Global Electric Vehicle Connectors Market - 2023-2030

Market Overview

Global Electric Vehicle Connectors Market reached US$ 87.2 million in 2022 and is expected to reach US$ 196.9 million by 2030, growing with a CAGR of 16.5 % during the forecast period 2023-2030.

The global electric vehicle connectors market is experiencing significant growth, driven by the rising adoption of electric vehicles, government initiatives and regulations, the expansion of charging infrastructure, and technological advancements. As countries strive to transition to sustainable transportation and reduce greenhouse gas emissions, electric vehicles and their supporting infrastructure play a crucial role.

Electric vehicle connectors enable safe and efficient charging, facilitating the widespread adoption of electric mobility. With data highlighting the positive market trends for electric vehicle connectors, the manufacturers, charging infrastructure developers, and stakeholders in this evolving industry is expected to experience major market opportunities.

The fast charging segment is witnessing rapid growth within the electric vehicle connectors market, capturing more than half of the market share. The accelerated growth can be attributed to significant technological advancements in charging capabilities and the increasing concern over range anxiety among electric vehicle owners.

North America holds the largest market share in the electric vehicle connectors market, accounting for over one-fourth of the total market. The region's dominance is primarily driven by the expanding adoption of electric vehicles and the continuous development of charging infrastructure. Furthermore, extensive investments in charging infrastructure, including public charging stations and workplace charging facilities, have further facilitated the growth of the electric vehicle connectors market in the region.

Market Dynamics

Environmental Concerns and Emission Reduction Goals

Electric vehicle connectors play a critical role in charging infrastructure, facilitating the efficient and safe transfer of electricity between the charging station and the EV. The global electric vehicle (EV) connector market has witnessed substantial growth in recent years, driven by a combination of factors that support the transition towards electric mobility. Growing environmental concerns and the need to reduce greenhouse gas emissions have been driving factors for the electric vehicle connector market. Electric vehicles produce zero tailpipe emissions, offering a cleaner and more sustainable transportation option.

Governments globally have set emission reduction targets, prompting the promotion of electric vehicles as a viable solution. For example, the European Union aims to reduce CO2 emissions from new cars by 55% by 2030. According to data from the European Automobile Manufacturers Association, electric vehicle registrations in Europe reached 1.39 million units in 2020, marking a substantial increase of 137% compared to the previous year. Achieving emission reduction goals necessitates the development of charging infrastructure, which in turn drives the demand for electric vehicle connectors.

Expansion of Charging Infrastructure and Technological Advancements

The growth of charging infrastructure is a crucial driver for the electric vehicle connector market. As the number of electric vehicles on the road increases, the need for a robust and extensive charging network becomes paramount. Governments and private entities are investing heavily in the development of charging stations, including public, private, and workplace charging facilities.

According to data from the U.S. Department of Energy, the number of public electric vehicle charging stations in U.S. grew by 33% from 2020 to 2021, reaching over 100,000 charging points. The expansion of charging infrastructure creates a significant demand for electric vehicle connectors to enable efficient and reliable charging capabilities.

Moreover, the technological advancements in electric vehicle connectors have played a pivotal role in driving market growth. Innovations such as fast-charging connectors, wireless charging technologies, and improved safety features have enhanced the user experience and accelerated the adoption of electric vehicles.

Fast-charging connectors enable rapid charging of EVs, reducing charging time significantly. Wireless charging technologies, on the other hand, offer convenience and ease of use by eliminating the need for physical connections. The technological advancements in electric vehicle connectors contribute to the market's growth by addressing consumer concerns and improving the overall charging experience.

High Cost of Electric Vehicles and Limited Charging Speed

The higher initial cost of electric vehicles compared to conventional internal combustion engine (ICE) vehicles is another significant restraint for the global electric vehicle connectors market. Electric vehicles typically require additional components such as high-capacity batteries and sophisticated power electronics systems, which contribute to their higher price tags. While the cost of electric vehicles has been decreasing over the years due to advancements in technology and economies of scale, they still remain more expensive than traditional vehicles.

According to government data from the U.S. Department of Energy, the average cost of an electric vehicle was around US$ 55,000 in 2020, compared to an average price of around US$ 36,000 for a conventional vehicle. The higher cost of electric vehicles poses a financial barrier for potential buyers, limiting their demand and, consequently, impacting the need for electric vehicle connectors.

