According to the latest research report, the electric vehicle connector market size is expected to grow at a compound annual growth rate of a CAGR of 22.61 per cent over the next five years (2022-2030). EV connectors connect an electric car to a recharging station's charging pole to transfer electricity. Batteries in electric vehicles may be charged at the station using various connections. Electrical requirements are used to create the EV connections to be compatible with the characteristics of an electric vehicle's batteries.
The worldwide electric vehicle connector market is expected to overgrow throughout the forecast period. The EV Connector Market's development is fueled by the increasing number of electric automobiles on the road. A further factor influencing the expansion of this industry is the increasing public support, encouragement, and subsidies for the development and marketing of electric cars across the world. In addition, rising rivalry among electric car connector system makers and increased backing from the regional government in various nations have bolstered the manufacturers to develop the connecter system following governmental authorities in different locations.
This report contains all the information on the global electric vehicle connector market analysis and the market strengths. In addition, the report also includes the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global electric vehicle connector market forecast for 2030 is also included in the report.
As a consequence of the worldwide coronavirus pandemic, the production of electric vehicles fell by 25% in early 2020 compared to sales in 2019; this, in turn, hampered the EV connection industry. Nevertheless, it is predicted that electric cars will account for roughly 10% of global commercial vehicle sales by 2025. Moreover, that figure is likely to rise to 28percent in 2030 and 58percent in 2040, as per Bloomberg New Energy Finance research. In response, this is likely to fuel the worldwide electric vehicle connector market growth throughout the predicted timeframe.
Charge stations are multiplying at a rapid pace worldwide, electric cars are increasingly being used for longer journeys, environmental consciousness is developing, and the desire for supercharging vehicles is expanding. These are all aspects contributing to the expansion of the worldwide automobile sector. Charge plug-in and hybrid electric cars quickly with the Electric Vehicle Connector, explicitly designed for permanent charging stations.
The electric vehicle connector market will also benefit from the increasing usage of vehicle-to-grid electric vehicle charging stations, the increasing cooperation between individuals and international firms, the increasing research and development efforts in the industry, and the forecast period indicated above.
In contrast, the increasing lack of standardisation for electric vehicle connections worldwide is a significant factor, amongst many others, limiting the market's development. Furthermore, governmental bodies' increasingly strict laws and requirements for charging stations could further threaten the market during the projected period.
There is a lack of standardisation for connections, which results in high costs and energy loss during transfer, which are regarded to be the primary limitations on the development of this industry.
Power transmission and communication processes are accomplished via an electric vehicle connection, which is a component of an electric vehicle coupler. Electric connections come in various forms and sizes, including SAE J1772 in North America, IEC 62196 Type II in Europe, and GB/T 20234 in China, among others. Tesla and Delphi, two of the most prominent competitors in the field, provide a full range of worldwide effects directly. Electric car connection shapes vary according to power distribution range, and the connector selection depends on the charger type intake port of an automobile. Charge plug-in and hybrid electric cars quickly with the Electric Vehicle Connector, explicitly designed for permanent charging stations.
According to the reports, Connector type, power supply range, charging type, current supply, component, vehicle type, charging station, charging speed, application, and region are some of the sub-segments of the worldwide Electric Vehicle Connector Market. The industry is divided into type1, type2, type3, and many others based on the connection type. The power supply range has been categorised into levels: level1, level2, and level3. There are two types of charging depending on the power supply: AC and DC. The business is divided into wall-mounted and floor-mounted charging stations based on the kind of device. The market has been divided into fast, slow, and rapid chargers based on recharging speed. The market has been categorized into leads, adaptors, pins, wall boxes, and other components based on their component. The electric vehicle market is divided into the plug-in, battery, and hybrid EV segments. The market has been divided into two categories: residential and commercial.
The market is segmented on the Connector type, power supply range, charging type, current supply, component, vehicle type, charging station, charging speed, application, and region. As a result, the global Electric Vehicle Connector Market trends are expected to witness decent growth during the forecast period.
The market is segmented into plug-in, battery, and hybrid EVs.
The market is segmented into residential and commercial based on the propulsion types.
The worldwide electric vehicle connector market is divided into four key regions: North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is likely to have the largest market share over the forecast period because of the development of charging stations in China and Japan. Demand for electric car connectors in this region is expected to rise as the number of electric vehicles produced and sold increases. This region's auto-emissions market is being propelled forward by a combination of factors, including increased expendable cash in countries like India and China and expanding populations and urbanisation.
Organic growth techniques, including product releases, product certifications, and others like copyrights and events, are being pursued by several firms. Acquisitions, alliances & partnerships, and other business expansion tactics were seen in the market during the review. Businesses and their consumer bases have expanded as a result of these actions. Growth in the increasing requirement for electric vehicle connectors’ market share is expected to provide attractive growth possibilities for market participants in the EV connection industry.
Major Key Players
The following report comprises of –
When it came to electric vehicle (EV) customisation in October 2018, ITT demonstrated an ultra-fast liquid-cooled high-power solution as well as a worldwide AC charging portfolio. Using ITT Cannon's liquid-cooled DC HPC technology, a 60-mile charge can be achieved in about 3–5 minutes.
ABB's Terra HP, the world's quickest EV charger, was unveiled in June 2018 and can add up to 200 kilometres of range to an EV in only 8 minutes. As of this writing, ABB has more over 7,000 DC rapid charging stations deployed in 60 countries.
Tesla revised its Model S and Model X designs in October 2017 to include a revolutionary dual-connector charge port system that can be used to charge the electric vehicles using multiple charging standards.
On the basis of charging type, the EV Charging Connector Market has been segmented as follows:
On the basis of level type, the EV Charging Connector Market has been segmented as follows:
On the basis of voltage type, the EV Charging Connector Market has been segmented as follows:
On the basis of charging speed type, the EV Charging Connector Market has been segmented as follows:
On the basis of region, the EV Charging Connector Market has been segmented as follows:
|Market Size||2030: Significant Value|
|CAGR||22.61% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Connector Type, Charging Type, Power Supply Range, Current Supply, Charging Station, Charging Speed, Component, Vehicle Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Yazaki (Japan), Schneider Electric (France), Tesla (US), Bosch (Germany), ABB (China), Siemens AG (Germany), Fujikura (Japan), Amphenol (US), Huber+Suhner (Switzerland), and Sumitomo (Japan).|
|Key Market Opportunities||
|Key Market Drivers||
The market is expected to expand at 22.61% CAGR between 2022 and 2030.
The report covers the segmental analysis of the ev connector market based on charging type, connector type, power supply range, charging station, charging speed, current supply, component, vehicle type, and application.
The segments of the market, based on connector type, are type1, type2, type3, and others.
Yazaki, Tesla, and Schneider Electric are some of the key players of the ev connector market.
The application-based segments of the market are – residential and commercial.