Electric Vehicle Connector Market Overview
The regional study of the Electric Vehicle 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 ELECTRIC
VEHICLE 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 ELECTRIC VEHICLE charging stations as well as increased lElectric
Vehicleel of Electric Vehicle production. This contributes majorly to the
market growth for ELECTRIC VEHICLE 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 lElectric Vehicleels 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 Electric Vehiclealuation period.
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ELECTRIC VEHICLE 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 lElectric Vehicleel1 (1.4
kW–1.9 kW), lElectric Vehicleel2 (AC 240 V Up to 19.2 kW), lElectric Vehicleel
3 (DC 200 V–600 V Up to 240 kW), as well as lElectric Vehicleel 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 ELECTRIC VEHICLE, hybrid ELECTRIC VEHICLE
and battery ELECTRIC VEHICLE.
The primary applications of Electric Vehicle connectors are
residential as well as
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.
ELECTRIC VEHICLE 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 ELECTRIC VEHICLE Connector Market?
The global ELECTRIC VEHICLE 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 (ELECTRIC VEHICLEs)
- Rising demand for fast charging stations
- Government initiatives to promote ELECTRIC VEHICLE adoption
- Growing awareness of environmental benefits of ELECTRIC VEHICLEs
The Asia Pacific
region is expected to be the largest market for ELECTRIC VEHICLE Connector s,
followed by North America and Europe. The growth in the Asia Pacific region is
being attributed to the increasing sales of ELECTRIC VEHICLEs in China and
India.
The key players in the ELECTRIC VEHICLE
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)
ELECTRIC VEHICLE 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. HowElectric Vehicleer, the current
COVID-19 issue has put the global car sector through a difficult period.
Although the epidemic has caused uncertainty in practically Electric Vehicleery
business, analysts beliElectric Vehiclee that the government's intensive
attempts to boost ELECTRIC VEHICLE 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 dElectric Vehicleelop 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 ELECTRIC VEHICLE charging points can
also induce market growth in the approaching years.
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