PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424971
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424971
EV Connector Market size was valued at USD 2,212 Million in 2023, expanding at a CAGR of 26.5% from 2024 to 2032.
The term EV connector commonly refers to the connector used for charging electric vehicles (EVs). In addition to EV charging cables, these connectors play a vital role in ensuring the smooth operation of both electric vehicles and EV charging stations (EVSE). They are crucial in establishing a reliable connection between the vehicle and the charging infrastructure. There are various types of EV charging connectors available, each with its own unique features and capabilities. AC connectors, for example, are used for alternating current (AC) charging, which is the most prevalent form of EV charging. Although AC charging is typically slower than DC charging, it is more widely accessible and less expensive to install. One example of a company that offers a diverse range of EV connectors is BESEN. They provide EV charging plugs that are used to connect the charging cable to the vehicle's charging port. Additionally, they offer EV charging sockets, which are installed on EV charging stations to supply power for the charging cables, ensuring an efficient and secure connection.
EV Connector Market- Market Dynamics
Increasing demand for electric vehicle boost the growth of market demand
The increasing adoption of electric vehicles by consumers and businesses necessitates the development of a more extensive and efficient charging infrastructure. EV connectors play a vital role in this infrastructure by facilitating the charging process for electric vehicle users. With the global demand for electric vehicles on the rise, the EV connector market is expected to expand in order to meet the growing needs of the electric vehicle infrastructure. The electric car market is experiencing significant growth, with sales surpassing 10 million in 2022. This trend is projected to continue strong throughout 2023, as evidenced by the sale of over 2.3 million electric cars in the first quarter, representing a 25% increase compared to the same period last year, according to the International Energy Agency.
EV Connector Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 26.5% over the forecast period (2024-2032)
Based on System Type segmentation, Fast Charger was predicted to show maximum market share in the year 2023
Based on Voltage Type segmentation, Dc charging was the leading type in 2023
Based on Application segmentation, Residential was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global EV Connector Market is segmented on the basis of System Type, Voltage Type, Vehicle Type, Application, and Region.
The market is divided into three categories based on System Type: Slow Charger, Fast Charger and Rapid Charger. The market is currently dominated by the Fast Charger segment. Conversely, a fast charger refers to a charging station that offers a higher charging power, enabling electric vehicles to charge at a faster rate in comparison to standard chargers.
The market is divided into two categories based on Voltage Type: Dc charging and Ac charging. The market is primarily dominated by the DC charging segment. DC fast charging is a cutting-edge technology that enables electric vehicles to be charged using direct current. By bypassing the vehicle's onboard charger, this technology directly provides high-voltage DC power to the battery.
The market is categorized into two categories according to Vehicle Type: Plug-in hybrid vehicles and Battery electric vehicles. Both vehicle types are equipped with charging connectors, but BEVs solely depend on electric power, whereas PHEVs possess both an electric motor and an internal combustion engine.
The market is divided into two categories based on Application: Residential and Commercial. The market is primarily dominated by the residential segment. Within a residential environment, the electric vehicle (EV) connector pertains to the plug or port utilized for linking your electric vehicle to a power source in order to charge it. Residential charging generally entails slower charging speeds in comparison to commercial or public fast-charging stations.
EV Connector Market- Geographical Insights
Geographically, this market is spread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The market growth is dominated by North America, primarily due to numerous technological advancements. One such advancement is the integration of all-EV charging station systems with the Internet of Things (IoT) and advanced data solutions. This integration has significantly improved the efficiency and functionality of charging infrastructure. It enables smart charging, remote monitoring, and other features that enhance the overall user experience. In 2022, the United States alone installed 6,300 fast chargers, with about three-quarters of them being Tesla Superchargers. By the end of the same year, the total stock of fast chargers reached 28,000. The deployment of EV charging infrastructure is expected to accelerate in the coming years, following the government's approval of the National Electric Vehicle Infrastructure Formula Program (NEVI). Asia Pacific is the second-largest region for market growth, driven by increasing urbanization and rising per capita disposable income.
EV Connector Market- Competitive Analysis
The EV connector market is witnessing rapid growth as more and more individuals are embracing sustainable transportation through electric vehicles (EVs). Consequently, the demand for EV charging stations is soaring. This has resulted in intense competition among industry leaders and new players who are striving to offer the best infrastructure to cater to the charging requirements of EV owners. Company a stands out with its extensive network of charging stations in major cities. Their charging infrastructure is exceptional, providing fast charging options that minimize waiting times for EV owners. Moreover, their user-friendly app offers real-time charging status updates and convenient payment methods. As the EV charging station market continues to evolve, competitive benchmarking remains a valuable tool for both established companies and newcomers. By evaluating their performance against key benchmarks, companies can identify areas for enhancement and maintain a competitive edge. In conclusion, the competitive landscape of EV charging stations is thriving, with prominent players such as Tesla, ChargePoint, EVgo, and Electrify America offering distinctive features and advantages. With the ongoing acceleration of EV adoption, significant advancements in charging technologies, expanded networks, and a greener future powered by renewable energy can be expected.
In June 2023, ZEROVA Technologies, a multinational producer of Level 2 (AC) and Level 3 (DC) electric vehicle charging stations, has declared that all of its EV charging solutions in the US and Canada would come with the North American Charging Standard (NACS) connectors.
GLOBAL EV CONNECTOR MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Tesla
General Electric Company (GE)
Schneider Electric
Delphi Technologies
Amphenol Corporation
Siemens AG
Robert Bosch GmbH
ABB Ltd.
Sumitomo Corporation
AZAKI Corporation
Fujikura Ltd.
TE Connectivity
HUBER SUHNER
ITT INC.
Other