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Global EV Connector size is predicted to reach $11.40 billion by 2030, growing at a CAGR of 21.6% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Increase in demand for high resolution video recording and the growing need for larger storage solutions propels market growth, finds IndustryARC, titled, “EV Connector – By Connector Type (AC Connectors, DC Connectors, Inductive Charging), By Charging Level (Level 1 Charging, Level 2 Charging, Level 3 Charging, Level 4 Charging), By Voltage (Medium Voltage, Low Voltage, High Voltage), By Propulsion (BEV, HEV, PHEV, FCEV), By Chargin Speed Type (Slow Charger, Fast Charger, Rapid Charger), By Application (Battery Management System, Body Control and Interiors, Infotainment System, Engine Management and Powertrain, Vehicle Lighting, ADAS, and Safety System), By End User (Residential, Commercial), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”.
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Asia-Pacific to Register Highest Growth:
In 2023, Asia-Pacific held the largest market share for EV Connector market, with 40.2%, followed by North America and Europe. Rising urbanization, increasing disposable incomes, and a growing middle class are driving demand for personal mobility solutions. Additionally, stringent emission regulations and air quality concerns are propelling the shift towards electric vehicles in major economies within the region. Furthermore, the region’s focus on sustainable development and renewable energy initiatives aligns with the EV ecosystem, thereby propelling the growth of the EV connector market in the Asia-Pacific region.
EV Connector 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
21.6% |
|
Market Size in 2030 |
$11.40 Billion |
|
Segments Covered |
By Connector Type, By Charging Level, By Voltage, By Propulsion, By Charging Speed Type, By Application, By End User, and By Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Malaysia, Indonesia and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
1. Sumitomo Corporation 2. Tesla, Inc. 3. Yazaki Groupe 4. Siemens AG 5. Schneider Electric 6. Fujikura 7. Robert Bosch GmbH 8. Amphenol Corporation 9. Huber+Suhner 10. TE Connectivity |
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EV Connector Report – Key Takeaways:
Rising Fuel Costs and Environmental Concerns are a major market driver propelling the EV Connector market forward. As traditional fuel prices soar, consumers are increasingly seeking economical and eco-friendly transportation alternatives. Electric vehicles emerge as a compelling option, leading to a surge in demand for charging infrastructure and, consequently, EV connectors. Additionally, the global emphasis on reducing carbon emissions and mitigating climate change has spurred governments and individuals to adopt sustainable practices, the EV connector market directly benefits from this shift, as it plays a pivotal role in enabling the widespread adoption of electric vehicles, which in turn propels the overall EV connectors market growth.
The BEV propulsion type segment is the fastest-growing segment and is expected to grow at a CAGR of nearly Xx% in the forecast period. The demand for EV connectors is surging as electric vehicles (EVs) revolutionize transportation. BEVs, with their intricate electrical systems, require a higher quantity of connectors than traditional gasoline vehicles. These connectors are crucial for seamless power and data transmission among components like electric motors, high-voltage batteries, and sensors. Meeting this demand is essential for ensuring the reliable and efficient operation of BEVs, driving innovation and growth in the EV connector market. For instance, in 2023, the demand for Battery Electric Vehicles (BEVs) surged, constituting a notable portion of the United States’ new light-duty vehicle sales. This increase from 12.9% in 2022 to 16.3% in 2023 underscores a growing preference for electric propulsion, reflecting a shift towards cleaner and more sustainable transportation choices among consumers.
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Key Opportunity Analysis:
Integration of Smart Grid Technologies
The integration of smart grid technologies presents a significant market opportunity for the EV Connector market, as smart grid integration enables bidirectional charging, allowing electric vehicles to both draw and supply electricity to the grid, transforming them into distributed energy storage assets, this creates a demand for connectors equipped with intelligent communication capabilities to facilitate seamless interaction with the grid. Additionally, the ability to optimize charging schedules based on grid conditions and electricity prices offers significant potential for cost savings and grid stabilization is driving demand for smart connectors capable of dynamic charging management in the EV connectors market.
Expansion into Emerging Markets
The EV Connector market is experiencing a surge with its expansion in the emerging markets. As these countries focus on infrastructure development and sustainable transportation, the demand for electric vehicles is expected to surge, this will create a significant market for EV connectors. Additionally, the relatively untapped nature of these markets offers first-mover advantages for companies willing to invest in establishing a strong presence, by understanding the specific needs and preferences of these regions, manufacturers can tailor their product offerings and marketing strategies to capitalize on the growth potential, which in turn is a major opportunity for the growth of the EV connector market.
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The report also covers the following areas:
EV Connector 2023-2030: Key Highlights
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List of Key Market Players in the EV Connector:
The Global EV Connector is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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