Electric Vehicle Charging Socket Market Size Was Valued at USD 72.98 Million in 2023 and is Projected to Reach USD 402.8 Million by 2032, Growing at a CAGR of 20.9% From 2024-2032.
The electric vehicle (EV) charging connector is the main source of electric vehicle charging which transfers electricity from the charging base to the electric vehicles These connectors are usually used in EV charging stations or for residential charging purpose various types. These connectors provide different charging power sources with different charging times. EV connector helps to connect battery and charging poles of electric vehicles, thereby equalizing electricity and battery Increasing demand for electric vehicles due to increasing awareness on carbon emission and emission about stringent norms are therefore key factors that could propel the EV charging connector market in the coming years. Furthermore, low maintenance and operating costs are also major factors driving the EV connectors market
Competitive Rivalry
The chapter on company profiles studies the various companies operating in the global Electric Vehicle Charging Socket Market. It evaluates the financial outlooks of these companies, their research and development statuses, and their expansion strategies for the coming years. Analysts have also provided a detailed list of the strategic initiatives taken by the Electric Vehicle Charging Socket Market participants in the past few years to remain ahead of the competition.
Key players cited in the report
Tesla, Inc.,ChargePoint, Inc.,EVBox Group,ABB Group,Schneider Electric SE,Siemens AG,Webasto SE,Delta Electronics, Inc.,Tritium Pty Ltd.,Blink Charging Co.,ClipperCreek, Inc.,SemaConnect, Inc.,DBT Group (a subsidiary of Engie SA),Pod Point Ltd.,Alfen N.V.,Enel X,Efacec Power Solutions,EO Charging,KEBA AG,Leviton Manufacturing Co., Inc.,NewMotion (a subsidiary of Royal Dutch Shell),EVgo Services LLC,EVBox (a subsidiary of Engie SA),SinoEV Tech Co., Ltd.
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market drivers
The cost of electric vehicles is much lower than comparable gasoline or diesel vehicles. Electric vehicles use electricity to charge their batteries as opposed to fossil fuels like gasoline or diesel. Electric vehicles do not need to cost more than gasoline and diesel vehicles because of their efficiency and lower electricity costs. Electricity prices can be further reduced by charging using renewable energy sources such as solar panels installed at bus stops. As a result, countries around the world are switching from conventional to electric vehicles, expanding the market.
Market constraints
Lack of standardization of interactions
The lack of a common charging connector standard also has the effect of limiting charging options and increasing costs. Establishing a comprehensive and efficient payment system can be expensive and requires large financial commitments from both the public and private sectors. Processing costly credit cards can be slow. Access to charging stations that support those particular types of connectors may be restricted for EV owners, and the need to support multiple connectors comes at a cost to manufacturers and operators and therefore a lack of standardization is likely to hinder market growth in the coming years.
Detailed Segmentation:
By Type
· Type1
· CCS
· Chademo
· GB/T
· Tesla
By Charging Level
· Level 1
· Level 2
· Level 3
Some of the fastest growing economies in the world are found in the region, including China and India. There is a huge demand for EVs in this region due to ongoing improvements in charging infrastructure in developing countries and support from governments through subsidies, tax breaks or consequently. the market is booming with EV charging infrastructure in this region.
Geographies analyzed under this research report include
· North America (U.S., Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
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Key Industry Developments in the Electric Vehicle Charging Socket Market:
September,2022: The latest development in EV charging by BOLT company is the introduction of the all-purpose BOLT lite charging station. It will work by using the existing AC power supply at home and is well-suited for all my EV portable chargers.
In January of 2023, a popular OEM in the sector of thermal engineering solutions, Modine, released an upgraded version of its EVaranteTM Battery Thermal Management System (BTMS) that can be used in both on-road and off-road electric cars. The L-CON BTMS, which is the innovation, contains an advanced electronic control unit as well as heat exchanger technology essentials to face up to the adverse environmental circumstances.
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This report sa mple includes:
1. Brief Introduction to the research report.
2. Table of Contents (Scope covered as a part of the study)
Top players in the market
3. Research framework (presentation)
4. Research methodology adopted by Coherent Market Insights
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