The global electric vehicle charging connectors market revenue was around US$ 69.3 million in 2023 and is estimated to reach US$ 285 million by 2032, growing at a compound annual growth rate (CAGR) of 25.4% during the forecast period from 2024 to 2032.
An EV charging connector is a tool utilized to link an electric vehicle to a charging station to transmit electric energy to recharge the vehicle's battery. These connections are an essential element of the EV charging system, available in different varieties, with unique features, suitability, and charging capacities. There are several types of EV charging connectors used worldwide, and specific connector type depends on the region and the charging standard employed.
Factors Influencing Market Growth
- The market growth can be due to factors such as a shift in demand from AC charging points to DC fast charging points which would charge EV vehicles rapidly.
- The rising interest in electric vehicles due to heightened awareness of carbon emissions and strict emission regulations is expected to boost the market growth in the future.
- The reduced maintenance and operational expenses are important factors that are fueling the growth of the market.
- However, connector standardization and the overheating issue of the charger or connector are the factors expected to constrain the growth of the electric vehicle charging connector market.
COVID-19 Impact Analysis
Lockdowns and restrictions resulted in factories temporarily closing, which caused delays in the manufacturing of EV charging connectors and related parts. Global supply chain disruptions have impacted the availability of crucial parts such as semiconductors, causing hindrances in the manufacturing of EV chargers and connectors. Constraints on transportation and global trade impacted the punctual delivery of components and final goods. With the beginning of economic recovery, there was an increase in the popularity of EVs due to higher environmental consciousness and government support, leading to a rise in the demand for EV charging facilities.
Regional Analysis
The Asia Pacific region is projected to dominate the global electric vehicle charging connectors market in the forecasted timeframe. The vast majority of the market's size is mostly credited to the increasing government backing for promoting the electric vehicle sector, advancements in charging technology, and the existence of key market participants in the area. The Asia Pacific area is projected to have the highest compound annual growth rate in the future as a result of the rising use of electric vehicles for commuting.
Leading Companies
- Amphenol Corporation
- Yazaki Corporation
- Sumitomo Corporation
- Siemens
- Schneider Electric
- TE Connectivity
- Robert Bosch GmbH
- Tesla
- Fujikura
- Others
Segmentation Outline
The electric vehicle charging connector market is segmented into type, charging level, charging speed, end user, and region.
Segmentation based on Type
- CCS
- Chademo
- GB/T
- Tesla
Segmentation Based on Charging Level
- Level 1
- Level 2
- Level 3
Segmentation Based on Charging Speed
- Slow Speed
- Fast Charging
Segmentation Based by End User
- Residential
- Commercial
Segmentation based on region
- North America?
o The U.S.
o Canada
- Europe?
o UK
o Germany
o France
o Italy
o Spain
o Netherlands
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Singapore
o Rest Of Asia-Pacific
- LAMEA?
o Latin America
o Middle East
o Africa