BANGALORE, India, Oct. 3, 2024 /PRNewswire/ — EV Electrical Connector Market is Segmented by Type (Wire to Wire Connector, Wire to Board Connector, Board to Board Connector), by Application (Passenger Car, Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global Electric Vehicle Electrical Connector Market was valued at USD 8914 Million in 2023 and is anticipated to reach USD 12620 Million by 2030, witnessing a CAGR of 5.1% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Electric Vehicle Electrical Connector Market:

The Electric Vehicle (EV) Electrical Connector Market is experiencing robust growth, fueled by the increasing global adoption of electric vehicles. EVs depend on sophisticated electrical systems for power management, making the demand for reliable, high-performance connectors more critical than ever. These connectors are vital for ensuring seamless connectivity between key components such as batteries, motors, and control units.

Market expansion is further supported by government incentives, stricter environmental regulations, and the growing development of EV charging networks.

Leading industry players are focusing on innovations in connector technologies, designed to handle higher voltages and current capacities while ensuring efficiency, durability, and safety.

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TRENDS INFLUENCING THE GROWTH OF THE EV ELECTRICAL CONNECTOR MARKET:

Wire-to-wire connectors play a crucial role in the growing electric vehicle (EV) market. These connectors facilitate efficient power distribution and signal transmission between electrical components within an EV, ensuring the seamless operation of essential systems such as battery management, powertrain control, and in-car infotainment. As EVs increase in complexity, the demand for reliable and efficient wire-to-wire connectors rises. This demand is driven by the need for enhanced performance, durability, and safety in electrical systems. The expanding EV market, coupled with technological improvements in connector designs, continues to boost the demand for wire-to-wire connectors in the industry.

Wire-to-board connectors are key components in EV electrical systems, connecting individual wires to printed circuit boards (PCBs) in crucial areas like control systems and battery management. These connectors help maintain signal integrity and power distribution, supporting the efficient functioning of various subsystems. As EVs continue to evolve, there’s an increased emphasis on lightweight and compact designs, which wire-to-board connectors support by offering compact solutions with high power capabilities. With the rise of advanced EV architectures, wire-to-board connectors are critical for ensuring optimal connectivity, further driving growth in the EV electrical connector market.

The growing adoption of electric passenger cars significantly drives the demand for EV electrical connectors. Passenger vehicles represent a large portion of the automotive market, and as governments and consumers increasingly prioritize sustainability, the shift toward electric alternatives accelerates. Electric passenger cars require highly reliable and efficient electrical connectors to ensure optimal power distribution, safety, and performance. With the rise of EV sales and stringent emissions regulations, manufacturers are investing in advanced electrical connector systems that enhance vehicle efficiency, further stimulating market growth in this segment.

Stringent government regulations and emission standards are major drivers in the electric vehicle electrical connector market. As global emissions regulations tighten, automotive manufacturers are being pushed to adopt electric vehicles to meet environmental targets. This shift increases the demand for reliable and efficient electrical connectors that can support high-voltage applications, ensuring the safe and efficient distribution of power. Government incentives and subsidies for EV adoption are further accelerating market growth, as manufacturers invest in innovative connector solutions to comply with evolving standards, thus driving the market forward.

Consumer demand for electric vehicles is steadily rising due to increasing awareness about environmental sustainability and the long-term cost savings associated with EVs. The growth of EV sales is directly linked to the expansion of the electric vehicle electrical connector market, as more vehicles require advanced electrical systems. Electric connectors are essential components in ensuring the safety, performance, and longevity of these vehicles. As EV production scales up to meet consumer demands, the need for robust, reliable connectors grows, leading to further expansion in the connector market.

The expansion of EV charging infrastructure globally is another critical factor driving the electric vehicle electrical connector market. As more charging stations are developed to meet the needs of a growing EV fleet, the demand for reliable and high-performance connectors capable of handling high-power transmission increases. Connectors used in charging stations must ensure safe and efficient power delivery. This growing infrastructure investment in charging facilities, coupled with advancements in fast-charging technology, is boosting the demand for robust electrical connectors.

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EV ELECTRICAL CONNECTOR MARKET SHARE:

The electric vehicle electrical connector market shows significant regional variation, with the Asia-Pacific region leading in market share due to the rapid adoption of EVs in countries like China, Japan, and South Korea. These nations have strong government support for EV production and adoption, along with a well-established supply chain for electrical components. Europe and North America are also key markets, driven by stringent emission regulations and consumer demand for greener transportation solutions. These regions are witnessing substantial growth in EV production, further propelling the demand for electrical connectors in the market.

Key Companies:

MolexSumitomoJAEKETRosenbergerLUXSHARETE ConnectivityYazakiJSTDelphiAmphenol

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BlueOptima’s report reveals that more than 76.5% of EPAM’s lead developers exceed global productivity and quality standards

NEWTOWN, Pa., Oct. 3, 2024 /PRNewswire/ — As organizations increasingly rely on outsourcing to accelerate their digital transformation efforts, understanding software development productivity and quality is crucial for optimizing software development lifecycles and making informed outsourcing decisions. EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced that EPAM’s developers have outperformed the global developer quality and productivity benchmarks set by BlueOptima, an independent organization specializing in evaluating and measuring software development practices against industry standards and global leaders.

