Electric Vehicle Connectors Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Electric Vehicle Connectors Market is segmented By Charging Level (Level 1, Level 2, Level 3), By Charging Speed (Slow, Fast), By End-User (Public, Private), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Electric Vehicle Connectors Market Size

Global Electric Vehicle Connectors Market reached US$ 87.2 million in 2022 and is expected to reach US$ 196.9 million by 2030, growing with a CAGR of 16.5 % during the forecast period 2023-2030.

The global electric vehicle (EV) connectors market has witnessed positive market trends in recent years, driven by the increasing adoption of electric vehicles, government initiatives to promote sustainable transportation, and advancements in charging infrastructure. Electric vehicle connectors play a crucial role in facilitating the charging process, ensuring safe and efficient power transfer between charging stations and EVs.

Governments globally are implementing policies and incentives to encourage the transition towards electric mobility and reduce reliance on fossil fuels. The increasing adoption of electric vehicles offers market opportunities to global electric vehicle connectors market.

The fast charging segment is the fastest growing sector in the type segment with over half of the market share. The primary reason behind the fast paced growth is driven by technological advancements in charging and growing range anxiety. Similarly, North America is the largest region in the electric vehicle connectors market with over 1/4th of the market share. The growth and dominance of the respective region is mostly due to expanding adoption of electric vehicles in the region and expanding charging infrastructure.

Electric Vehicle Connectors Market Scope

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Electric Vehicle Connectors Market Dynamics and Trends

Infrastructure Development and Advancements in Charging Technologies

The expansion of charging infrastructure worldwide is a crucial driver for the electric vehicle connectors market. Governments, utilities, and private companies are investing in the installation of EV charging stations in urban areas, residential complexes, workplaces, and public spaces.

According to the International Energy Agency, the number of publicly accessible charging points worldwide reached 862,118 in 2020, representing a significant increase compared to previous years. The establishment of a reliable and extensive charging network requires the deployment of a wide range of electric vehicle connectors, including various plug types, power ratings, and communication protocols.

Similarly, advancements in charging technologies have accelerated the growth of the electric vehicle connectors market. Rapid developments in fast charging technologies, such as DC (Direct Current) fast charging, have significantly reduced charging times for electric vehicles. Governments and industry stakeholders are investing in the development of ultra-fast charging networks capable of delivering high power levels to EVs.

For instance, the United States Federal Highway Administration (FHWA) is investing in the development of a nationwide network of high-speed EV charging stations along major highways. Thus, advancements in charging technologies drive the demand for high-performance electric vehicle connectors capable of handling increased power levels.

Government Support and Initiatives Plays a Major role in Boosting Electric Vehicle and Electric Vehicle Connectors Market

Electric vehicle connectors play a crucial role in facilitating the charging process and ensuring seamless power transfer between the charging station and the vehicle. The global electric vehicle (EV) connectors market has witnessed remarkable growth in recent years, driven by factors such as government support and initiatives. Government support and initiatives have played a pivotal role in boosting the global electric vehicle connectors market. Various governments globally have implemented policies and incentives to promote electric vehicle adoption and develop charging infrastructure.

For instance, the European Union (EU) has set ambitious targets to reduce carbon emissions, including a goal of achieving carbon neutrality by 2050. To support this objective, the EU has introduced regulations and funding programs to accelerate the deployment of EV charging infrastructure. According to the European Alternative Fuels Observatory (EAFO), the number of public EV charging points in the EU increased by 35% in 2020, reaching over 250,000. Such government initiatives drive the demand for electric vehicle connectors to cater to the growing charging infrastructure requirements.

Limited Charging Infrastructure and Range Anxiety

One of the primary restraints for the global electric vehicle connectors market is the limited availability and accessibility of charging infrastructure. While the number of charging stations has been growing, the current infrastructure is still insufficient to meet the increasing demand for electric vehicle charging. According to data from the International Energy Agency (IEA), the total number of electric vehicle chargers worldwide reached 7.3 million in 2020, which includes both slow and fast chargers.

However, there is a significant variation in the availability of charging stations across regions and countries. The respective lack of adequate charging infrastructure hampers the widespread adoption of electric vehicles and consequently affects the demand for electric vehicle connectors.

Range anxiety refers to the fear or concern of electric vehicle drivers about running out of battery power and not finding a charging station nearby. The respective psychological barrier hampers the adoption of electric vehicles, as consumers are uncertain about the availability and reliability of charging infrastructure. The limited range offered by some electric vehicle models exacerbates this concern. While the technology for electric vehicle batteries is continually improving, with longer driving ranges being achieved, range anxiety remains a significant restraint.

Electric Vehicle Connectors Market Segmentation Analysis

The global electric vehicle connectors market is segmented based on charging level, charging speed, end-user and region.

