High Emphasis of Governments on Encouraging the Adoption of EVs drives EV connectors market

According to the market research report EV connectors market by Type (Type1, CCS, Chademo, GB/T, Tesla), Charging level (Level 1 to Level 4), Charging Speed (Slow, Fast), Voltage (AC, DC), End User (Residential, Commercial), Mounted type, Cable, Component, and Region - Global Forecast to 2025, published by MarketsandMarkets™, The connectors help establish the connection of the battery of an EV with the charging point of the station. The different EV connectors offer charging capabilities at varying current and power, thereby improving efficiency.

The global EV connectors market is projected to grow at a CAGR of 18.44% during the forecast period to reach USD 98 million by 2025 from an estimated USD 30 million in 2018.

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EV connectors act as an EV coupler with charging pole of the station required for power transmission. The connectors help establish the connection of the battery of an EV with the charging point of the station. The different EV connectors offer charging capabilities at varying current and power, thereby improving efficiency. The EV connectors are designed according to the electrical specifications to synchronize with the features of the battery equipped in an EV.

Browse and in-depth TOC on "EV connectors market"

87 - Tables

67 - Figures

173 – Pages

Report Objectives

• To provide detailed information regarding the major factors influencing the growth of the EV connectors market (drivers, restraints, opportunities, and industry-specific challenges)
• To analyze the regional markets for growth trends, prospects, and their contribution to the overall EV connectors market
• To segment the EV connectors market and forecast its size, by volume and value, based on region (Asia Pacific, Europe, and North America)
• To segment the EV connectors market and forecast the market size, by volume and value, based on charging levels (level1, level2, level3, and level4)
• To segment the EV connectors market and forecast the market size, by volume and value, based on type (type1, type2, and type 3)
• To segment the EV connectors market and forecast the market size, by volume and value, based on end-user (residential and commercial)

The growth of the EV connectors market is directly proportional to the growth of EV charging stations for public and residential charging points. Demand for EVs in countries such as Japan, China, Germany, France, the Netherlands, Spain, the UK, and the US is on the rise because of subsidies and grants. Thus, governments are looking forward to supporting EV charging infrastructure for public charging as well. In 2017, the US government invested USD 5 billion for promoting electric infrastructure such as charging stations. This rapid development of the EV charging stations could inflate the demand for EV connector to support the smooth functioning of the EV charging procedure.

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The Asia Pacific region is the fastest growing EV connectors market. The GB/T and CHAdeMO charging points are in demand as consumers prefer fast charging points. Additionally, the increasing installation of public charging and demand for DC charging points are expected to drive the EV charging points in the country. For Instance, Fujikura introduced the ultra-fast charging cable and connector to the market to meet the demands of the increasingly popular EVs for a greener future. It helped the company strengthen its EV charging product segment. Additionally, ABB has been selected to supply its DC fast charging stations as part of an ambitious EV infrastructure initiative in Singapore to accelerate the adoption of EV in the city-state. Thus, the improving charging infrastructure, positive government policies, and increasing range of EVs are boosting the growth of the EVs, which, in turn, boosts the demand for EV connectors.

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The major EV connectors market players include Yazaki (Japan), TE Connectivity (Switzerland), Sumitomo (Japan), Schneider Electric (France), HUBER+SUHNER (Switzerland), Tesla (US), Bosch (Germany), ITT (US), Amphenol (US), Siemens AG (Germany), ABB (Switzerland), and Fujikura (Japan).

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