Europe's EV Charging Connector Market to Grow by USD 58.6 Million from 2024-2028, Driven by Rising EV Adoption, with AI's Influence on Market Trends - Technavio Report
NEW YORK, Aug. 26, 2024 /PRNewswire/ -- The electric vehicle (EV) charging connector market in Europe size is estimated to grow by USD 58.6 millionn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 19.09% during the forecast period. Increasing adoptions of EV is driving market growth, with a trend towards emergence of connected EVs. However, strong dominance of ICE-powered vehicles poses a challenge. Key market players include 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..
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Electric Vehicle (EV) Charging Connector Market In Europe Scope
Report Coverage
Details
Base year 2023
Historic period
2018 - 2022
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 2022-2023 (%) 15.48
Regional analysis
Europe
Performing market contribution Europe at 100%
Key countries
France, Germany, UK, Norway, and Rest of Europe
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 Driver
The European Electric Vehicle (EV) charging connector market is set to experience substantial growth due to advancements in EV technology. A primary challenge hindering EV adoption is range anxiety. To address this issue, EV manufacturers are developing connectivity modules to reduce range anxiety. Connected EVs offer solutions such as real-time battery management, online charging station booking, navigation assistance, and data on battery performance. These features alert users when battery levels are low and provide information on nearby charging stations. Manufacturers like Nissan and BMW are investing in connected EV technology, offering applications like Nissan's EV-IT and BMW i Remote to monitor battery information, charging data, and find charging stations. Companies like EV Connect are also developing cloud-based technologies, such as The EV Connect app, which uses location services to help drivers find, access, and pay for charging. The proliferation of connected EVs is expected to alleviate range anxiety, boosting EV demand and driving the need for EV charging connectors in Europe.
The European Electric Vehicle (EV) charging connector market is experiencing significant growth due to increasing government assistance, tax breaks, grants, and subsidies to promote the adoption of EVs. With rising pollution levels and stricter emission norms, there is a growing demand for EVs and charging infrastructure. EV charging connectors come in various types, including residential charging, charging bases, and charging stations, which offer different charging power sources and charging times. Charging power sources range from electricity to hybrid technology, with charging time varying from slow to fast, depending on the charging level (Level 1 to Level 3) and charging power output (AC and DC). The market is witnessing a shift towards DC fast charging, with connectors like Type 1 and Combined Charging System addressing overheating issues. Incentives such as tax credits and installation services are also driving the growth of the charging network. Public charging stations are becoming more common, offering various power sources and charging speeds to meet the diverse needs of EV users.
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Market Challenges
-- The European Electric Vehicle (EV) charging connector market faces a
significant challenge due to the continued dominance of Internal
Combustion Engine (ICE) vehicles in the region. With approximately 90%
of all vehicles on European roads being ICE-powered, the automotive
sector, which contributes around 4% to the EU's GDP, primarily generates
revenue from their sales. Preference for SUVs, predominantly
diesel-powered, remains high in Europe, making ICE vehicles popular.
Despite efforts to reduce EV costs and alleviate financial burdens, high
upfront costs and limited EV infrastructure hinder their adoption.
Infrastructure development delays and the lack of a diverse range of EVs
further increase the appeal of ICE vehicles. These factors negatively
impact EV sales, posing a threat to the growth of the European EV
charging connector market during the forecast period.
-- The European Electric Vehicle (EV) Charging Connector Market is
experiencing significant growth as automakers introduce more
environment-friendly vehicles. However, challenges persist in the
sector. Hybrid technology and various charging levels, including Level
1, 2, and 3, require different connectors and power sources. Fast
charging, from 200V to 600V, demands high power output, leading to
overheating issues. AC and DC charging, with pins ranging from Type 1 to
Combined Charging System, require different infrastructure at public
charging stations. Incentives like tax credits and government subsidies
are essential to boost the market. Automakers are innovating with
electric car models and charging networks, offering installation
services and site assessments. Fast-charging vehicles need 45 kW
external chargers and 3-level charging levels. Despite these challenges,
the EV sector continues to evolve, with battery technology and charging
pole innovations driving progress.
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Segment Overview
This electric vehicle (ev) charging connector market in Europe report extensively covers market segmentation by
1. Charging
-- 1.1 Slow charging
-- 1.2 Fast charging
-- 1.3 Rapid charging
2. Geography
-- 2.1 Europe
1.1 Slow charging- In Europe, slow chargers are the most common type of Electric Vehicle (EV) charging solutions, providing an average charging power of 3 kW. These chargers come with either tethered or untethered cables and offer charging speeds between 3 kW and 6 kW. On average, an EV takes 6-12 hours to fully charge on a 3 kW unit. Most slow charging units are untethered and require a cable for connection to charging points. The majority of these chargers are installed in residential buildings, workplaces, and public areas. Although four types of slow charging connectors exist, Type 2 - 3 kW AC is the most widely used in Europe due to its compatibility with EVs and public charging points. Slow chargers offer several advantages, including affordability, ease of installation, and extended battery life. They do not require additional equipment and are less expensive than fast and rapid chargers. Slow charging systems also reduce the impact on power grids and contribute to the longevity of EV batteries. However, the slow charging segment is expected to lose market share due to the growing demand for rapid and fast chargers. This shift is driven by the need to overcome challenges related to EV mile range, the increasing focus on wireless charging systems, and the requirement for rapid charging on the move. Despite these challenges, slow chargers remain an essential component of the European EV charging infrastructure, providing cost-effective and convenient charging solutions for EV users.
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Research Analysis
The Electric Vehicle (EV) Charging Connector Market in Europe is experiencing significant growth due to the increasing adoption of environment-friendly vehicles. Electric Vehicle Connectors, also known as EV couplers, play a crucial role in the transfer of electricity from charging points to EVs. Charging points include charging poles, bases, and stations, which are available in various power sources and charging times. Residential charging is also gaining popularity, with incentives such as government subsidies, tax credits, and incentives driving demand. EV Charging Connectors come in different types, including Type 1 connectors with two pins, and the Combined Charging System (CCS) compatible with both AC and DC fast charging. Overheating issues have been a concern, but advancements in technology are addressing these challenges. The EV sector is subject to emission norms, and the shift towards electricity as a power source is a significant step towards reducing carbon emissions from automobiles.
Market Research Overview
The Electric Vehicle (EV) Charging Connector Market in Europe is witnessing significant growth due to the increasing adoption of environment-friendly vehicles, particularly fast-charging vehicles. Charging points are essential infrastructure for EVs, with charging poles providing power transfer from the grid to the battery. The EV sector is experiencing innovations in charging technology, including 45 kW external chargers and 3-level charging levels, which offer faster charging times and higher power output. Government subsidies, tax breaks, and grants are key drivers for the market, with many European countries providing incentives to encourage the transition to electric vehicles. Charging power sources range from residential charging to public charging stations, with various charging levels, including Level 1, Level 2, and Level 3 charging. Fast charging, which can provide 80% charge in 30 minutes, is gaining popularity, with DC fast charging offering higher power output and faster charging times. However, challenges such as overheating issues and the need for installation services and site assessments remain. The market is expected to continue growing as pollution levels and emission norms become stricter, and automakers introduce new electric car models. The use of AC and DC charging, as well as Volt AC plugs and Combined Charging Systems, is also becoming more common.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
-- Charging
-- Slow Charging
-- Fast Charging
-- Rapid Charging
-- Geography
-- Europe
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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