The global electric vehicle connectors market is expected to exhibit strong growth, reaching USD 55.9 billion by 2030. As per the report titled "Electric Vehicle Connectors Market Size, Share & Recession Impact Analysis, By Type (Type 1, Type 2 and Type 3), By Material (Aluminium and Copper), By Level (Level 1, Level 2, Level 3 and Level 4), By Current Type (AC Charging and DC Charging), By Charging Speed (Slow, Fast and Rapid), By Mounting Type (Wall Mounted and Floor Mounted), By Cable Type (Straight Cable and Coiled Cable), By End User (Residential Charging and Commercial Charging), By Sales Channel (OEM and Aftermarket), By Vehicle Type (Plug-In Hybrid Vehicles and Battery Electric Vehicles), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 39.5 billion and USD 55.9 billion in 2030. The market is expected to exhibit a CAGR of 5.10% during the forecast period.
NINGBO DEGSON ELECTRICAL CO., LTD Announced Participation in Munich Electronics Show
In April 2021, at the Shanghai New International Expo Centre, NINGBO DEGSON ELECTRICAL CO., LTD declared that the company had attended the Munich Electronics Show. At this exhibition, the company has displayed a range of goods for different industries and uses. This has allowed the business to showcase its product capabilities and technological advancements, expanding its market reach.
Increased Adoption of Electric Vehicles to Accelerate Market Growth
As the demand for electric vehicles has increased practically everywhere, the EV industry has seen tremendous growth over the years. Major market participants in the electric vehicle space, including Tesla, BMW Group, Nissan Motor Corporation, General Motors, Daimler AG, Energica Motor Company S.P.A., Toyota Motor Corporation, Volkswagen AG, BYD Company Motors, and Ford Motor Company, are also concentrating on growing their business operations in developing nations like China and India. Global EV/HEV adoption is accelerating, which is driving demand for EV connectors, which operate as an EV coupler with a charging pole of the station needed for power transmission. The connectors facilitate the connection of an EV's battery to the station's charging point.
Availability of Limited Infrastructure to Limit Market Expansion
The growth of the EV connectors market depends on the creation of a reliable charging infrastructure. Compared to conventional internal combustion engine vehicles, EVs require a new form of infrastructure, which necessitates considerable expenditures for installation, upkeep, and improvements. Lack of a defined charging protocol is one of the major difficulties in creating a charging infrastructure. EV owners may experience compatibility concerns due to the various charging connector types and protocols that are used globally. Because they might be unable to use a charging station that is incompatible with the connector on their car, this might cause confusion and difficulty for EV owners. The accessibility and availability of charging stations is another issue. For EV owners to be able to charge their cars when necessary, a trustworthy and accessible network of charging stations is essential. The construction of a suitable network of charging stations that can satisfy the needs of EV owners, however, may take some time because it is a difficult and expensive procedure.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the electric vehicle connectors market plan acquisitions to improve their brand recognition globally. For instance, in April 2022, an estimated 80% of the production capacity of Aptiv PLC's (Aptiv) smart plant in Anting, Jiading District, Shanghai is still being used for "closed-loop" manufacturing. EV chargers, special wire harnesses, high-voltage charging sockets, high-voltage connectors, and automotive electronics like wireless charging and multimedia interfaces are all produced at Aptiv's connector plant in addition to connector system products like plug-ins, seals, terminals, and plastic housings.
Recent Development:
NINGBO DEGSON ELECTRICAL CO., LTD Announced Participation in Munich Electronics Show
In April 2021, at the Shanghai New International Expo Centre, NINGBO DEGSON ELECTRICAL CO., LTD declared that the company had attended the Munich Electronics Show. At this exhibition, the company has displayed a range of goods for different industries and uses. This has allowed the business to showcase its product capabilities and technological advancements, expanding its market reach.
Increased Adoption of Electric Vehicles to Accelerate Market Growth
As the demand for electric vehicles has increased practically everywhere, the EV industry has seen tremendous growth over the years. Major market participants in the electric vehicle space, including Tesla, BMW Group, Nissan Motor Corporation, General Motors, Daimler AG, Energica Motor Company S.P.A., Toyota Motor Corporation, Volkswagen AG, BYD Company Motors, and Ford Motor Company, are also concentrating on growing their business operations in developing nations like China and India. Global EV/HEV adoption is accelerating, which is driving demand for EV connectors, which operate as an EV coupler with a charging pole of the station needed for power transmission. The connectors facilitate the connection of an EV's battery to the station's charging point.
Availability of Limited Infrastructure to Limit Market Expansion
The growth of the EV connectors market depends on the creation of a reliable charging infrastructure. Compared to conventional internal combustion engine vehicles, EVs require a new form of infrastructure, which necessitates considerable expenditures for installation, upkeep, and improvements. Lack of a defined charging protocol is one of the major difficulties in creating a charging infrastructure. EV owners may experience compatibility concerns due to the various charging connector types and protocols that are used globally. Because they might be unable to use a charging station that is incompatible with the connector on their car, this might cause confusion and difficulty for EV owners. The accessibility and availability of charging stations is another issue. For EV owners to be able to charge their cars when necessary, a trustworthy and accessible network of charging stations is essential. The construction of a suitable network of charging stations that can satisfy the needs of EV owners, however, may take some time because it is a difficult and expensive procedure.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the electric vehicle connectors market plan acquisitions to improve their brand recognition globally. For instance, in April 2022, an estimated 80% of the production capacity of Aptiv PLC's (Aptiv) smart plant in Anting, Jiading District, Shanghai is still being used for "closed-loop" manufacturing. EV chargers, special wire harnesses, high-voltage charging sockets, high-voltage connectors, and automotive electronics like wireless charging and multimedia interfaces are all produced at Aptiv's connector plant in addition to connector system products like plug-ins, seals, terminals, and plastic housings.
Recent Development:
- In October 2018, T.T. also provided a global A.C. charging portfolio in addition to an ultra-fast liquid-cooled high-power solution for customised electric vehicles. With the liquid-cooled DC HPC technology from I.T.T. Cannon, a 60-mile charge may be finished in a matter of minutes.
List of Key Players Profiled in the Report
- YAZAKI Corporation
- TE Connectivity
- Sumitomo Electric Industries, Ltd.
- HUBER+SUHNER
- Tesla
- REMA Lipprandt GmbH Co. KG
- Sumitomo Electric Industries, Ltd.
- BESEN INTERNATIONAL GROUP CO., LTD.
- HARTING Technology Group
- Weidmüller
- BizLink Group
- Japan Aviation Electronics Industry, Ltd.
- ITT Inc.
- Others
Further Report Findings
- The market in Asia Pacific is expected to gain a huge portion of the global Electric vehicle connectors market share in the coming years. The fast expanding electric automobile market in countries like China, India, and Japan is credited with its domination.
- Market expansion is predicted to be fueled by the government's increasing support in the form of tax cuts, grants, subsidies, and upgrades to the infrastructure for charging.
- In the Asia Pacific, the growth in this region is primarily driven by government initiatives and rising regional demand for electric vehicles
| Attributes | Details |
| Market Size in 2022 | USD 39.5 Billion |
| Market Forecast in 2030 | USD 55.9 Billion |
| Compound Annual Growth Rate | 5.10 % |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Type, By Material, By Level, By Current Type, By Charging Speed, By Mounting Type, By Cable Type, By End User, By Sales Channel, By Vehicle Type, and By Geography |
| By Type |
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| By Material |
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| By Level |
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| By Current Type |
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| By Mounting Type |
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| By Cable Type |
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| By End User |
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| By Sales Channel |
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| By Vehicle Type |
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| By Region |
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| Base Year | 2022 |
| Historical Year | 2016-2021 |
| Forecast Year | 2023-2030 |
