Technology

Europe’s EV Charging Connector Market to Grow by USD 58.6 Million from 2024-2028, Driven by Rising EV Adoption, with AI’s Influence on Market Trends – Technavio Report

Published

4 weeks ago

August 26, 2024

NEW YORK, Aug. 26, 2024 /PRNewswire/ — The electric vehicle (EV) charging connector market in Europe size is estimated to grow by USD 58.6 millionn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 19.09% during the forecast period. Increasing adoptions of EV is driving market growth, with a trend towards emergence of connected EVs. However, strong dominance of ICE-powered vehicles poses a challenge. Key market players include ABB Ltd., Alfen NV, Allego BV, Amphenol Corp., BP Plc, ChargePoint Holdings Inc., Efacec, Fujikura Co. Ltd., HUBER SUHNER AG, ITT Inc., Lumberg Holding GmbH and Co. KG, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Sumitomo Corp., TE Connectivity Ltd., Tesla Inc., Webasto SE, and Yazaki Corp..

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Electric Vehicle (EV) Charging Connector Market In Europe Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 19.09%

Market growth 2024-2028

USD 58.6 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

15.48

Regional analysis

Europe

Performing market contribution

Europe at 100%

Key countries

France, Germany, UK, Norway, and Rest of Europe

Key companies profiled

ABB Ltd., Alfen NV, Allego BV, Amphenol Corp., BP Plc, ChargePoint Holdings Inc., Efacec, Fujikura Co. Ltd., HUBER SUHNER AG, ITT Inc., Lumberg Holding GmbH and Co. KG, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Sumitomo Corp., TE Connectivity Ltd., Tesla Inc., Webasto SE, and Yazaki Corp.

Market Driver

The European Electric Vehicle (EV) charging connector market is set to experience substantial growth due to advancements in EV technology. A primary challenge hindering EV adoption is range anxiety. To address this issue, EV manufacturers are developing connectivity modules to reduce range anxiety. Connected EVs offer solutions such as real-time battery management, online charging station booking, navigation assistance, and data on battery performance. These features alert users when battery levels are low and provide information on nearby charging stations. Manufacturers like Nissan and BMW are investing in connected EV technology, offering applications like Nissan’s EV-IT and BMW i Remote to monitor battery information, charging data, and find charging stations. Companies like EV Connect are also developing cloud-based technologies, such as The EV Connect app, which uses location services to help drivers find, access, and pay for charging. The proliferation of connected EVs is expected to alleviate range anxiety, boosting EV demand and driving the need for EV charging connectors in Europe.

The European Electric Vehicle (EV) charging connector market is experiencing significant growth due to increasing government assistance, tax breaks, grants, and subsidies to promote the adoption of EVs. With rising pollution levels and stricter emission norms, there is a growing demand for EVs and charging infrastructure. EV charging connectors come in various types, including residential charging, charging bases, and charging stations, which offer different charging power sources and charging times. Charging power sources range from electricity to hybrid technology, with charging time varying from slow to fast, depending on the charging level (Level 1 to Level 3) and charging power output (AC and DC). The market is witnessing a shift towards DC fast charging, with connectors like Type 1 and Combined Charging System addressing overheating issues. Incentives such as tax credits and installation services are also driving the growth of the charging network. Public charging stations are becoming more common, offering various power sources and charging speeds to meet the diverse needs of EV users.

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Market Challenges

The European Electric Vehicle (EV) charging connector market faces a significant challenge due to the continued dominance of Internal Combustion Engine (ICE) vehicles in the region. With approximately 90% of all vehicles on European roads being ICE-powered, the automotive sector, which contributes around 4% to the EU’s GDP, primarily generates revenue from their sales. Preference for SUVs, predominantly diesel-powered, remains high in Europe, making ICE vehicles popular. Despite efforts to reduce EV costs and alleviate financial burdens, high upfront costs and limited EV infrastructure hinder their adoption. Infrastructure development delays and the lack of a diverse range of EVs further increase the appeal of ICE vehicles. These factors negatively impact EV sales, posing a threat to the growth of the European EV charging connector market during the forecast period.The European Electric Vehicle (EV) Charging Connector Market is experiencing significant growth as automakers introduce more environment-friendly vehicles. However, challenges persist in the sector. Hybrid technology and various charging levels, including Level 1, 2, and 3, require different connectors and power sources. Fast charging, from 200V to 600V, demands high power output, leading to overheating issues. AC and DC charging, with pins ranging from Type 1 to Combined Charging System, require different infrastructure at public charging stations. Incentives like tax credits and government subsidies are essential to boost the market. Automakers are innovating with electric car models and charging networks, offering installation services and site assessments. Fast-charging vehicles need 45 kW external chargers and 3-level charging levels. Despite these challenges, the EV sector continues to evolve, with battery technology and charging pole innovations driving progress.

