Electric Vehicle Connector Market Size was valued at USD 47.35 billion in 2021. The Electric Vehicle Connector market industry is projected to grow from USD 56.2 Billion in 2022 to USD 221.48 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.70% during the forecast period (2023 - 2032). Growing demand for fast-charging vehicles, growing charging points across the globe and growing demand for environment-friendly vehicles are the key market drivers enhancing the Electric Vehicle Connector industry.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Because there is an increasing demand for electric cars in practically every location, the E.V. sector has experienced tremendous growth over the years. Additionally, major market participants in the electric vehicle space like Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., B.Y.D. Company Motors and Ford Motor Company are concentrating on growing their business operations in developing nations like China and India. Electric vehicle couplers serve as an E.V. coupler with a charging pole of the station necessary for power transfer, which drives the global market for Electric Vehicle connectors. The connectors aid in establishing a connection between an E.V.'s battery and the station's charging point.
Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewIncreasing government subsidies for purchasing electric vehicles globally drives the market for Electric Vehicle connectors. For instance, the Chinese government is promoting using electric cars over traditional fuel-powered vehicles by leveraging significant expenditures and providing subsidies. Additionally, nations, including the United States, Canada, Japan, South Korea, India, and China, are attempting to transition to zero-emission automobiles. The rise in popularity of electric cars worldwide closely correlates with the demand for quick charging Electric Vehicle connectors. As a result, the market for E.V. connectors is being driven by an increase in E.V. production and sales.
Automakers are accelerating their plans to launch E.V.s to comply with the increasingly strict laws enacted in Europe and China. For instance, 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.
Growing government emphasis on promoting the adoption of E.V.s, growing manufacturer focus on E.V.s as the primary segment, growing demand for quick charging E.V. connectors, and the rise in quality of electrical and hybrid electric vehicles are the most significant factors among others boosting the E.V. Connectors Market. Rising innovations and adoption resulting in increased quick charging connectors may be a crucial market growth issue. Additionally, growing government-corporate collaboration, using vehicle-to-grid (V2G) E.V. charging stations for E.V.s, and market research and development efforts all provide new chances for the E.V. Connectors Market throughout the projection period.
However, to cater to the demand, significant innovations and advancements drive the Electric Vehicle Connector market revenue growth.
The Electric Vehicle Connector Market segmentation, based on Charging type, includes types 1, 2 and 3. The level 3 sector has the biggest market share worldwide. Fast charging may be done using Level 3 E.V. plugs using a 45 kW external charger in the 200 V to 600 V range. More than 50 K.W. of power may be outputted by the 3-level charging level, which can charge 80% of the battery in 30 minutes.
The Electric Vehicle Connector Market segmentation, based on level type, includes type 1, type 2, type 3 and type 4. Level 3 charging is expected to be the fastest-growing segment by the level of charging during the forecast period. Currently, the Asia Pacific area has the most level 3 E.V. charging stations since the use of E.V.s is increasing so quickly in nations like China, Japan, and South Korea. Additionally, level 3 charging station growth is anticipated to be the quickest in this area.
The Electric Vehicle Connector Market data, based on voltage type, includes A.C. charging and D.C. charging. With a revenue share of more than 56.0%, the A.C. charging category led the market in 2021. Depending on the kind of vehicle and the charging infrastructure available, most electric car charging infrastructures employ A.C. charging with a typical power output of 22 kW.
The global Electric Vehicle Connector industry, based on charging type, includes slow, fast and rapid. As it offers to charge through a 240 V A.C. socket and necessitates the installation of home charging or public charging equipment, the fast-charging E.V. connector is the market's largest and most rapidly expanding sector. Most public and commercial electric vehicle charging stations now use rapid charging. The well-known makers of quick chargers include ClipperCreek, Changepoint, JuiceBox, and Siemens. The need for E.V. charging connections in the Asia Pacific area will increase due to the rising sales of E.V.s and the need for fast charging in this Region.
