Europe Electric Vehicle Contactor Market Size - By Product (DC Contactor, AC Contactor), By Voltage (High Voltage (>60V), Low Voltage (=60V)), By Application, Country Outlook & Forecast, 2024 – 2032
Description
Europe Electric Vehicle Contactor Market Size - By Product (DC Contactor, AC Contactor), By Voltage (High Voltage (>60V), Low Voltage (≤60V)), By Application, Country Outlook & Forecast, 2024 – 2032
Europe Electric Vehicle (EV) Contactor Market is estimated to register 6.7% CAGR over 2024-2032, driven by the wider adoption of electric vehicles due to strict emission regulations and government incentives. Apparently, the European Union aims to reduce CO2 emissions from cars by 37.5% by 2030. This push has increased the demand for reliable contactors to manage high-voltage systems in EVs. The shift towards electric mobility to reduce carbon footprints and improve air quality is strengthening the market outlook.
Further, there are advancements in EV technology with the expansion of charging infrastructure. Innovations in battery technology, such as the development of solid-state batteries, have made EVs more efficient and durable, increasing the need for high-performance contactors. These technological advancements and infrastructural improvements are expected to boost the demand for EV contactors in Europe.
The overall market is divided based on product, voltage, application, and region.
The high-voltage (>60V) segment is experiencing significant growth due to the increasing adoption of advanced EV technologies and the rising demand for high-performance EVs. High-voltage contactors are crucial for managing the electrical power in high-capacity battery systems, which are integral to modern EVs' extended range and improved performance. The need for enhanced energy efficiency, faster charging capabilities, and better overall vehicle performance is favoring the shift towards high-voltage systems. As European automotive manufacturers and technology developers focus on these advanced EV technologies, the demand for robust and reliable high-voltage contactors is expected to surge.
The inverter application segment will hold a notable market share by 2032, as inverters play a crucial role in converting and managing electrical power within EVs. Inverters are essential for transforming the direct current (DC) from the battery into alternating current (AC) used by the electric motor, ensuring efficient power delivery and optimizing vehicle performance. As European automakers increasingly integrate sophisticated powertrains and high-efficiency inverters to enhance the performance and range of their electric vehicles, the demand for reliable contactors that can manage the high currents and voltages associated with these systems is rising.
Spain EV contactor industry is set to showcase impressive growth trends over the forecast period, driven by the country's ambitious goals for transitioning to electric mobility and reducing GHG emissions. The regional government has introduced various incentives and regulations aimed at promoting EV adoption, including subsidies for EV purchases and investments in charging infrastructure. This regulatory support, combined with increasing consumer awareness about the benefits of electric mobility, is significantly boosting the demand for EV contactors. As Spain continues to advance its sustainable transportation agenda, the need for high-quality, reliable contactors is expected to rise, further stimulating market growth.
Table of Contents
90 Pages
- Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates & calculations
- 1.2.1 Base year calculations
- 1.2.2 Key trends for market estimation
- 1.3 Forecast model
- 1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
- Chapter 2 Electric Vehicle Contactor Industry Insights
- 2.1 Industry ecosystem analysis
- 2.2 Regulatory landscape
- 2.3 Industry impact forces
- 2.3.1 Growth drivers
- 2.3.2 Industry pitfalls & challenges
- 2.4 Growth potential analysis
- 2.5 Porter's analysis
- 2.5.1 Bargaining power of suppliers
- 2.5.2 Bargaining power of buyers
- 2.5.3 Threat of new entrants
- 2.5.4 Threat of substitutes
- 2.6 PESTEL analysis
- Chapter 3 Competitive landscape, 2023
- 3.1 Introduction
- 3.2 Strategic dashboard
- 3.3 Innovation & sustainability landscape
- Chapter 4 Market Size and Forecast, By Product, 2021 – 2032 (USD Million)
- 4.1 Key trends
- 4.2 AC contactor
- 4.3 DC contactor
- Chapter 5 Market Size and Forecast, By Voltage, 2021 – 2032 (USD Million)
- 5.1 Key trends
- 5.2 High voltage (>60V)
- 5.3 Low voltage (≤60V)
- Chapter 6 Market Size and Forecast, By Application, 2021 – 2032 (USD Million)
- 6.1 Key trends
- 6.2 Battery management systems
- 6.3 Inverters
- 6.4 Heating, ventilation, and air conditioning (HVAC)
- 6.5 Charging systems
- Chapter 7 Market Size and Forecast, By Region, 2021 – 2032 (USD Million)
- 7.1 Key trends
- 7.2 Germany
- 7.3 France
- 7.4 UK
- 7.5 Spain
- 7.6 Italy
- Chapter 8 Company Profiles
- 8.1 ABB
- 8.2 Carlo Gavazzi
- 8.3 Eaton
- 8.4 Fuji Electric FA Components & Systems Co., Ltd.
- 8.5 GEYA Electrical Equipment Supply
- 8.6 K.A. Schmersal GmbH & Co. KG
- 8.7 L&T
- 8.8 LOVATO Electric S.p.A.
- 8.9 LS ELECTRIC
- 8.10 Mitsubishi Electric Corporation
- 8.11 Panasonic Corporation
- 8.12 Rockwell Automation
- 8.13 Schaltbau
- 8.14 Schneider Electric
- 8.15 Sensata Technologies, Inc.
- 8.16 Siemens
- 8.17 TE Connectivity
- 8.18 Toshiba International Corporation
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