Electric Vehicle Contactor Market Size - By Product (DC Contactors, AC Contactors), By Voltage (High Voltage (>60V), Low Voltage (≤60V)), By Application, Regional Outlook & Forecast, 2024 – 2032

Electric Vehicle Contactor Market Size

The global electric vehicle contactor market size was valued at USD 227.5 million in 2023 and is likely to grow at a CAGR of over 6.9% from 2024 to 2032, owing to the increasing adoption of electric vehicles. Also, as the automotive industry continues to shift from traditional internal combustion engines to electric powertrains, the demand for more effective and dependable contactors is on the rise. A contactor is defined as a switch which is operated electrically, used for the control of an electrical circuit. In an EV, it is essential to utilize contactors because they allow an electric vehicle to control high-voltage and high-current electric circuits.
 

Growth of the industry can be attributed to technological advancements and focus on EV related infrastructure development. For instance, in the U.S. alone, BP invested USD 1 billion in order to strengthen EV charging infrastructure. As more charging stations are deployed, a more sophisticated power management approach is required which means that properly functioning, secure, and trouble-free contactors are needed across the EV automobile domain. Furthermore, increasing affordable charging standpoints and ideal financing for improving the overall EV infrastructure, will in tun in boost the deployment of EV contactors, thereby adding to the market growth.

Electric Vehicle Contactor Market Trends

Market expansion is driven by progress in contactor technology with regards to durability, efficiency, and miniaturization. Innovations such as solid-state contactors are particularly attractive due to their performance and reliability. In addition, growing energy efficiency regulations together with an increasing adoption rate of EVs will support the automotive EV industry and thus add to market growth. The growing pressure imposed by the regulations aimed at energy efficiency of vehicles is forcing the industry to adapt upgraded contactor technology, especially in North America and Europe. Stricter emission policies and incentives for EV adoption are expected to increase the global demand for EV contactors.
 

Electric Vehicle Contactor Market Analysis

The DC contactor segment is projected to exceed USD 211 million by 2032. The innovations in the solid-state DC contactor technology developed with advanced arc suppression methods enhances the performance, durability, and reliability of these components. These improvements are essential to the high voltage and high current circuits used in electric vehicles, which in turn is augmenting the product growth.
 

The industry is classified according to the application into the battery management systems, inverters, HVAC, and charging systems. The charging system segment is expected register a CAGR of over 6.8% through 2032. With the increasing use of smart solutions, charging sessions can be monitored, scheduled, and optimized remotely, which in therefore the augmenting the industry scope for charging system.
 

The Asia Pacific electric vehicle contactor market is projected to exceed USD 157 million by 2032. The non-ICE engine vehicles market is expanding due to the rising demand for electric vehicles and technological advancements. Consequently, the manufacturers are also focusing on the development of efficient and easy-to-use charging systems to cater to the needs of the consumers, which, in turn in increases the growth of the Asia Pacific EV charging station market.
 

Tesla, General Motors, and Ford are some of the prominent players in the automotive industry that highly boost the country’s electric vehicle contactor market. The government also plays a key in incentivising the adoption of electric vehicles by setting regulations to promote these vehicles. Additionally, there is also a notable amount of innovation within the electric vehicle contactor industry which brings in the development of research and development for the product. With the ability to lead the industry, innovate and with the help of the regulations, the country leads the market alongside with indigenous companies.
 

Electric Vehicle Contactor Market Share

Various notable manufacturers within the electric vehicle contactors include TE Connectivity, Panasonic Corporation, Mitsubishi Electric Corporation and Eaton Corporation. TE Connectivity specializes in electric and hybrid vehicles, while Panasonic does where they manufacture efficient and compact EV contactors that aid in the growing need for EV market.
 

Electric Vehicle Contactor Market Companies

Various manufacturers in the electric vehicle contactor industry include:

• ABB
• Carlo Gavazzi
• Eaton
• Fuji Electric FA Components & Systems Co., Ltd.
• GEYA Electrical Equipment Supply
• K.A. Schmersal GmbH & Co. KG
• L&T
• LOVATO Electric S.p.A.
• LS ELECTRIC
• Mitsubishi Electric Corporation
• Panasonic Corporation
• Rockwell Automation
• Schaltbau
• Schneider Electric
• Sensata Technologies, Inc.
• Siemens
• TE Connectivity
• Toshiba International Corporation
   

Electric Vehicle Contactor Industry News

• In September 2023, Sensata Technologies developed the GTM500 and GTM400 bidirectional contactors that serve energy storage, heavy-duty vehicles, and DC fast charging. These contactors enable bidirectional power charging, allowing EV batteries to be charged through a V2G system as well as the grid.
   
• In July 2023, BYD, the Chinese EV company, announced its investment of over USD 470 million to set up a new plant in Thailand. The plant is expected to start production in 2024 with the aim of producing 150,000 passenger cars per year. The expansion program includes the manufacturing of various EV components, such as batteries. This move is expected to benefit the EV automobile industry in Thailand and encourage market development.
   

This electric vehicle contactor market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘USD Million’ from 2021 to 2032, for the following segments:

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Market, By Product

• DC Contactor
• AC Contactor

Market, By Voltage

• High Voltage (>60V)
• Low Voltage (≤60V)

Market, By Application

• Electric Vehicles
• Aerospace & Defense
• Industrial Machinery
• Renewable Energy
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
• Aisa Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina