EV Charging Connector Market Share, Trends Analysis & Industry Report, 2023-2030
EV Charging Connector Market size reached USD 64.1 million in 2022 and is estimated to reach USD 217.4 million in 2030 and the market is estimated to grow at a very high CAGR of 16.5% from 2023-2030.
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Market Dynamic
Key Drivers and Emerging Trends
The major factors that are surging the growth of the EV charging connector market size include the increasing focus on the adoption of EVs and leading to strong demand for fast charging connectors around the world. With the rising carbon emission, customers are now shifting towards electric vehicles to reduce the adverse impact of vehicles on the environment. According to the IAE, in 2019, the sales of electric cars topped 2.1 million globally. Electric cars contributed 2.6% of the global car sales and about 1% of global car stock during the same year. Moreover, the rising customer awareness related to the various benefits offers by EV connector, such as it acts as an EV coupler with charging pole of the station and builds a connection of the battery of an EV with the charging point of the station, are further attracting end-users towards this market. Various leading manufacturers in the market, including ABB, Tesla, and others, are focusing on expanding their product offering to capture a higher share in the market. For instance, in 2018, ABB introduced its Terra HP, one of the world’s fastest EV chargers, adding up to 200 km of range to an EV in just 8 minutes. This charger is suitable for use at highway rest stops and petrol stations. Thus, this will further propel the growth of the EV charging connector market share in terms of revenue.
Restraints in the Global EV Charging Connector Market
On the other hand, one of the major factors that is hampering the growth of the market includes the increasing lack of standardization for EV connectors across the globe.
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Charging Speed – Segment Analysis
Based on the charging speed, the fast charging speed segment is projected to grow at a higher CAGR during the forecast period. This is mainly due to the shift in the demand from AC charging points to DC fast charging points, which has surged the need for fast charging connector. The fast charging connector not only provides faster charging as compared to the traditional power sockets but is also safer to use.
End-User – Segment Analysis
Based on the end-user, the commercial segment is predicted to witness a faster CAGR during the forecast period. The rising number of initiatives by government bodies and automobile manufacturers on the installation of the EV charging stations is driving the demand for EV charging connectors. For instance, in 2020, the government of India announced to install at least 69,000 EV charging kiosks across petrol pumps pan-India to increase the adoption of electric vehicles in the country.
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Regional – Segment Analysis
Based on the region, Asia-Pacific is anticipated to dominate the market during the forecast period. The increasing government support in the form of grants, subsidies, and tax rebates, is supporting in the development of charging infrastructure in various leading economies such as India, China, and Japan. In 2020, the government of India invited proposals for the installation of charging stations from entities to develop charging infrastructure on major highways and expressways across the country. Thus, this factor will directly surge the demand for EV charging connectors over the coming years. In addition to this, the rising pollution levels, especially in Japan and China, have increased the demand for EV and EV charging infrastructure, which in turn, is driving the regional market growth.
Top Market Players
Some of the leading players operating in the market include YAZAKI Corporation, TE Connectivity, Sumitomo Corporation, Schneider Electric, HUBER+SUHNER, Tesla, Robert Bosch GmbH, ITT INC., ABB, and Siemens, among others.
Key Developments:
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- In 2018, IIT INC., displayed its Liquid Cooled DC High Power charging and customized AC charging solutions at the EVS 30 (the Electric Vehicle Symposium and Exhibition, Germany).
- In 2018, ABB launched Terra HP, one of the world’s fastest EV charger, adding up to 200 km of range to an EV in just 8 minutes. This charger is ideal for use at highway rest stops and petrol stations.
- In 2017, Tesla updated its Model X and Model S designs by introducing a new dual connector charge port system to support more than one charging standard on its EVs.
Segments Covered in the Report:
The global EV charging connector market has been segmented on the basis of charging type, charging speed, end-users, current supply, and regions. Based on charging type, the market is segmented into type 1, type 2, and others. Based on charging speed, the market is segmented into fast and rapid. Based on end-users, the market is segmented into residential and commercial. Based on current supply the market is segmented into AC and DC.
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Key questions answered in this research report:
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- At what pace is the global EV charging connector market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in the global EV charging connector market? What will be the impact of drivers and restraints in the future?
- What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global EV charging connector market?
- Which charging type generated maximum revenues in 2021 and identify the most promising charging type during the forecast period?
- What are the various charging speed areas of the global EV charging connector market and how they are poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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Report Coverage |
Details |
| Market Revenues (2022) |
USD 64.1 million |
| Market Base Year |
2022 |
| Market Forecast Period |
2023-2030 |
| Base Year & Forecast Units |
Revenues (USD Million) |
| Market Segment | By Charging Type, By Charging Speed, By End-Users, By Current Supply, By Region |
| Regional Coverage | Asia Pacific, Europe, North America, and RoW |
| Companies Profiled | YAZAKI Corporation, TE Connectivity, Sumitomo Corporation, Schneider Electric, HUBER+SUHNER, Tesla, Robert Bosch GmbH, ITT INC., ABB, and Siemens, among others; a total of 10 companies covered |
| 25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global EV Charging Connector Market by Charging Type
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- Type 1
- Type 2
- Others
Global EV Charging Connector Market by Charging Speed
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- Fast
- Rapid
Global EV Charging Connector Market by End-Users
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- Residential
- Commercial
Global EV Charging Connector Market by Current Supply
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- AC
- DC
Global EV Charging Connector Market by Region
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North America EV Charging Connector Market (Option 1: As a part of the free 25% customization)
- By Charging Type
- By Charging Speed
- By End-Users
- By Current Supply
- US Market All-Up
- Canada Market All-Up
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Europe EV Charging Connector Market (Option 2: As a part of the free 25% customization)
- By Charging Type
- By Charging Speed
- By End-Users
- By Current Supply
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
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Asia-Pacific EV Charging Connector Market (Option 3: As a part of the free 25% customization)
- By Charging Type
- By Charging Speed
- By End-Users
- By Current Supply
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
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RoW EV Charging Connector Market (Option 4: As a part of the free 25% customization)
- By Charging Type
- By Charging Speed
- By End-Users
- By Current Supply
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
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Major Players Operating in the Global EV Charging Connector (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- YAZAKI Corporation
- TE Connectivity
- Sumitomo Corporation
- Schneider Electric
- HUBER+SUHNER
- Tesla
- Robert Bosch GmbH
- ITT INC.
- ABB
- Siemens
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