The Asia Pacific Electric Vehicle Charging Connector Market would witness market growth of 18.8% CAGR during the forecast period (2023-2030).
Vehicle-to-everything (V2X) charging connector products are in greater demand as the EV demand grows. Powerful connectors that can handle EV charging will be crucial for the future development of the automobile industry as well as for the grid and domestic energy systems as EV adoption increases. As a result, the growing demand for V2X solutions is anticipated to boost the use of EV charging connectors and their related industries, creating a market opportunity.
The market will rise due to other causes, the implementation of various government efforts to increase the adoption of hybrid and electric vehicles, and the widespread preparation of supercharging stations in outlying areas. The government's emphasis on promoting the use of EVs, automakers' increasing attention to EVs due to the prime sector, and, therefore, the increased need for quick charging EV charging connectors market. Electrical vehicle connectors are more in demand than ever, owing to the rising popularity of hybrid automobiles. Many different EV connectors are available on the market, including EV Type 1, EV Type 2, CCS, and HEV UPC connectors.
In the region, a number of countries have made the decision to integrate sustainable mobility into their national public transportation systems. For instance, electric buses (or fleets) have been introduced in various Indian towns and by the State Road Transport Corporation of Maharashtra. China is the world's largest buyer of electric buses since the country has a high number of electric bus producers and a policy to decarbonize the country's public transportation system by 2030.
Shenzhen Bus Group has reportedly saved 150,000 tons of coal and 160 million gallons of fuel since switching to electric, according to a 2021 article by Shenzen Government Online. The Group has built 12 charging stations and 1,052 taxi poles, 112 charging stations, and 1,888 bus poles. Due to the convergence of the aforementioned factors, it is anticipated that Asia Pacific will have a rapid rise in the adoption of electric vehicles, which will fuel the market's expansion.
The China market dominated the Asia Pacific Electric Vehicle Charging Connector Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $22.5 Million by 2030. The Japan market is estimated to witness a CAGR of 18.1% during (2023 - 2030). Additionally, The Taiwan market would register a CAGR of 19.9% during (2023 - 2030).
Based on End User, the market is segmented into Residential and Commercial. Based on Type, the market is segmented into CCS, Chademo, GB/T and Others. Based on Charging Speed, the market is segmented into Slow and Fast. Based on Charging Level, the market is segmented into Level 3, Level 2 and Level 1. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Taiwan, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Electric Vehicle Charging Connector Market is Projected to reach USD 181.2 Million by 2030, at a CAGR of 18.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sumitomo Electric Industries, Ltd., Siemens AG, Schneider Electric SE, Robert Bosch GmbH, TE Connectivity Ltd., Yazaki Corporation, HUBER+SUHNER AG, ITT, Inc., Amphenol Corporation, Tesla, Inc.
By End User
By Type
By Charging Speed
By Charging Level
By Country
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