Market Overview:
The Global EV Charging Connector Market size is expected to grow from USD 59.12 million in 2022 to USD 229.56 million by 2030, at a CAGR of 18.48 % during the forecast period (2023-2030).
The essential component for charging electric vehicles, which transmits electric energy from the charging base to the electric vehicles, is the electric vehicle (EV) charging connection. Typically, EV charging stations or home charging facilities utilize these connections. Different charging power sources and charge times are offered by these connections. The EV connector facilitates the connection between the electric vehicle's battery and the charging pole, which allows power to be timed with the batteries. In the upcoming years, the market for EV charging connectors is expected to be driven primarily by the rising demand for electric vehicles as a result of rising awareness of carbon emissions and stricter emission regulations. A computer code application, energy controller, network in the operation center, facility meter, and energy conversion system connected to the facility grid all work together to power the charging stations. The charger device offers to charge at various intensities.
Top Key Players for EV Charging Connector Market:
ABB, Amphenol Corporation, Fujikura Ltd., Robert Bosch GmbH, Schneider Electric, Siemens AG, Sumitomo Corporation, Tesla, Yazaki Corporation, TE Connectivity, and Other Major Players.
Market Dynamics and Factors for EV Charging Connector Market:
Drivers:
High Investments in EV Infrastructure to Boost the Industry Growth
The Electric Vehicle (EV) Charging Connector Market is poised for substantial growth, driven in large part by significant investments in EV infrastructure. As the world shifts towards sustainable transportation solutions, governments, private enterprises, and various stakeholders are channeling substantial resources into the development of robust EV charging networks. This focused investment aims to address a critical hurdle for EV adoption: the availability and accessibility of charging stations. The burgeoning concern over climate change and the depletion of fossil fuels has spurred nations to accelerate the transition to electric mobility. Consequently, substantial funding is being channeled into the deployment of charging stations across urban and rural landscapes, making EVs a viable option for a larger segment of the population. This increased accessibility to charging infrastructure enhances the appeal of electric vehicles, thus directly stimulating demand for charging connectors.
Opportunities:
Growth Opportunity in Public Sector Charging Stations
The EV Charging Connector Market is presented with a significant growth opportunity through the expansion of charging stations within the public sector. As governments worldwide intensify their commitment to combat climate change and promote sustainable transportation, a growing emphasis is being placed on the establishment of public EV charging infrastructure. This strategic focus on public sector charging stations creates a favorable environment for the EV Charging Connector Market to flourish. Public sector charging stations play a pivotal role in alleviating range anxiety, a primary concern for potential EV buyers. By strategically placing charging stations in urban centers, highways, parking facilities, and public spaces, the accessibility and convenience of electric vehicle ownership are greatly enhanced. This, in turn, drives consumer confidence and uptake of electric vehicles, thereby bolstering demand for charging connectors.
Segmentation Analysis of the EV Charging Connector Market:
By Type, The Level 1 charging segment is currently asserting its dominance within the EV Charging Connector Market. Level 1 charging refers to the basic, standard electrical outlet charging that is readily available in most residential settings. This segment's prominence can be attributed to its widespread accessibility and ease of installation, making it a convenient choice for EV owners, particularly those who primarily charge their vehicles at home.
By Type of Technology, The Domestic Application segment stands as a dominant force within the EV Charging Connector Market. As the adoption of electric vehicles (EVs) continues to gain momentum, an increasing number of individuals are opting to integrate EVs into their everyday lives, creating a significant demand for home-based charging solutions. This surge in domestic EV ownership has propelled the Domestic Application segment to a position of prominence within the market landscape.
Regional Analysis of the EV Charging Connector Market:
The Asia Pacific region is estimated to be the largest EV charging connector market in 2022. The region comprises some of the fastest developing economies of the world such as China and India. The Asia Pacific region is the largest market for EVs due to government support in the form of grants, subsidies, and tax rebates, and continuously improving charging infrastructure in countries such as Japan and China. Thus, the EV charging infrastructure would grow and drive the market for EV connectors. Continuously improving charging infrastructure and increasing vehicle range are the major factors that have contributed to Asia Pacific being the fastest-growing market. Additionally, the alarming pollution levels in economies such as Japan and China have fueled the demand for zero-emission vehicles in such countries, thereby creating a huge demand for EVs and EV charging infrastructure.
Key Industry Development:
September 2021, ABB is introducing a cutting-edge, all-in-one electric vehicle (EV) charger that offers the quickest charging speed available. The brand-new Terra 360 modular charger from ABB has a dynamic power distribution system and can charge up to four vehicles at once.
In October 2021, TE Connectivity introduced three new hybrid and electric commercial transportation devices. IPT-HD power bolt connector, HVA HD400 high-voltage accessories connector, and new ICT charging inlets are among the new features. The three fresh offerings address both security and dependability while also providing the tough designs required for outstanding performance in harsh environments. The company is expected to gain new customers due to the ruggedness and dependability of the product.