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific Electric Vehicle Connector market accounted for USD 0.88 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Asia Pacific holds the world's largest Electric Vehicle Connector market share, and it is anticipated that it will continue to keep this position during the projection. This dominance is ascribed to the rapidly growing electric car industry in nations like China, India, and Japan, which has led to a greater rate of E.V. charging station adoption and fueled the E.V. charging connection market in this area. Additionally, the government's escalating assistance in the form of tax breaks, grants, subsidies, and improvements to the infrastructure for charging is anticipated to fuel market expansion. Additionally, as pollution levels in developed nations like China and Japan rise, there is a big market for electric vehicles in these nations due to the need for zero-emission automobiles.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
At a CAGR of 17.7% during the projected period, the market for European electric vehicle connectors is anticipated to reach a value of USD 49,777.98 Thousand by 2029. In-depth discussions of price analysis, patent analysis, and technical improvements are also included in the Europe electric vehicle connectors market research. Further, the Germany Electric Vehicle Connector market held the largest market share, and the U.K. Electric Vehicle Connector market was the fastest-growing market in the European Region.
The North American electric vehicle connectors market is expected to reach the value of USD 38,590.91 Thousand by 2029, at a CAGR of 18.8% during the forecast period. The North American electric vehicle connectors market report also covers pricing analysis, patent analysis, and technological advancements in depth. Further, the US Electric Vehicle Connector market held the largest market share, and the Canada Electric Vehicle Connector market was the fastest-growing market in the Region.
Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for the electric vehicle connector market. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. Electric Vehicle Connector industry competitors must provide affordable products to grow and remain in a market that is becoming increasingly competitive.
Manufacturing locally to cut operational costs is one of the main business tactics the Electric Vehicle Connector industry uses to serve customers and increase the market sector. The Electric Vehicle Connector industry has recently given medicine some of the most important advantages. The Electric Vehicle Connector market major player such as Yazaki (Japan), Schneider Electric (France), Tesla (U.S.), Bosch (Germany), ABB (China), Siemens AG (Germany), Fujikura (Japan), Amphenol (U.S.), Huber+Suhner (Switzerland), Sumitomo (Japan).and others are working on expanding the market demand by investing in research and development activities.
German multinational engineering and technology business Robert Bosch GmbH, also known as Bosch and styled as BOSCH, is based in Gerlingen, Germany. Robert Bosch established the business in Stuttgart in 1886. Robert Bosch GmbH announced the purchase of the MoTeC Group in June 2022. With this purchase, the business will be able to expand the range of automotive technology products it provides and expand its marketability.
Ningbo Degson Electronic Co produces electronics. The company manufactures and sells industrial electrical connection components and terminal blocks. Products from Ningbo Degson Electronic are sold all over the world. NINGBO DENSON ELECTRICAL CO., L.T.D. announced that it attended the Munich Electronics Show at the Shanghai New International Expo Centre in April 2021. At this event, the firm displayed a range of goods for various industries and applications. This has allowed the business to showcase its product capabilities and technological advancements, expanding its market reach.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 47.35 billion |
| Market Size 2022 | USD 56.2 billion |
| Market Size 2032 | USD 221.48 billion |
| Compound Annual Growth Rate (CAGR) | 18.70% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Yazaki (Japan), Schneider Electric (France), Tesla (U.S.), Bosch (Germany), ABB (China), Siemens AG (Germany), Fujikura (Japan), Amphenol (U.S.), Huber+Suhner (Switzerland), Sumitomo (Japan). |
| Key Market Opportunities | Growing demand for the vehicle to the grid charging station Growing charging infrastructure |
| Key Market Dynamics | Growing demand for fast-charging vehicles Growing charging points across the globe Growing demand for environment-friendly vehicles |
Frequently Asked Questions (FAQ) :
The Electric Vehicle Connector Market size was valued at USD 47.35 Billion in 2021.
The Electric Vehicle Connector Market is projected to grow at a CAGR of 18.70% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the Electric Vehicle Connector Market.
The key players in the market are Yazaki (Japan), Schneider Electric (France), Tesla (U.S.), Bosch (Germany), ABB (China), Siemens AG (Germany), Fujikura (Japan), Amphenol (U.S.), Huber+Suhner (Switzerland), Sumitomo (Japan).
The A.C. electric vehicle connector category dominated the market in 2021.
The Fast electric vehicle connector had the largest share of the global market.
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