Electric Vehicle Connector Market Is Expected to Grasp the Value by , Size,
The global electric vehicle connector market 2023 is moving ahead with a massive valuation that projects attain by the year 2023. This valuation will be scored at a higher CAGR that would hit these figures during the forecast period of 2023–2030.
Top Impacting Factors
The electric vehicle connector is an electric vehicle charging connector through which electric power is transferred for recharging. The design and specification of EV connectors vary as per the electric vehicle and the charging speed of the charging station. This includes fast charging, slow charging, and fast charging. The global market for electric vehicle connectors is rising due to many factors, even in the long-term impact of COVID-19. The study would help in finding the crucial factors.
MRFR finds that the rising demand for electric vehicles owing to the boost in understanding regarding emission and stringent regulation on transportation pollution are leading factors likely to drive the electric vehicle connector market during the assessment period. Higher sales of electric vehicles are predicted to result in an elevated rate of adoption of electric vehicle charging stations, as electric vehicles operate electric power as fuel.
In fact, the growing support from government bodies through subsidies and tax credits is also contributing to propelling the electric vehicle connector market during the assessment period. With this, other factors such as rising support from regulatory bodies to opt for electric vehicles supplemented with economical operational and low maintenance cost also has a significant role in leading to a rise in installation of electric vehicle charging stations, which in turn is projected to boost the electric vehicle connector market in the coming years.
Furthermore, the mounting government incentives on the purchase of electric vehicles across the globe are mainly driving the electric vehicle connectors market. In the case of point, the Chinese government has leveraged significant investments and catering to subsidies to encourage the adoption of electric vehicles. Furthermore, the rising electric vehicles are also motivating a substantial rise to the need for fast charging electric vehicles connectors. With this, manufacturers across the world are eminently focusing on making electric vehicles as a prime segment, which will fuel up the electric vehicles connectors market in the coming years.
Despite these factors, the introduction of wireless charging known for eliminating the plug-in-cord in most electric vehicles at present, are likely to hamper the electric vehicle connector market during the forecast period.
Segmentation of Market: Electric Vehicle Connector
The global electric vehicle connector market is segmented over various segments such as connector type, power supply range, charging type, charging station, current supply, charging speed, component, vehicle type, and application.
In terms of connector type, the market has been segmented into type1, type2, type3, and more.
In terms of power supply range segment, the market has included level1 (1.4 kW–1.9 kW), level2 (AC 240 V Up to 19.2 kW), level 3 (DC 200 V–600 V Up to 240 kW), and level 4 (>DC 600 V, Above 240 kW).
In terms of the current supply charging segment has to include AC charging and DC charging.
In terms of the charging station segment, the market has included wall-mounted, and floor mounted.
In terms of the charging speed segment, the market has been segmented into fast-slow, and rapid charger.
In terms of component segment, the market has included adaptor, leads, pins, wall box, and others.
In terms of vehicle type segment, the market has included plug-in EV, battery EV, and hybrid EV.
In terms of application, the market has included residential and commercial.
Regional Framework
Geographically, the global electric vehicle connector market has been studied for the significant regions, namely Europe, North America, Asia-Pacific, and the Rest of the World.
The Asia-Pacific region is estimated to grasp the largest market share during the forecast period owing to the increase in charging infrastructure from the countries of China and Japan. In fact, the surged production and sales of the electric vehicle are likely to boost the demand for the electric vehicle connector market in this region. After these factors, the swelling disposable income from countries such as China and India, escalating population, urbanization, and rising focus to condense the vehicle emissions are contributing to the growth of this market in this region.
Latin America markets for electric vehicle connectors also have extensive growth with rapid economic growth, which results in the penetration of electric vehicles over the past couple of years. The developed countries, such as the U.S. and European countries, are mature markets for electric vehicle connectors owing to the swelling demand for enhanced charging speed backed by long durability of charging.
Top Market Players
The well-known players in the global Electric Vehicle Connectors Market are listed as Schneider Electric (France), Yazaki (Japan), Bosch (Germany), Tesla (US), Siemens AG (Germany), ABB (China), Amphenol (US), Fujikura (Japan), and Sumitomo (Japan).
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