“We’re delighted that our global development teams have surpassed the independent quality and productivity benchmarks set by BlueOptima,” said Balazs Fejes, President of Global Business and Chief Revenue Officer, EPAM. “In today’s cost-conscious environment, this achievement reflects our commitment to delivering exceptional and differentiating value across our global teams, proving that investing in EPAM’s high-caliber developer talent yields results that truly resonate in a competitive enterprise IT outsourcing marketplace.”

In BlueOptima’s Q2 2024 Global Benchmark Report, more than 76.5% of EPAM’s lead developers surveyed outperformed the global average, indicating the superior quality and efficiency of EPAM’s engineering talent across industries and geographical regions. The benchmarking report provides objective, data-driven insights that can inform strategic decision making, improve service delivery and ultimately contribute to the success of outsourcing relationships.

“Our evaluation of EPAM’s lead developers against our extensive global dataset of more than 700,000 developers highlights their exceptional quality and productivity, including when metrics are adjusted for value,” said Jason Rolles, CEO and Managing Director, BlueOptima. “By leveraging our Developer Analytics platform, organizations can make informed decisions and optimize their software development processes. This ensures they partner with the most effective and efficient teams, ultimately leading to better outcomes for all stakeholders in the outsourcing ecosystem.”

For enterprise IT outsourcing customers, BlueOptima’s Global Benchmark Report serves as a critical standard for global software development productivity and quality. By leveraging a dataset of more than 700,000 developers across 30 countries and using metrics like Coding Effort and source code maintainability, BlueOptima’s report offers enterprise outsourcing customers key insights into global software development productivity and quality, helping them benchmark developer efficiency and optimize their outsourced projects.

To learn more about EPAM’s engineering excellence in software development, visit: www.epam.com/services/engineering. 

About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has used its software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients’ transformation challenges by focusing EPAM Continuum’s integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients’ time to market and drive greater value from their innovations and digital investments.

We make GenAI real with our AI LLM orchestration, testing and engineering solutions, EPAM DIAL, EPAM EliteA™ and EPAM AI/RUN™, respectively.

We deliver globally but engage locally with our expert teams of consultants, architects, designers and engineers, making the future real for our clients, our partners, and our people around the world. We believe the right solutions are the ones that improve people’s lives and fuel competitive advantage for our clients across diverse industries. Our thinking comes to life in the experiences, products and platforms we design and bring to market.

Added to the S&P 500 and the Forbes Global 2000 in 2021 and recognized by Glassdoor and Newsweek as a Top 100 Best Workplace, our multidisciplinary teams serve customers across six continents. We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and to be recognized as a leader in the IDC MarketScapes for Worldwide Experience Build Services, Worldwide Experience Design Services and Worldwide Software Engineering Services as well as a leader in the 2024 Gartner® Magic Quadrant™ for Custom Software Development Services, Worldwide.*

Learn more at www.epam.com and follow us on LinkedIn.

* Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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SOURCE EPAM Systems, Inc.

HOUSTON, Oct. 3, 2024 /PRNewswire/ — energyRe today announced that Google has signed a 12-year power purchase agreement to purchase renewable energy from a 435-megawatt (MWdc) solar project to be developed, owned, and operated by energyRe. energyRe will supply electricity and Renewable Energy Credits (RECs) generated from the solar project to Google to power the equivalent of more than 56,000 homes.

The project will support Google’s 2030 goal to run on 24/7 carbon-free energy on every grid where the company operates. The deal was facilitated through LEAP™ (LevelTen Energy’s Accelerated Process), which was co-developed by Google and LevelTen Energy to make clean energy buying and selling more efficient.

“As we continue to progress towards our goal to operate every Google campus on clean electricity every hour of every day by 2030, we are always looking for opportunities to accelerate the delivery of new clean power to the grid,” said Amanda Peterson Corio, Google Global Head of Data Center Energy. “Using our scalable procurement approach, we’ve been able to collaborate quickly with energyRe to deliver new clean energy to the SPP grid system and support our 24/7 progress in the region.”         

“energyRe is proud to deliver reliable clean power to support Google’s ambitious sustainability and decarbonization goals,” said Miguel Prado, Chief Executive Officer of energyRe. “Google is a global leader in renewable energy and continues to set a high bar across the technology industry. energyRe’s track record of delivering clean energy solutions for our customers makes us a trusted partner for companies working to reduce their carbon footprints.”

Nationally, energyRe’s onshore utility-scale portfolio includes 1,520 MWdc of contracted solar assets and 398 megawatt-hours (MWh) of contracted battery storage assets.

About energyRe
energyRe is a leading independent energy company focused on solving complex sustainability challenges and providing clean energy solutions in utility-scale transmission, onshore wind and solar, offshore wind, energy storage and distributed generation. Guided by the principles of innovation and partnership and backed by expertise and experience, energyRe is committed to creating a reliable, renewable energy future for all. energyRe has offices in New York, Houston, Indianapolis, and Charleston. For more information about energyRe, visit www.energyre.com

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SOURCE energyRe