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The predicted growth of the electric vehicle (EV) charging connector market share in Europe from 2021 to 2026 is USD 48.11 million at a progressing CAGR of 16.59%.
This electric vehicle (EV) charging connector market in Europe research report extensively covers electric vehicle (EV) charging connector market segmentation in Europe by:
The electric vehicle (EV) charging connector market vendors 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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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing adoption of EVs is notably driving the electric vehicle (EV) charging connector market growth in Europe, although factors such as strong dominance of ice-powered vehicles may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the electric vehicle (EV) charging connector industry in Europe. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Electric Vehicle (EV) Charging Connector Market Driver in Europe
One of the key factors driving growth in the electric vehicle (EV) charging connector market in Europe 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. 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.
Key Electric Vehicle (EV) Charging Connector Market Trend in Europe
The emergence of connected EVs is a key electric vehicle (EV) charging connector market in Europe 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. 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.
Key Electric Vehicle (EV) Charging Connector Market Challenge in Europe
The strong dominance of ICE-powered vehicles will be a major challenge for the electric vehicle (EV) charging connector market in Europe 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. 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.
This electric vehicle (EV) charging connector market in Europe analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the electric vehicle charging connector market in Europe as a part of the global auto parts and equipment market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the electric vehicle (EV) charging connector market in Europe during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the electric vehicle (EV) charging connector market in Europe encompasses successful business strategies deployed by the key vendors. The electric vehicle (EV) charging connector market in Europe is fragmented and the vendors are deploying growth strategies such as collaborating with vendors in the market to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The electric vehicle (EV) charging connector market in Europe forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the electric vehicle (EV) charging connector market in Europe, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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The electric vehicle (EV) charging connector market share growth in Europe 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.
This report provides an accurate prediction of the contribution of all the segments to the growth of the electric vehicle (EV) charging connector market size in Europe and actionable market insights on the post-COVID-19 impact on each segment.
Electric Vehicle (EV) Charging Connector Market Scope in Europe |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.59% |
Market growth 2022-2026 |
$48.11 million |
Market structure |
Fragmented |
YoY growth (%) |
16.27 |
Regional analysis |
Europe |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Charging
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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