The electric vehicle (EV) charging connector market in Europe is expected to post a CAGR of almost 19% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled electric vehicle (EV) charging connector market in Europe 2020-2024. (Graphic: Business Wire)
Growing concerns over environmental damage caused by ICE vehicles has been majorly influencing the consumers in Europe to opt for EVs. Moreover, the rise in gasoline and diesel prices and the provision of subsidies for EVs have further compelled a major share of the population to shift from ICE-powered vehicles to EVs. In addition, advances in technologies are allowing vehicle manufacturers to overcome challenges associated with high costs of EVs, which is expected to further boost their sales. Therefore, the increasing adoption of EVs is expected to directly contribute to the growth of the EV charging connector market in Europe.
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As per Technavio, the shift in demand from AC charging to DC fast charging for EVs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Electric Vehicle (EV) Charging Connector Market in Europe: Shift in Demand from AC Charging to DC Fast Charging
Most of the charging stations in Europe are currently equipped with AC charging points that provide a charging speed of less than 23 kW. With the growing demand for fast charging, the region is witnessing a rapid shift toward the adoption of DC charging systems. DC chargers offer faster charging compared to AC chargers. Rapid technological advances related to DC charging and EVs have resulted in the launch of battery systems that could charge a vehicle in the range of 270 kW to 350 kW. Such advancements are expected to mitigate challenges associated with slow charging and boost the adoption of EVs in Europe. Therefore, the rising adoption of DC fast charging systems will have a positive impact on the growth of the market during the forecast period.
"The emergence of connected EVs and the rising development of wireless charging for EVs will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Electric Vehicle (EV) Charging Connector Market in Europe: Segmentation Analysis
This market report segments the electric vehicle (EV) charging connector market in Europe by geography (France, Germany, Norway, UK, and Rest of Europe) and speed (slow charging, fast charging, and rapid charging).
Norway led the market in 2019, followed by Germany, the UK, France, and the Rest of Europe respectively. During the forecast period, Norway is expected to maintain its dominance over the market. This is due to increasing investments in the development of EV charging infrastructure in the country.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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