Additionally, the relatively longer charging time for electric vehicles compared to refueling conventional vehicles with gasoline or diesel is a restraint for the market. While fast-charging technology has significantly improved, allowing for quicker charging times, the overall charging process remains slower compared to refueling a traditional vehicle. Government statistics from transportation authorities indicate that the average charging time for an electric vehicle is around 30 minutes to 1 hour for fast charging, and several hours for slower charging methods.

The longer charging time can be inconvenient for some consumers and affects the overall user experience of electric vehicles. The need for improved charging speed and the availability of ultra-fast charging infrastructure are essential factors to address in order to enhance the demand for electric vehicle connectors.

COVID-19 Impact Analysis

The COVID-19 pandemic has highlighted the importance of sustainable recovery and the need for a green transition in various sectors. Governments and international organizations have emphasized the role of electric vehicles in reducing carbon emissions and achieving climate goals. The pandemic has served as a catalyst for increased awareness and commitment to sustainable transportation.

For instance, the United Nations Framework Convention on Climate Change (UNFCCC) has emphasized the importance of clean and sustainable transport in post-pandemic recovery plans. The focus on sustainability and the transition to cleaner transportation systems is expected to drive the demand for electric vehicle connectors in the long term.

Moreover, despite the challenges posed by the pandemic, market players in the electric vehicle connectors industry have demonstrated resilience and adaptability. Manufacturers have implemented measures to ensure business continuity, such as adopting remote working, implementing safety protocols in manufacturing facilities, and diversifying supply chains.

Companies have also continued to invest in research and development to innovate and improve electric vehicle connector technologies. The above mentioned resilience and adaptability within the industry have helped mitigate the impact of the pandemic and position the market for recovery and future growth.

Segment Analysis

The global automotive oem coatings market is segmented based on charging level, charging speed, end-user and region.

Increasing Emphasis on Environmental Sustainability and the Transition to a Greener Transportation System

The growth of fast charging in the global electric vehicle connectors market is driven by government support, advancements in charging technology, increasing demand for long-distance travel, environmental considerations, and collaborative efforts among industry stakeholders. The increasing emphasis on environmental sustainability is driving the adoption of fast charging technology in the electric vehicle connectors market. Fast charging reduces the charging time for EVs, allowing for more efficient use of charging infrastructure and optimizing energy resources.

By enabling faster charging, EV owners can rely more on renewable energy sources for their vehicle's power needs. According to government data from the International Renewable Energy Agency (IREA), global renewable energy capacity increased by over 10% in 2020 compared to the previous year. The integration of fast charging with renewable energy generation aligns with sustainability goals and supports the transition to a greener transportation system. As the adoption of electric vehicles continues to rise, the demand for fast charging and reliable electric vehicle connectors is expected to increase further, shaping the future of sustainable transportation systems.

Geographical Analysis

Sustainable Transportation and The Development of Robust EV Charging Infrastructure

North America has demonstrated significant growth in the global electric vehicle connectors market, driven by the expansion of charging infrastructure, collaborations and partnerships, and technological advancements. The region's focus on sustainable transportation and the development of robust EV charging infrastructure has created a conducive environment for the adoption of electric vehicles.

North America has witnessed a substantial increase in the deployment of EV charging infrastructure, creating opportunities for the electric vehicle connectors market. Both private and public charging stations are being installed at various locations, including residential areas, workplaces, public parking lots, and along highways.

The increased availability and accessibility of charging stations contribute to the confidence and convenience of EV owners, encouraging the adoption of electric vehicles. The North American Electric Reliability Corporation (NERC) reported that as of 2021, there were over 107,000 publicly accessible charging outlets in U.S. Additionally, the Electric Circuit in Quebec, Canada, operates a network of over 2,500 public charging stations. Such numbers reflect the significant expansion of charging infrastructure in North America, creating a favorable environment for the electric vehicle connectors market.

Competitive Landscape

The major global players in the market include Robert Bosch GmbH, HUBER+SUHNER, Schneider Electric, TE Connectivity Ltd, Siemens AG, Amphenol Corporation, Sumitomo Corporation, Tesla, Fujikura Ltd. and Yazaki Group.

Why Purchase the Report?

• To visualize the global electric vehicle connectors market segmentation based on charging level, charging speed, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of electric vehicle connectors market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global electric vehicle connectors market report would provide approximately 61 tables, 55 figures and 188 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies