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Market Overview:
The EV Connector Market size is estimated to reach $11.4 billion by 2030, growing at a CAGR of 21.6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “EV Connector Market – 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 Charging 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”
The rising adoption of BEVs and the growing demand for rapid charging solutions are fueling the growth of the EV Connector industry during the forecast period.
APAC Dominated the Market in 2023:
The APAC EV Connector Market held the largest share of 40.2% in 2023, driven by robust EV adoption and government support. For instance, the Indian government granted Rs. 800 crores in March 2023 to install 7,432 public fast-charging stations, alongside sanctioned stations across highways and expressways. Additionally, China's EV infrastructure expanded with 716,000 new charging piles in Q1 2024, totaling 9.31 million—a 13.2% year-on-year growth. This rapid infrastructure development is spurring demand for EV-specific connectors across APAC. With rising environmental awareness and sustained government initiatives, the region is positioned as a key market for reliable and efficient EV connectors, aligning with the shift toward sustainable mobility solutions.
EV Connector Market: Key Takeaways
Rising Popularity of Electric Vehicles:
The shift towards sustainable transportation is driving electric vehicle (EV) adoption globally, bolstered by government incentives and regulations. This rise in EV sales significantly boosts demand for charging infrastructure and connectors. For instance, India recorded 1.53 million EV sales in 2023, a 50% increase from 2022, comprising 6.4% of all automobile sales, according to Ministry of Road Transport and Highways. Similarly, the International Energy Agency states that the United States saw 1.4 million electric car registrations in 2023, reflecting a 40% year-on-year increase. While the growth rate slowed compared to previous years, environmental concerns and advanced technologies sustain strong EV demand. These trends highlight the integral role of connectors in supporting this rapid transition to electric mobility.
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Growth in High-Speed EV Charging Connectors:
The growing adoption of EVs has heightened the need for fast-charging connectors to ensure efficient and rapid charging. This demand aligns with the rising popularity of electric and hybrid vehicles worldwide. For instance, in August 2023, JAE introduced the KW11 Series CCS Type-1 fast-charging connectors, designed to meet global standards for rapid charging. The KW11 Series ensures compatibility and reliability, addressing the increasing need for fast-charging solutions in EV infrastructure. Such advancements demonstrate the market’s focus on innovative connectors, enabling quicker charging experiences. As the EV ecosystem expands, the surge in demand for fast-charging connectors underscores their critical role in meeting consumer expectations for convenience and efficiency.
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Recent Developments:
• In March 2024, Siemens unveiled the 400 kW SICHARGE D, expanding its EV charging lineup for IEC markets. This high-power charger enables dynamic charging for up to four vehicles simultaneously, making it perfect for highway charging and various use cases. Its robust capabilities cater to a broad range of vehicles, strengthening Siemens' commitment to advancing global EV infrastructure.
• In August 2023, Y-EMEA expanded its production capacity with the acquisition of 67,000 sqm in Egypt's Fayoum Investment-Free Zone. This strategic move by Yazaki Egypt is focused on scaling up wire harness and electrical systems production, marking a key investment in the region’s growing automotive sector.
• In April 2023, Schneider Electric introduced the EVlink Home charger in Sydney, NSW, featuring an enhanced design for easy installation and cost-effectiveness. The new anti-tripping device ensures continuous charging, providing homeowners with a seamless and reliable EV charging experience.
EV Connector Market: Competitive Landscape
Key companies profiled in the EV Connector Market are Sumitomo Corporation, Tesla, Inc., Yazaki Groupe, Siemens AG, Schneider Electric, Fujikura, Robert Bosch GmbHAmphenol Corporation, Huber+Suhner, TE Connectivity and others.About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
Contact Us:
Mr. Venkat Reddy
IndustryARC
Email: [email protected]
USA: (+1) 518-282-4727