Increase in Demand for Fast Charging EV Connectors drives EV connectors market

According to the market research report 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 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. The base year for the report is 2017, and the forecast period is from 2018 to 2025.

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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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global EV connectors market. Partnerships and new product launches have been the most dominating strategy adopted by major players from 2016 to 2018, which helped them innovate on their offerings and broaden their customer base.

The EV connectors market in Asia Pacific is estimated to be the largest during the forecast period because of several measures adopted by the Chinese government for the promotion of EV sales and to install EV charging points across the country. Also, Japan is increasing their EV charging points, which would add to the growth of EV charging points in the Asia Pacific region. Increase in sales of EVs will lead to an increase in development of EV charging infrastructure both for residential and public charging, which would further boost the demand for EV connectors market. For instance, Sumitomo launched the newly developed SEVD-11U high-power charger connector.

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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.

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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