Increasing Demand for Long-Distance Travel and Advancements in Charging Technology

As the range of electric vehicles improves, there is a growing demand for fast-charging solutions to facilitate long-distance travel. Fast charging stations allow EV owners to recharge their vehicles quickly during road trips, reducing range anxiety and providing a comparable experience to refueling at traditional petrol stations.

Government data from the U.S. Department of Transportation shows that the number of long-distance trips (over 50 miles) made by light-duty EVs increased by 13% in 2020 compared to the previous year. The above market trend emphasizes the need for an extensive and reliable fast charging infrastructure, driving the growth of the electric vehicle connectors market.

Moreover, technological advancements in fast charging technology have significantly influenced the growth of the electric vehicle connectors market. Innovations in charging infrastructure, such as higher charging power, improved efficiency, and interoperability, have made fast charging more accessible and convenient for EV owners. Governments and industry stakeholders are actively investing in research and development to enhance charging infrastructure and battery technologies.

The respective fact has led to the development of fast charging standards such as the Combined Charging System (CCS) and the CHAdeMO protocol, which are widely used in fast charging networks globally. The International Electrotechnical Commission (IEC) and other standardization bodies work to ensure compatibility and interoperability of electric vehicle connectors, driving the adoption of fast charging solutions.

End-User: DataM Intelligence Analysis (2023)

Electric Vehicle Connectors Market Geographical Share

Growing Demand for EVs in North America Combined with Government Support and Incentives

North America has shown significant growth in the EV market, propelled by strong government support and incentives. Government policies aimed at reducing greenhouse gas emissions and promoting clean transportation have been instrumental in boosting the adoption of EVs. For instance, the U.S. federal government offers tax credits and incentives for EV purchases, as well as grants for the installation of EV charging infrastructure. In Canada, various provinces provide rebates and financial incentives for EV adoption. 

The supportive measures have fostered the growth of the EV market in North America, driving the demand for electric vehicle connectors. According to the United States Department of Energy (DOE), as of 2021, there were over 100,000 public and private charging stations in the United States. In Canada, the government aims to deploy 100,000 EV chargers by 2024 as part of its Zero-Emission Vehicle Infrastructure Program. Such initiatives indicate the growing emphasis on EV charging infrastructure, consequently boosting the demand for electric vehicle connectors.

End-User: DataM Intelligence Analysis (2023)

Electric Vehicle Connectors Market Companies

The major global players in the market include Robert Bosch GmbH, HUBER+SUHNER, Schneider Electric, TE Connectivity Ltd, Siemens AG, Amphenol Corporation, Sumitomo Corporation, Tesla, Fujikura Ltd. and Yazaki Group.

COVID-19 Impact On Electric Vehicle Connectors Market

The COVID-19 pandemic has had a significant impact on various industries, and the electric vehicle (EV) market is no exception. Electric vehicle connectors play a crucial role in enabling charging infrastructure and facilitating the adoption of electric vehicles. The COVID-19 pandemic disrupted global supply chains, affecting the production and distribution of electric vehicle connectors.

Lockdown measures, travel restrictions, and workforce limitations led to factory closures and logistics challenges, causing delays in the manufacturing and delivery of components. According to data from the United Nations Conference on Trade and Development (UNCTAD), global trade volume in 2020 fell by about 5.3%, indicating the impact of the pandemic on supply chains.

Moreover, the COVID-19 pandemic had a significant impact on the sales of electric vehicles worldwide. Economic uncertainties, reduced consumer spending, and restricted mobility during lockdowns led to a decline in electric vehicle sales. According to data from the International Energy Agency (IEA), global electric car sales declined by 16% in 2020 compared to the previous year.

The respective decline directly impacted the demand for electric vehicle connectors, as the installation of new charging infrastructure and the expansion of charging networks slowed down. As a result, manufacturers of electric vehicle connectors experienced a temporary downturn in the market.

By Charging Level

• Level 1
• Level 2
• Level 3

By Charging Speed

• Slow
• Fast

By End-User

• Public
• Private

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On June 13, 2023, Enel X Way, a North American manufacturer announced the launch of connectors that support North American Changing Standard (NACS) for its level 2 and level 3 charging stations.
• On June 27, 2023, SAE international announced the standardization of NACS electric vehicle charging connectors manufactured by Tesla. The respective move is to enable any manufacturers to avail themselves of the charging stations present across North America.
• On October 12, 2021, TE Connectivity launched HVA HD400 high-voltage connectors for hybrid and electric vehicles.

Why Purchase the Report

• To visualize the global electric vehicle connectors market segmentation based on charging level, charging speed, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of electric vehicle connectors market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global electric vehicle connectors market report would provide approximately 61 tables, 55 figures and 188 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies