Bishop and Associates Inc. has released a research report providing a comprehensive analysis of the world electric vehicle market for connectors.
The need to reduce CO2 emissions and improve fuel economy has had a significant impact on the automotive industry over the past 40 years. Since the introduction of the Toyota Prius Hybrid in 1997, the use of electricity as a primary, or secondary, fuel has become an increasingly important component of nearly every major vehicle manufacturer’s long range strategy. This study focuses on the current state of the electric car and light vehicle industry, the outlook for the industry through 2020 and the industries impact on the market for electronic connectors.
Worldwide production of electric cars and light trucks reached 2.8 million vehicles in 2015, representing 3.1% of the world’s total vehicle production. The electric vehicle market is anticipated to double in size over the next five-years, reaching nearly 6% of the world’s total car and light truck production. The market for connectors associated with this industry reached $842 Million in 2015 and is forecast to grow through 2020.