EV Charging Connector Market was valued at USD 55 million in 2021 and is Projected to touch USD 187 million in 2029 growing at a very high CAGR of 16.5% during 2022-2029
The factors driving growth of the EV Charging Connector Market includes rising focus on reducing carbon emissions around the world, growing awareness about the benefits of EV connector, Government initiatives to expand Electric Vehicles (EV) charging stations and improvements in the living stations. Moreover, low operating and maintenance costs of EV charging connectors, growing consumers preference for electric cars over conventional fuel driven vehicles, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the EV Charging Connector Market is hindered due to lack of standardization for EV connectors worldwide.
The major players operating in the market are HUBER+SUHNER, Tesla, Robert Bosch GmbH, YAZAKI Corporation, TE Connectivity, Sumitomo Corporation, ITT INC., ABB, Schneider Electric and Siemens, among others.
Based on Charging Speed, the Fast segment is predicted to expand at a significant CAGR during the forecast period
Growing demand for DC charging points because it provides faster charging as compared to traditional power sockets, is propelling EV Charging Connector Market size.
Based on End-Users, the Commercial segment is projected to grow at a remarkable CAGR over the forecast period
Government initiatives regarding the installation of charging stations and increasing penetration of electric vehicles across the globe, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period
Government policies promoting the manufacturing of electric vehicles, rising focus on reducing carbon footprints, increasing installation of charging stations across India, China and Singapore, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.
Key Developments
- In 2018, IIT INC., showcased its Liquid Cooled DC High Power charging and customized AC charging solutions at the EVS 30 (the Electric Vehicle Symposium and Exhibition, Germany).
- In 2018, ABB developed Terra HP, adding up to 200 km of range to an EV in just 8 minutes. This charger is ideal for use at highway rest stops and petrol stations.
Market Segmentation
Segmentation by Charging Type
- Type 1
- Type 2
- Others
Segmentation by Charging Speed
- Fast
- Rapid
Segmentation by End-Users
- Residential
- Commercial
Segmentation by Current Supply
- AC
- DC
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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