EV Charging Connector Market Research Report

 

Growth opportunities in the EV charging connector market look promising over the next six years. This is mainly due to the increasing focus on the adoption of EVs, rising consumer awareness related to the various benefits offers by EV connectors, such as it acts like an EV coupler with a charging pole of the station, and expansion in the product offering.

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EV Charging Connector Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

Some of the factors responsible for the growth of the global EV charging connector market include the augmenting emphasis on EVs acquisition, resulting in the robust demand for fast charging connectors throughout the nation. With the increase in carbon emissions, customers are inclined to favor electric vehicles to decrease the negative effect caused by vehicles on the environment. The IAE, in 2019, reported that the worldwide electric car sales surmounted to 2.1 million, and these sales contributed to approximately 2.6 % of the world's sales and nearly about 1 % of global car stock around the world.  The increasing customer consciousness about the advantages provided by EV connector, which includes working as an EV coupler with the station's charging pole and building a connection of an EV battery with the charging point of the station, will further surge the market growth. The key producers in the market, like Tesla and ABB, are concentrating on enlarging their product offering to allure end-users towards the market, thereby strengthening the EV charging connector market size. For example, ABB in 2018 launched that accounts to be the world's fastest EV chargers, accumulating to 200 km of range to an EV in just 8 minutes. This charger is appropriate to be used on highway rest that accounts to be the world's fastest EV chargers, accumulating to 200 km of range to an EV in just 8 minutes. This charger is appropriate for highway rest stops and petrol stations and is likely to stimulate market growth. However, the inadequacy in standardization for EV connectors will curb the EV charging connector market growth.

Charging Speed Segment Drivers

Based on the charging speed, the fast-charging speed segment is anticipated to witness a higher projected CAGR during the forecast period. This is primarily attributed to the switch in demand from AC charging points to DC fast charging points. This charging connecter is safe to use and provides faster charging than the traditional power sockets.

Regional Drivers

Based on the regional coverage, Asia-Pacific is projected to lead the market during the forecast period. The growing government assistance in the form of subsidies, grants, and tax rebates, is fuelling the development of these charging infrastructures in leading economies such as China, India, and Japan. The government of India, in 2020, accepted proposals for the fitting of charging stations from entities and to develop charging infrastructure on highways and expressways. Thus, this factor will propel the market demand. Also, the growing levels of pollution, majorly in Japan and China, have raised the demand for these charging infrastructures, which is boosting the market demand.

EV Charging Connector Market’s leading Manufacturers:

·        Siemens

·        ITT INC.

·        Tesla

·        Schneider Electric

·        TE Connectivity

·        ABB

·        Robert Bosch GmbH

·        HUBER+SUHNER

·        Sumitomo Corporation

·        YAZAKI Corporation

EV Charging Connector Market Segmentation:

Segmentation by Charging Type:

·        Type 1

·        Type 2

·        Others

Segmentation by Charging Speed:

·        Fast

·        Rapid

Segmentation by End-Users:

·        Residential

·        Commercial

Segmentation by Current Supply:

·        AC

·        DC

Segmentation by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

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