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Asia Pacific Electric Vehicle Contactor Market Size

Report ID: GMI11570
Published Date: Sep 2024
Report Format: PDF

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Asia Pacific Electric Vehicle Contactor Market Size

Asia Pacific Electric Vehicle Contactor Market was valued at USD 85.6 million in 2023 and will grow at a CAGR of 7.3% from 2024 to 2032. Rising electric vehicle adoption along with favourable government policies towards the development of EV infrastructure will complement the business scenario across the Asia Pacific region. The region is witnessing significant growth in EV adoption due to government incentives, increased consumer awareness, and a push for cleaner mobility solutions. This increases the demand for EV contactors that are crucial for ensuring safe and efficient high voltage switching.

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Governments in key markets such as China, Japan, and South Korea are implementing supportive policies, including tax rebates and subsidies for EV manufacturers and buyers, along with investments, thereby boosting the demand for electric vehicle contactors. For instance, in 2024, India witnessed a substantial investment form various EV manufacturers including Tata Motors-JLR USD 1.07 billion, Royal Enfield USD 358.1 million, VinFast up to USD 2 billion, and Stellantis USD 238.7 million. These investments will boost the EV adoption in the country, thereby boosting the product adoption.

Asia Pacific Electric Vehicle Contactor Market Report Attributes
Report Attribute	Details
Base Year:	2023
Asia Pacific Electric Vehicle Contactor Market Size in 2023:	USD 85.6 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	7.3%
2032 Value Projection:	USD 157.9 Million
Historical Data for:	2021 - 2023
No. of Pages:	90
Tables, Charts & Figures:	90
Segments covered:	Product, Voltage, Application, and Country
Growth Drivers:	Increasing EV adoption Growth in EV battery production
Pitfalls & Challenges:	High market competition

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Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

Asia Pacific market for electric vehicle contactor was worth over USD 85.6 million in 2023 and will grow at a 7.3% CAGR from 2024 to 2032, due to rising electric vehicle adoption along with favourable government policies towards the development of EV infrastructure.

Asia Pacific electric vehicle contactor market from the charging system application segment is anticipated to grow at over 7% CAGR through 2032, led by continuous innovations in EV technology, such as advancements in battery efficiency and powertrain systems.

China EV contactor market is estimated to exceed USD 41 million by 2032, owing to growing adoption of electric vehicles for public transportation and logistics.

TE Connectivity, Panasonic Corporation, Eaton Corporation, Mitsubishi Electric Corporation, ABB, Carlo Gavazzi, Eaton, Fuji Electric, GEYA, and L&T, among others.