Electric Vehicle Connector Market to Surpass USD 231.24 Million by 2030 Driven by Increasing Adoption of Electric Vehicles and Supportive Government initiatives

Jan 23, 2024

Based on SNS Insider, as more and more people switch to electric vehicles, the demand for charging infrastructure, including connectors, is also increasing.

Pune, May 22, 2023 (GLOBE NEWSWIRE) -- According to SNS Insider, "The Electric Vehicle Connector Market had a value of USD 59.07 million in 2022 and is projected to expand to USD 231.24 million by 2030, exhibiting a compound annual growth rate (CAGR) of 18.6% during the forecast period from 2023 to 2030".

Market Report Scope

Electric Vehicle Connectors are essential components in electric vehicle charging infrastructure. They are designed to provide a secure and reliable connection between an electric vehicle and a charging station. Electric Vehicle Connectors come in various shapes and sizes, but they all serve the same purpose: to transfer electrical energy from the charging station to the electric vehicle's battery.

Market Analysis

The global electric vehicle connector market has been rapidly expanding in recent years, thanks to a combination of factors. One major driving force is the emphasis that many governments around the world are placing on promoting the adoption of electric vehicles. This is due to the environmental benefits that EVs can offer, such as reduced emissions of greenhouse gases. Automakers are also playing a major role in driving the growth of the market. Many manufacturers are now focusing on EVs as a prime segment, and are investing heavily in the development and production of these vehicles. This increased focus on EVs is in turn driving demand for related products, including fast-charging connectors that can help to reduce charging times and improve the overall driving experience for EV owners.

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Electric Vehicle Connector Market Report Scope:

Report Attributes

Details

Market Size in 2022

US$ 59.07 Million

Market Size by 2030

US$ 231.24 Million

CAGR

CAGR of 18.6% From 2023 to 2030

Base Year

2022

Forecast Period

2023-2030

Historical Data

2019-2021

Report Scope & Coverage

Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook

Market Drivers

•Global incentives for the adoption of electric vehicles are boosting the need for EV connectors.•There has been an increase in the manufacture and sales of electric vehicles.

Impact of Recession

While the recession has caused some short-term challenges for the electric vehicle connector market, the long-term growth prospects for the industry remain promising. As the world transitions towards cleaner and more sustainable modes of transportation, the demand for electric vehicles and their components, including connectors, is expected to continue growing in the coming years.

Key Regional Development

North America and Europe have been at the forefront of the electric vehicle market for several years, with many countries implementing policies and initiatives to encourage electric vehicle adoption. These regions have a well-established charging infrastructure and favorable government regulations, which have contributed to the growth of the electric vehicle connector market. The predicted growth of the market in these regions is expected to be driven by increased investment in electric vehicle infrastructure, advancements in technology, and rising demand for electric vehicles. As electric vehicles become more affordable and accessible, the demand for electric vehicle connectors will only continue to grow.

Key Takeaway from Electric Vehicle Connector Market Study

The industry has been experiencing a rapid growth in recent years, and with that growth comes a need for reliable and efficient charging solutions. Type 1 connectors have emerged as a popular option for electric vehicle charging, and many experts predict that they will dominate the market in the coming years.

Fast segment is quickly emerging as a dominant player in the market. With its innovative products and unparalleled service, the company has carved out a significant share of the market and is poised for further growth.

Recent Developments Related to Electric Vehicle Connector Market

Ather Energy, a leading Indian electric vehicle manufacturer, has been granted a patent for a new light-weight charging connector for electric vehicles (EVs). The new connector is designed to be smaller, lighter, and more efficient than traditional charging connectors, making it easier to handle and reducing the overall weight of the vehicle.

Tesla, the electric vehicle (EV) giant, has unveiled a new home charging station that is compatible with other electric cars. This announcement marks a major shift for the company, which has traditionally focused on developing charging infrastructure exclusively for its own vehicles.

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Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

5. Value Chain Analysis

6. Porter's 5 forces model

7. PEST Analysis

8. Global Electric Vehicle Connector Market Segmentation, By Charging Type

8.1 Type 1

8.2 Type 2

8.3 Type 3

9. Global Electric Vehicle Connector Market Segmentation, By Level Type

9.1 Level 1

9.2 Level 2

9.3 Level 3

9.4 Level 4

10. Global Electric Vehicle Connector Market Segmentation, By Charging Speed

10.1 Slow

10.2 Fast

10.3 Rapid

11. Regional Analysis

11.1 Introduction

11.2 North America

11.3 Europe

11.4 Asia-Pacific

11.5 The Middle East & Africa

11.6 Latin America

12. Company Profiles

12.1 ABB (China)

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Siemens AG (Germany)

12.3 Yazaki (Japan)

12.4 Schneider Electric (France)

12.5 Fujikura (Japan)

12.6 Amphenol (US)

12.7 Tesla (US)

12.8 Robert Bosch (Germany)

12.9 Huber+Suhner (Switzerland)

12.10 Sumitomo (Japan)

13. Competitive Landscape

14. Conclusion

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