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Segment Overview

This electric vehicle (ev) charging connector market in Europe report extensively covers market segmentation by

Charging 1.1 Slow charging1.2 Fast charging1.3 Rapid chargingGeography 2.1 Europe

1.1 Slow charging- In Europe, slow chargers are the most common type of Electric Vehicle (EV) charging solutions, providing an average charging power of 3 kW. These chargers come with either tethered or untethered cables and offer charging speeds between 3 kW and 6 kW. On average, an EV takes 6-12 hours to fully charge on a 3 kW unit. Most slow charging units are untethered and require a cable for connection to charging points. The majority of these chargers are installed in residential buildings, workplaces, and public areas. Although four types of slow charging connectors exist, Type 2 – 3 kW AC is the most widely used in Europe due to its compatibility with EVs and public charging points. Slow chargers offer several advantages, including affordability, ease of installation, and extended battery life. They do not require additional equipment and are less expensive than fast and rapid chargers. Slow charging systems also reduce the impact on power grids and contribute to the longevity of EV batteries. However, the slow charging segment is expected to lose market share due to the growing demand for rapid and fast chargers. This shift is driven by the need to overcome challenges related to EV mile range, the increasing focus on wireless charging systems, and the requirement for rapid charging on the move. Despite these challenges, slow chargers remain an essential component of the European EV charging infrastructure, providing cost-effective and convenient charging solutions for EV users.

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Research Analysis

The Electric Vehicle (EV) Charging Connector Market in Europe is experiencing significant growth due to the increasing adoption of environment-friendly vehicles. Electric Vehicle Connectors, also known as EV couplers, play a crucial role in the transfer of electricity from charging points to EVs. Charging points include charging poles, bases, and stations, which are available in various power sources and charging times. Residential charging is also gaining popularity, with incentives such as government subsidies, tax credits, and incentives driving demand. EV Charging Connectors come in different types, including Type 1 connectors with two pins, and the Combined Charging System (CCS) compatible with both AC and DC fast charging. Overheating issues have been a concern, but advancements in technology are addressing these challenges. The EV sector is subject to emission norms, and the shift towards electricity as a power source is a significant step towards reducing carbon emissions from automobiles.

Market Research Overview

The Electric Vehicle (EV) Charging Connector Market in Europe is witnessing significant growth due to the increasing adoption of environment-friendly vehicles, particularly fast-charging vehicles. Charging points are essential infrastructure for EVs, with charging poles providing power transfer from the grid to the battery. The EV sector is experiencing innovations in charging technology, including 45 kW external chargers and 3-level charging levels, which offer faster charging times and higher power output. Government subsidies, tax breaks, and grants are key drivers for the market, with many European countries providing incentives to encourage the transition to electric vehicles. Charging power sources range from residential charging to public charging stations, with various charging levels, including Level 1, Level 2, and Level 3 charging. Fast charging, which can provide 80% charge in 30 minutes, is gaining popularity, with DC fast charging offering higher power output and faster charging times. However, challenges such as overheating issues and the need for installation services and site assessments remain. The market is expected to continue growing as pollution levels and emission norms become stricter, and automakers introduce new electric car models. The use of AC and DC charging, as well as Volt AC plugs and Combined Charging Systems, is also becoming more common.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ChargingSlow ChargingFast ChargingRapid ChargingGeographyEurope

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

PEAC Institute Launches “24 Hour Pause for Peace: A Global Concert”

Published

2 hours ago

September 21, 2024

24 Hour Pause for Peace Will Be the Largest Peace Initiative Ever Worldwide, Unifying 96 Countries on Six Continents Through Music

MONTCLAIR, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — On this International Day of Peace, PEAC Institute, part of the 2017 Nobel Peace Prize winning team, has launched “24 Hour Pause for Peace: A Global Concert,” the largest peace initiative ever organized worldwide through music.

“Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.”

On October 4, 2025, this ground-breaking program will activate a massive network of youth ensembles that spans 96 countries and territories across six continents and host two 24-hour commercial festivals featuring some of the biggest acts in music and entertainment. This extraordinary day-long event will be live-streamed globally, allowing millions to participate simultaneously.

“It has been 40 years since Live Aid and We Are the World historically unified and changed the world through music,” said Rebecca Irby, president and CEO of PEAC Institute. “With our planet riddled with post-pandemic fatigue, climate chaos, unsettling wars and more, we believe it is time to create a new trajectory for humanity by inviting everyone around the globe to a 24 hour pause for peace to enjoy the sounds of music and feel the transformative power of human connection,” Irby explained.

