GmbH and Co. KG, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Sumitomo Corp., TE Connectivity Ltd., Tesla Inc., Webasto SE, and Yazaki Corp. |
Market dynamics |
Parent market analysis, market trends, market growth analysis, market research and growth, market research report, Market forecasting, market report, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Charging
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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