Latest Developments of EV Charging Connector Market
April 2020
CHAdeMO Associated recently released the CHAdeMO 3.0, which is electric vehicle quick-charging connector. It is a liquid-cooling technology-based connector that is compact and light and comes with a smaller diameter cable.
EV Charging Connector Market Highlights
In 2021, the market for electric vehicle connectors was estimated to be worth USD 47.35 billion. The market for electric vehicle connectors is expected to expand at a compound annual growth rate (CAGR) of 18.70% between 2023 and 2032, from USD 56.2 billion in 2022 to USD 221.48 billion.
How Big is the EV Charging Connector Market?
The global EV charging connector market is expected to reach $181.2 million by 2030, rising at a market growth of 18.6% CAGR during the forecast period (2023-2030).
The market growth is being driven by a number of factors, including:
- Increasing sales of electric vehicles (EVs)
- Rising demand for fast charging stations
- Government initiatives to promote EV adoption
- Growing awareness of environmental benefits of EVs
The Asia Pacific region is expected to be the largest market for EV charging connectors, followed by North America and Europe. The growth in the Asia Pacific region is being attributed to the increasing sales of EVs in China and India.
The key players in the EV charging connector market include:
- ABB
- Amphenol
- Delphi
- TE Connectivity
- Yazaki
- Huber+Suhner (Switzerland)
- Fujikura (Japan)
- Yazaki (Japan)
- Tesla (US)
- Bosch (Germany)
- Schneider Electric (France)
- Siemens AG (Germany)
- Sumitomo (Japan)
- Amphenol (US)
EV charging connector market Main Boosters and Key Deterrents
Since they outperform conventional car models and have a number of advantages over them, including as lower carbon emissions, more comfortable driving, better fuel efficiency, ease of charging at home, less noise from the engine, and more, electric cars are in great demand. However, the current COVID-19 issue has put the global car sector through a difficult period. Although the epidemic has caused uncertainty in practically every business, analysts believe that the government's intensive attempts to boost EV sales will be advantageous to the makers of electric vehicles. With these things taken into account, it is reasonable to predict that the market for electric car connectors will see a rise in the upcoming years.
Furthermore, the situation is being dealt by the government, armed with a number of tangible measures to develop a strong e-mobility infrastructure. Strong government backing for the import of electric vehicles is also a welcome move in the current situation. This means better business scenario for electric vehicle connectors in the coming years. The electric vehicle connector market also gains from the amounting awareness regarding emission coupled with the strict regulations pertaining to transportation pollution.
A vast number of companies in the market boast of well-built distribution networks, which contributes largely to the market growth for electric vehicle connectors. Industry players also offer a widespread product range and adopt various hacks like product innovation, agreements and collaborations to solidify their market position. Surge in EV charging points can also induce market growth in the approaching years.
EV charging connector Market Segmentation
The electric vehicle connector industry has been extensively covered in the report, taking into account segments like connector type, charging type, power supply range, current supply, charging station, charging speed, component, vehicle type and application.
The market segmentation as per the connector type comprises type1, type2, type3, and others.
The power supply ranges covered in the market study include level1 (1.4 kW–1.9 kW), level2 (AC 240 V Up to 19.2 kW), level 3 (DC 200 V–600 V Up to 240 kW), as well as level 4 (DC 600 V, Above 240 kW).
The segmentation with respect to current supply charging are AC charging as well as DC charging.
The charging station-based market segments are floor mounted and wall mounted.
Charging speed-wise market dissection includes fast, rapid and slow charger.
The components covered are pins, adaptor, leads, wallbox, and others.
Vehicle types that use connectors are plug-in EV, hybrid EV and battery EV.
The primary applications of electric vehicle connectors are residential as well as commercial.
EV charging connector market Regional Study
The regional study of the EV connector market comprises Europe, APAC or Asia Pacific, North America, and RoW or the Rest of the World.
MRFR analysts find it highly conceivable that APAC can reach the top spot in the global market, thanks to the spike in the demand for EV connectors in line with the growth of the electric automotive sector. The increasing number of electric vehicle charging stations also favors the electric vehicle connector market in the region. The vast number of initiatives planned by regulatory bodies to boost the use of green vehicles, by installing charging stations that publicly accessible can benefit the regional industry. Besides, China is known as the leader in the global electric vehicle industry, characterized by a high number of EV charging stations as well as increased level of electric vehicle production. This contributes majorly to the market growth for EV connectors in the region.
The government in North America is actively focused on prompting the use of electric vehicles, armed with strict policies and regulations. These measures being undertaken are proving to be quite favorable for the electric vehicle infrastructure as well as electric vehicle connector market in the region. The alarming surge in pollution levels across the United States (U.S.) and Canada is also boosting the demand for zero emission vehicles, which translates to better growth prospects for the electric vehicle connectors during the evaluation period.
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