EV Charging Connectors Market - Forecasts from 2024 to 2029

EV Charging Connectors Market - Forecasts from 2024 to 2029

The EV charging connectors market is anticipated to expand at a CAGR of 19.53% to attain US$233.453 million by 2029 from US$95.672 million in 2024.

The electric vehicle (EV) charging connector is among the most critical components in EV charging infrastructure, as the connector transmits electric energy from the charging boards to the automobiles. EV charging connectors are often used by EV charging stations or residential charging infrastructure. These connectors provide a wide range of charging power output and charging timeframes. The EV connector makes it easier for an electric car's battery to be connected to the charging source, ensuring power is timed with the batteries.

The EV charging connectors offer multiple benefits to the users, like ensuring flexibility and convenience for the EV operators to charge from a wide range of EV chargers. These connectors also help to lower energy costs and promote sustainability for EV drivers. The market for EV charging connections is projected to grow significantly due to the increasing demand for electric vehicles. The global demand for electric vehicles has observed massive growth in the past few years, majorly due to the growing public perceptions towards an eco-friendly transport model and increasing governmental initiatives and investments for EV chargers.

EV Charging Connectors Market Drivers:

The rising demand for electric vehicles is expected to drive the market growth

One of the major driving factors forecasted to propel the global EV charging connector market growth is the rising demand for electric vehicles worldwide. This growth is expected to increase the number of publically available EV chargers and charging stations worldwide. Furthermore, the increased awareness of carbon emissions and tight emission requirements is expected to drive EV sales forward, simultaneously driving the charging connection market forward.

The global sales of EVs have grown significantly over the years. The global BEV & PHEV sales report by EV Volumes stated that in 2021, 6,774 thousand EVs were sold, which grew to about 10,524 thousand units in 2022. The total BEV and PHEV sales in the global market grew to 14,182 thousand units in 2023, an increase of about 35% from previous years.

EV Charging Connectors Market Geographical Outlook
Asia Pacific is forecasted to hold a major share of the EV Charging Connectors Market.

The Asian Pacific region is forecasted to attain a greater market share in the global EV charging connectors market. The major driving factors for this market’s growth are the increasing demand for EVs across the region and governmental investments in developing the EV charging infrastructure. Some of the major countries in the Asian Pacific region, like China, Japan, and India, have introduced key initiatives that are expected to boost the EV charging connectors market in this region.

The Asian Pacific region is among the biggest markets for EVs, with China being the biggest producer and consumer of electric vehicles. The International Energy Agency (IEA), in its global report, stated that in 2021, the total EV stock in China was recorded at about 6.2 million, which significantly grew to 10.7 million units in 2022. The total BEV stock in the nation in 2023 was estimated at 16.1 million, almost half of the global BEV stock in the same year. Similarly, EV sales in the nation have also grown massively over the past few years. The total EV sales in China were recorded at about 3.3 million in 2021, which increased to 6 million in 2022, finally reaching 8.1 million in 2023.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
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The EV Charging Connectors Market is segmented and analyzed as follows:

By Product Type

Wall Connector
Charge Plug Connector

By Speed

Slow Charging
Rapid Charging

By Socket Type

Type 1
Type 2

By Vehicle Type

Battery Electric Vehicle
Plug-in Hybrid Electric Vehicle
Hybrid Electric Vehicle

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
UK
France
Spain
Others
Middle East and Africa
Suadi Arabia
UAE
Others
Asia Pacific
China
Japan
South Korea
India
Australia
Others