Market Overview:
The Global Electric Vehicle Charging Socket Market size is expected to grow from USD 60.36 Million in 2022 to USD 257.81 Million by 2030, at a CAGR of 19.9% during the forecast period (2023-2030).
A charging station, also referred to as electric car supply equipment or a charging point, provides electrical power for plug-in electric vehicle charging. It comes in two primary types: AC charging stations and DC fast chargers. While over 80% of EV owners prefer the convenience of home charging, public charging stations employ EV connectors to transmit AC electricity, converted to DC, to the vehicle's battery pack through an onboard charger. With a maximum domestic AC supply power of around 7kW and rapid charging capabilities reaching up to 22kW, charging an EV is often likened to charging a smartphone. Common connector types include AC for slow charging and DC for rapid charging. The growing demand for electric vehicle charging sockets is expected to drive market growth in the forecasted period.
Top Key Players for Electric Vehicle Charging Socket Market:
Yazaki, TE Connectivity, Sumitomo, Schneider Electric, HUBER+SUHNER, Tesla, Bosch, ITT, Amphenol, Siemens AG, ABB, Fujikura, and other major key players.
Market Dynamics and Factors for Electric Vehicle Charging Socket Market:
Drivers:
Growing Adoption of EVs In Passenger Vehicle
The increasing adoption of electric vehicles (EVs) in the passenger vehicle segment has spurred significant growth in the Electric Vehicle Charging Socket Market. As more consumers embrace EVs for sustainable transportation, the demand for efficient and convenient charging solutions has surged. Electric vehicle charging sockets play a pivotal role in enabling seamless charging access, both at home and public charging stations. This market's expansion is driven by the imperative to support the evolving EV ecosystem and provide users with reliable and user-friendly charging infrastructure to meet their daily mobility needs.
Opportunities:
Rising Investment in The EV Accessory Industry
The increasing investment in the electric vehicle (EV) accessory industry, particularly in the realm of charging infrastructure, has catalyzed notable growth in the Electric Vehicle Charging Socket Market. As the EV market continues to flourish, stakeholders recognize the crucial role of robust and innovative charging solutions. This heightened investment aims to develop and deploy advanced charging socket technologies that seamlessly integrate with the expanding EV ecosystem, ensuring efficient and reliable charging options for EV users. This trend reflects a strategic response to the growing demand for convenient and accessible charging infrastructure, further propelling the evolution of the EV accessory sector.
Segmentation Analysis of the Electric Vehicle Charging Socket Market:
By Type, the CCS (Combined Charging System) type was dominating the Electric Vehicle Charging Socket Market due to its widespread adoption by major automakers and support for both AC and DC charging, enabling faster charging speeds and interoperability.
By Charging level, Level 2 charging was dominating the Electric Vehicle Charging Socket Market due to its balance between charging speed and infrastructure availability, making it suitable for both residential and public charging needs.
Regional Analysis of the Electric Vehicle Charging Socket Market:
The Electric Vehicle Charging Socket Market has seen dominant activity in regions such as Europe. Europe's prominence is attributed to proactive government initiatives, stringent emissions regulations, and substantial investments in EV infrastructure. The region's push for sustainable transportation has spurred widespread EV adoption, prompting robust demand for efficient charging solutions. The European market's dominance reflects a synergy of regulatory support, consumer adoption, and infrastructure development, making it a pivotal hub for the growth of electric vehicle charging socket technologies.
Key Industry Development:
September 2022, The unveiling of the all-purpose EV charging outlet BOLT LITE has been announced by the BOLT EV charging company. This Made in India plug functions with the current AC power supply at home and is compatible with all portable chargers that are included with any EV.
