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Electric Vehicle Contactor Market Size
- Report ID: GMI9877
- Published Date: Jun 2024
- Report Format: PDF
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Electric Vehicle Contactor Market Size in 2023: | USD 227.5 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 6.9% |
| 2032 Value Projection: | USD 403.9 Million |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 80 |
| Tables, Charts & Figures: | 15 |
| Segments covered: | Product, Application, & Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Electric Vehicle Contactor Market Scope
