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

Electric Vehicle Contactor Market was valued at USD 227.5 million in 2023 and is projected to grow at a CAGR of over 6.9% from 2024 to 2032. As more automotive manufacturers transition from internal combustion engines to electric powertrains, the demand for reliable and efficient contactors is witnessing rise which in turn is fuelling the product deployment. A contactor electrically controlled switch used for switching an electrical power circuit. Contactors are vital in EV applications as they manage high voltage and high current circuits, ensuring safety and efficiency.
 

The industry's growth is driven by advancing technology and a growing emphasis on EV infrastructure development. For instance, in February 2023, BP committed USD 1 billion to bolster EV charging infrastructure in the U.S. The surge in charging stations demands robust power management, necessitating reliable contactors for safe operations. Affordable charging solutions and favorable financing will further boost market uptake.

Electric Vehicle Contactor Market Trends

Advancements in contactor technology, including improvements in durability, efficiency, and miniaturization, are fuelling market growth. Innovations like solid-state contactors are gaining popularity due to their superior performance and reliability. In addition, rising energy efficiency regulations along with bostering EV adoption rate will aid the EV automotive industry, thereby adding to the market growth. Stringent regulations aimed at improving the energy efficiency of vehicles are pushing manufacturers to adopt advanced contactor solutions, specifically across North America & Europe. Governments are implementing stringent emission regulations and offering incentives to promote EV adoption, thereby boosting the demand for EV contactors across the globe.
 

Electric Vehicle Contactor Market Analysis

Based on product type, the DC contactor market is expected to surpass USD 211 million by 2032. Innovations in DC contactor technology, such as the development of solid-state contactors and advanced arc suppression methods, are enhancing the performance, durability, and reliability of these components. These advancements are crucial for managing high-voltage and high-current circuits in EVs.
 

Based on application, the industry is divided into battery management systems, inverters, heating, ventilation, and air conditioning (HVAC), and charging systems. The charging system industry is anticipated to grow at a rate of over 6.8% through 2032. Smart charging solutions are becoming increasingly popular, allowing for remote monitoring, scheduling, and optimization of charging sessions.

Asia Pacific electric vehicle contactor market is projected to surpass USD 157 million by 2032. The escalating demand for electric vehicles, coupled with advancing technology, is driving a shift towards non-ICE engine vehicles and fuelling market growth. Concurrently, manufacturers are prioritizing the development of more efficient and consumer-friendly charging solutions to align with evolving needs, thereby bolstering the growth trajectory of the Asia Pacific EV charging station market.
 

The Electric Vehicle Contactor market experiences significant influence from the U.S., driven by its strong automotive sector and prominent industry players such as Tesla, General Motors, and Ford. Government incentives and regulations further stimulate the adoption of electric vehicles, while a dynamic research and development ecosystem propels technological innovation within the Electric Vehicle Contactor sector. As a result, the U.S. holds a central role in the market, capitalizing on its industry leadership, regulatory backing, and innovative capabilities.
 

Electric Vehicle Contactor Market Share

TE Connectivity, Panasonic Corporation, Eaton Corporation, and Mitsubishi Electric Corporation are few of the major manufacturers in the EC contactor industry. While TE Connectivity is known for their high-voltage contactors designed for electric and hybrid vehicles, the company focuses on providing solutions that meet stringent safety and reliability standards and Panasonic offers a range of EV contactors that are compact and efficient, catering to the growing needs of the EV market.
 

Electric Vehicle Contactor Market Companies

Some of the key market players operating across the electric vehicle contactor industry are:

• 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 launched the GTM500 and GTM400 bidirectional contactors that will be used for energy storage, heavy-duty vehicles, and DC fast charging. These contactors display bidirectional power charging that enables electric vehicle (EV) battery charging not only from the grid but also from a vehicle-to-grid (V2G) system.
   
• In July 2023, BYD, the Chinese electric vehicle (EV) company, disclosed its investment exceeding USD 470 million to establish a new manufacturing facility in Thailand. The facility is scheduled to commence production of 150,000 passenger cars annually starting in 2024. The expansion initiative encompasses the manufacturing of various EV components, including battery production. This endeavor is poised to support the EV automobile industry throughout Thailand, thereby fostering market growth.
   

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

• Battery management systems
• Inverters
• Heating, Ventilation, and Air Conditioning (HVAC)
• Charging systems

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