Sealed Contactor Market Share

North American Market Forecast

North America industry is expected to hold largest revenue share of 35% by 2037, on the back of the growing adoption of electric vehicles in the region. As per the data from the International Energy Agency (IEA), 0.33 million electric cars were sold in the United States in 2019. The presence of major manufacturers of electric vehicles in the region is further estimated to boost the market growth. Also, the rising investments in the research and development sector for introducing novel sealed contractors that could be used in numerous end-use industries along with the rapid expansion in various sectors in the region are anticipated to bring positive opportunities for market growth.

APAC Market Statistics

The Asia Pacific sealed contactor market is estimated to be the second largest, registering a share of about 24% by the end of 2037. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing investment in the semiconductor and electronics sector, backed by the rapid development in technology in the region. Also, the increasing demand for electricity and industrial machinery, especially in China, India, Japan, South Korea, and Taiwan is anticipated to drive the growth of the market in the future. Furthermore, the high requirement for electric equipment along with motors & transformers across various applications is estimated to generate favorable opportunities for key players.

Europe Market Forecast

Further, the market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The favorable initiatives started by the European region for the introduction of the sealed contactor for various applications in numerous industries. In addition to the other factors, the growing industrialization is exhibited by augmenting industrial output as well as increasing investment in the electrification & automation of the automotive sector backed by expanding technical expertise, resources, and competitive edge of the existing electronic manufacturing company in the region.