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Electric Vehicle Contactor Market Trends

Report ID: GMI9877
Published Date: Jun 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of electric vehicle contactor was reached USD 227.5 million in 2023 and will grow at 6.9% CAGR from 2024 to 2032, driven by advancing technologies and a growing emphasis on EV infrastructure development.

The charging system application segment of the electric vehicle contactor market is anticipated to witness over 6.8% CAGR during 2024 to 2032, as smart charging solutions are becoming increasingly popular, allowing remote monitoring, scheduling, and optimization of charging sessions.

Asia Pacific electric vehicle contactor market is anticipated to reach over USD 157 million by 2032, driven by the escalating demand for electric vehicles, coupled with advancing technology.

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, and Mitsubishi Electric Corporation among others.