EV Connectors Market Forecasts to 2030 – Global Analysis By Charging Speed (Rapid, Fast and Slow), Current Type (Direct Current (DC) Charging, Alternating Current (AC) Charging and Other Current Types), Cable Type, Electric Vehicle Type, Vehicle Type, Mou

EV Connectors Market Forecasts to 2030 – Global Analysis By Charging Speed (Rapid, Fast and Slow), Current Type (Direct Current (DC) Charging, Alternating Current (AC) Charging and Other Current Types), Cable Type, Electric Vehicle Type, Vehicle Type, Mounting Type, Level of Charging, Type, Material, Sales Channel, End User and By Geography

According to Stratistics MRC, the Global EV Connectors Market is accounted for $57.54 million in 2023 and is expected to reach $211.54 million by 2030 growing at a CAGR of 20.44% during the forecast period. A connector is anything that is utilized to deliver electrical energy from the charging station to the battery pack. A charging connector connects the battery pack to the charging station. In many aspects, a charging connector resembles a charging cable used to charge a mobile phone. A mobile phone charging cable has both a wall connector and a phone-side connector. Similarly, an electric vehicle's battery pack charging connector has a vehicle-side connector and a charger plug connector.

According to Bloomberg New Energy Finance (BNEF), several automakers will introduce more than 500 distinct electric car models globally by 2022. This should be a profitable opportunity for those involved in producing Electric Vehicle connectors.

Market Dynamics

Driver

Increasing investment in charging network

To enable widespread EV adoption, an accessible public charging network will be essential. Public charging is necessary for EV owners who live in multi-unit buildings or do not have a private driveway. Furthermore, EV users will need to charge their vehicles along highways and driveways in order to go longer distances and charge along the way. Future battery advancements and increased investment in charging network infrastructure by key companies are likely to drive the global electric vehicle connector market.

Restraint

High cost

High initial costs are another issue limiting the demand for EV connectors. The high cost of EV connectors and the required initial investment prevent many buyers from acquiring an electric vehicle. Furthermore, installing a charging station can be costly, particularly for businesses or governments that want to supply charging stations to consumers or employees. These high costs are an important barrier to the broad adoption of electric vehicles.

Opportunity

Rapid penetration of EV & HEV

Because of the increased demand for electric vehicles in almost every location, the EV industry has experienced tremendous growth over the years. Furthermore, Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company are focusing on expanding their business operations in emerging markets such as China, India, and others. Globally, EV/HEV penetration is driving the worldwide electric vehicle connectors market, as EV connections operate as an EV coupler with a charging pole at the station necessary for the transfer of power.

Threat

Compatibility issues

Compatibility challenges afflict the EV connection market additionally. There are various types of EV connectors available currently, and not all of them are compatible. This can be problematic for customers who are unfamiliar with the numerous connector types and which ones are necessary for their specific vehicle. The lack of a standardized connector is an important obstacle to the growth of the EV connector business.

Covid-19 Impact

COVID-19 had a major impact on numerous businesses because almost every country opted to close all facilities except those dealing with vital products. To prevent the spread of COVID-19, the government has taken stringent measures, such as shutting down facilities and selling non-essential commodities, as well as blocking foreign trade and other measures. The only businesses dealing with this pandemic crisis are those that are permitted to open and conduct the processes.

The level 3 segment is expected to be the largest during the forecast period

The level 3 segment is predicted to have the largest share of the market in 2022 and to dominate the market throughout the forecast period. The charging level is determined by the power output of the charging station and the time required to charge the EV. DC Level 3 demands significant infrastructure and service upgrades, making it the most expensive of the three levels to install. Additionally, level 3 EV connectors are the most prevalent in the global EV Charging Connector Market. This type of charger can charge a vehicle from zero to eighty percent in around ten minutes.

The fast segment is expected to have the highest CAGR during the forecast period

Fast charging EV connections are the most popular and highest-growing segment of the EV Charging Connector Market because they allow automobiles to be charged using a 240 V AC outlet without the installation of home or public charging equipment. Fast charging is accessible at the majority of commercial and public electric vehicle charging stations. Some of the most well-known rapid charger manufacturers include ClipperCreek, Changepoint, Juice Box, and Siemens. Rising electric car sales and the desire for quick charging in the Asia-Pacific area will drive up demand for EV charging connectors.

Region with largest share

Due to government laws limiting the use of diesel and gasoline vehicles, Europe is expected to have the largest share of the market throughout the forecast period, resulting in increasing demand for EVs. Furthermore, the region has a well-developed rail network, which has reduced the demand for long-distance electric vehicles. The United Kingdom's prohibition on the sale of diesel and gasoline vehicles, as well as France's leadership in renewable energy, will help the industry thrive in this region.

Region with highest CAGR

Asia pacific region is projected to hold lucrative growth throughout the extrapolated period. Asia-Pacific firms have been at the cutting edge of EV Connector technology innovation. They have created advanced charging solutions like rapid charging, smart charging, and wireless charging systems. However, these technological improvements have not only improved the charging experience for EV owners but have also established Asia-Pacific's position as the global leader in the research and manufacturing of EV Connectors.

Key players in the market

Some of the key players in EV Connectors market include ABB Ltd., Amphenol Corporation, AZAKI Corporation, Blink Charging Co., Connector-Tech ALS Pty Ltd, Delphi Technologies, DYDEN CORPORATION, Fischer Connectors SA, Fujikura, General Electric Company (GE), Huber+Suhner, ITT, Robert Bosch GmbH, Schneider Electric, SemaConnect Inc, Siemens AG, Sumitomo Corporation, TE Connectivity, Tesla and Yazaki.

Key Developments

In June 2022, Robert Bosch GmbH announced the acquisition of the MoTeC Group. This acquisition will allow the company to boost its offered product portfolio in automotive technology and increase the market reachability.

In April 2021, Ningbo Degson Electrical Co., Ltd announced that the company had participated in the Munich Electronics Show at the Shanghai New International Expo Centre. The company has showcased a variety of products for various sectors and applications at this event. Through this, the company has increased its market reachability via showcasing its product capabilities and technical advancement.

Charging Speeds Covered
• Rapid
• Fast
• Slow

Current Types Covered
• Direct Current (DC) Charging
• Alternating Current (AC) Charging
• Other Current Types

Cable Types Covered
• Coiled Cables
• Straight Cable
• Other Cable Types

Electric Vehicle Types Covered
• Plug-In Hybrid Vehicles
• Battery Electric Vehicles
• Other Electric Vehicle Types

Vehicle Types Covered
• Commercial Vehicle
• Passenger Vehicle

Mounting Types Covered
• Floor Mounted
• Wall Mounted
• Other Mounting Types

Level of Charging’s Covered
• Level 4
• Level 3
• Level 2
• Level 1

Types Covered
• Type 1 (120 Volts)
• Type 3 (480 Volts)
• Type 2 (240 Volts)
• Other Types

Materials Covered
• Aluminium
• Copper
• Other Materials

Sales Channels Covered
• Aftermarket
• OEM

End Users Covered
• Residential
• Commercial
• Private
• Public
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances