In the upcoming years, the market for EV 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. The market for EV connectors is also being driven by decreased operating and maintenance expenses. EV connector innovation and development are accelerating quickly. The global market for electric vehicle connectors is anticipated to expand due to the EV connector's quick development and progress.
The EV connector market can be significantly impacted by a recession since it can change consumer spending patterns and business investment. In a downturn, buyers might have less money on hand to spend on brand-new EVs and related equipment like EV connections. As a result, there may be a decline in the market's growth and a decreased demand for EV connectors. A recession may also cause companies that invest in the EV connector market to postpone or scale down their efforts since they may be less willing to spend money on new projects. New technology development and market expansion may be slowed down as a result.
Rising Investment in Charging Network to Drive Market Growth
To enable widespread EV adoption, a network of easily accessible public charging stations must be established. For EV owners who reside in apartment buildings or those without a private driveway, public charging is essential. In order to drive larger distances and charge along the way, EV owners will also need to charge their cars at driveways and along motorways. The global market for electric vehicle connectors is anticipated to be driven by future battery advancements and rising investments in charging infrastructure by major companies. A charging network is being built in areas with high sales, in addition to government initiatives and subsidiaries to install EV charging stations. This investment is being made by major players in the electric vehicle (EV) market.
High Cost of Electric Vehicle Connectors to Limit Market Growth
Electric vehicle connectors can be quite expensive, which may act as a substantial market limitation on the industry's expansion. Electric vehicle connectors are expensive due to a number of factors, including the fact that they are still a relatively new product and need specific production techniques and equipment. Also, compared to standard combustion engine car components, electric vehicle connectors are produced in considerably smaller quantities, which can substantially raise the cost per unit. The requirement for performance and safety regulations also contributes to the high cost of electric vehicle connectors.
Based on type, the electric vehicle connectors market is segmented into type 1, type 2 and type 3. The type 1 category dominated the market in 2022. Factors like a switch in demand from AC charging stations to DC fast charging points, which would charge EV vehicles quickly, can be used to explain the market growth of EV connectors. The most promising market for EV connectors is the "by type" category because of the enormous demand it already enjoys and the expectation that it will continue to do so in the future.
Based on material, the electric vehicle connectors market is segmented into aluminium and copper. The copper category dominated the market in 2022. Since copper has a low resistivity and a high electrical conductivity, it is frequently utilised in EV connectors. It is a strong substance that can bear mechanical stress and high temperatures. It has excellent thermal stability, corrosion resistance, durability, and electrical conductivity.
Based on level, the electric vehicle connectors market is segmented into level 1, level 2, level 3 and level 4. The level 3 category dominated the market in 2022. Fast charging can be done using Level 3 EV plugs using a 45 kW external charger in the 200 V to 600 V range. More than 50 KW of power may be outputted by the 3-level charging level, which can charge 80% of the battery in 30 minutes. This market sector is anticipated to grow faster in the near future thanks to this fast charging capabilities.
By Current Type
Based on current type, the electric vehicle connectors market is segmented into AC charging and DC charging. The DC charging category dominated the market in 2022. The rapid expansion of this market is primarily attributable to increasing government initiatives to install fast-charging stations, rebates on the purchase of DC fast-charging stations, rising investments from automakers in the construction of the infrastructure needed for DC fast-charging stations to support their long-range battery-electric vehicles, and the capacity of DC fast chargers to provide faster charging than Level 1 and Level 2 charging stations.
By Charging Speed
Based on charging speed, the electric vehicle connectors market is segmented into slow, fast and rapid. The fast category dominated the market in 2022 because it requires the installation of a home charging system or a public charging station and offers 240 V charging with a Volt AC connection. Normally, it takes 2 to 4 hours for the quick charging to fully charge the car. Firms like Siemens, Changepoint, ClipperCreek, and JuiceBox are among those making a significant contribution to the technology for charging electric vehicles quickly.
By Mounting Type
Based on mounting type, the electric vehicle connectors market is segmented into wall mounted and floor mounted. The wall mounted category dominated the market in 2022. The quick expansion of this market is primarily related to an increase in wall-mounted EV charger deployment by real estate property owners and managers as well as an increase in wall-mounted EV charging station installation in retail establishments.
By Cable Type
Based on cable type, the electric vehicle connectors market is segmented into straight cable and coiled cable. The straight cable category dominated the market in 2022. A form of cable that is utilised in EV connections and has a straight, unbroken length is called a straight cable. Either a Type 1 or Type 2 cable may be used to connect the charging station to the electric vehicle (EV). Straight cables are made to be flexible and strong since they must endure constant use and exposure to inclement weather. Thermoplastic elastomers and polyurethane, which offer good flexibility and resilience to abrasion and impact, are frequently used to make them.
By End User
Based on end user, the electric vehicle connectors market is segmented into residential charging and commercial charging. The commercial charging category dominated the market in 2022 The number of commercial charging stations is growing quickly as more people use them. Throughout the forecast period, the public charging station market in the electric vehicle connector market may be driven by government measures to raise the adoption rate of electric vehicles and the growing demand to fulfil that demand for EV charging.
By Sales Channel
Based on sales channel, the electric vehicle connectors market is segmented into OEM and aftermarket. The OEM category dominated the market in 2022. An OEM might create connectors or other parts that automakers utilise in their electric cars. Manufacturers and automakers may collaborate closely to design and create unique connectors that adhere to strict performance and safety requirements. They might also be in charge of certifying and testing the connectors to make sure they adhere to industry standards and legal regulations.
By Vehicle Type
Based on vehicle type, the electric vehicle connectors market is segmented into plug-in hybrid vehicles and battery electric vehicles. The plug-in hybrid vehicles category dominated the market in 2022. An internal combustion engine (ICE) and an electric motor and battery are combined to form a hybrid electric vehicle (HEV). HEVs increase power and fuel efficiency by using an electric motor and battery. As they are used to link the battery pack, electric motor, and other components to the vehicle's electrical system, connectors play a crucial role in hybrid electric vehicles (HEVs). The electrical system of the vehicle is connected to the electric motor via these connectors. They are frequently sealed to keep out dust and moisture and are built to handle strong currents.
Asia Pacific is projected to hold the largest share of the electric vehicle connectors market over the forecast period. Its 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 EV charging station adoption and fueled the EV charging connection market in this area. Furthermore, 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. On the other hand, the Europe electric vehicle connectors market is anticipated to grow significantly. Increasing regional demand for vehicle electrification as well as government initiatives supporting the growth of the nation's automotive industry are anticipated to generate a good outlook for the growth of electric vehicle connectors throughout the course of the forecast year. Innovative solutions are being developed as part of ongoing efforts to accommodate rising customer demand, particularly from producers in the electric vehicle sector.
LIST OF KEY COMPANIES PROFILED:
- YAZAKI Corporation
- TE Connectivity
- Sumitomo Electric Industries, Ltd.
- REMA Lipprandt GmbH Co. KG
- Sumitomo Electric Industries, Ltd.
- BESEN INTERNATIONAL GROUP CO., LTD.
- HARTING Technology Group
- BizLink Group
- Japan Aviation Electronics Industry, Ltd.
- ITT Inc.
In June 2022, Robert Bosch GmbH acquired MoTeC Group. The company will be able to broaden its market reach and increase the variety of automotive technology goods it offers as a result of this acquisition
REPORT SCOPE AND SEGMENTATION
|Market Size in 2022
|USD 39.5 Billion
|Market Forecast in 2030
|USD 55.9 Billion
|Compound Annual Growth Rate
|Revenue (USD Million) and Volume (Kilo Tons)
|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 Current Type
|By Mounting Type
|By Cable Type
|By End User
|By Sales Channel
|By Vehicle Type