Additionally, 24 Hour Pause for Peace plans to amass more than 100 million ambassadors to sign an appeal to the United Nations calling for a 24 hour ceasefire during the children’s concerts and commercial music events. All countries are welcome to participate with no exceptions. One of Pause for Peace’s core beliefs is everyone has the right to be equally respected and heard, particularly in collectively calling for peace.

“Achieving this ambitious global endeavor requires the support and participation from the most impactful brands, organizations, and influential leaders, artists and celebrities,” said Jennifer McKenna, 24 Hour Pause for Peace CEO.

Pause for Peace is a $165 million global initiative. Currently, it is in its first phase of raising seed capital through consumer brand-aligned sponsorships and private donors. Funding for the program is tax-deductible through PEAC’s 501(c)(3) status.

“We have assembled an exceptional executive team of change agents in entertainment, production, consumer marketing, charitable development and global security to make this extraordinary, worldwide peace event happen.” McKenna added. “Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.” To become involved in 24 Hour Pause for Peace: A Global Concert as a sponsor, partner or donor, sign up to be an Ambassador, or for more information, go to www.24hourpauseforpeace.org.

About PEAC Institute

PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.

Media Contact

Chadwick Boyd, Pause for Peace, 1 4046060611, chadwick@24hourpauseforpeace.org, www.24hourpauseforpeace.org

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SOURCE Pause for Peace

Technology

Global Times: China opens 12 nuclear research facilities to global scientists

Published

3 hours ago

September 21, 2024

The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.

These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.

The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.

Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.

IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.

Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.

On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.

Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.

China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.

At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.

The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.

Contact: xutianshu@globaltimes.com.cn

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SOURCE Global Times

Technology

The Ar-King of Spirits: Ed Arking’s Impact on the Liquor Industry

Published

4 hours ago

September 21, 2024

In the interest of providing luxury liquors in a convenient and stress-free format, Served Neat was born. When asked about his intentions for the company, Ed states, “My goal with Served Neat is to create a one-stop shop where customers can easily discover these rare gems.”

MOORESTOWN, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — Served Neat is an emerging online platform with a curated selection of some of the world’s most popular luxury spirits. The website offers daily flash deals that highlight a variety of high-end international brands including Pappy Van Winkle, Buffalo Trace, Clase Azul, and more.

“While there are websites selling spirits, none have the decades of experience that we bring from WTSO. Served Neat will offer not only incredible bottles but also the best customer service in the industry.”

Ed and Joe Arking, the father-son team behind the concept of Served Neat, have decades of experience hand-selecting and supplying sought-after liquors. Ed Arking, CEO of New Jersey’s Roger Wilco, grew up in the world of wine and spirits and formed his own business aspirations.

“Growing up, I watched my father navigate and succeed in the ever-evolving wine and spirits industry,” Ed explains. “While I always aspired to create something similar, I knew I needed to wait for the right moment.” Ed has gone on to manage his own liquor store and lead projects for up-and-coming brands, such as the vodka-infused and non-carbonated Smooth Water.

As he evolved in his career, Ed discovered the perfect time to make his lifelong vision a reality. He recalls, “I noticed a gap in the market—especially for whiskey and tequila. These categories have surged in popularity, making it difficult for the everyday consumer to find those elusive sought-after allocated bottles.”

When it comes to Served Neat, quality and knowledge is key. Ed adds, “While there are websites selling spirits, none have the decades of experience that we bring from WTSO. Served Neat will offer not only incredible bottles but also the best customer service in the industry.”

Served Neat is the sister company to WTSO and The Wine Market, two online platforms dedicated to sourcing and distributing top-notch wines from every corner of the globe.

At The Wine Market, an online marketplace for the world’s most popular wine brands, convenience and quality are key. Each bottle in their curated collection is a testament to exceptional flavor and craftsmanship.

Since 2006, WTSO has enjoyed creating a unique wine experience and sharing it with new beginners and seasoned connoisseurs alike. Using an extensive network of wineries and wine makers, WTSO connects customers to thousands of brands from top wine appellations around the globe. The strong relationships they’ve formed within the wine world allow the business to deliver authentic and high-quality bottles to homes across the United States.

Wine and spirits lovers alike are invited to explore Served Neat, WTSO, and The Wine Market to find their next favorite bottle. Visit their websites to learn more about these one-of-a-kind online marketplaces!

Media Contact

Julie Blount, WTSO, 1 8669572795, marketing@wtso.com

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SOURCE WTSO