Electric Vehicle (EV) Charging Connector Market In Europe 2024-2028: Size and Strong dominance of ICE-powered vehicles; growth driven by the Charging, Some of key Companies Positioned Strategically
The electric vehicle (ev) charging connector market in europe size by Charging (Slow charging, Fast charging, and Rapid charging) and Geography (Europe), is forecast to increase by USD 58.6 million. The market is expected to grow at a CAGR of 19.09% between 2024 and 2028.
- The European Electric Vehicle (EV) charging connector market faces significant competition from the continued dominance of Internal Combustion Engine (ICE) vehicles in the region. With approximately 90% of global vehicles being ICE-powered, the automotive sector in Europe, contributing approximately 4% to the EU's GDP, remains heavily reliant on sales of these vehicles. The popularity of SUVs, primarily diesel-powered, further solidifies the market position of ICE vehicles in Europe. Despite the increasing adoption of EVs, the region's affinity for conventional motor vehicles remains strong, posing a considerable challenge to the growth of the EV charging connector market.
- The European Electric Vehicle (EV) Charging Connector Market is experiencing significant growth due to increasing EV adoption and stringent emissions regulations. Key players in this market include ABB, Schneider Electric, Siemens, and Bosch. These companies are investing heavily in R&D to develop advanced charging solutions, such as fast-charging and wireless charging systems. The market is expected to reach new heights with the rollout of the Alternative Fuels Infrastructure Directive and the European Green Deal initiative.
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Some of the Key Companies:
- 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
- Yazaki Corp.
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