Electric Vehicle Connector Market Highlights
The electric vehicle connector market 2020 has the potential to achieve a growth rate of 20% from 2018 to 2023 (review period), confirms Market Research Future (MRFR).
Main Boosters and Key Deterrents
Electric vehicles note high demand as they outperform other vehicle types, offering various benefits including low carbon emission, comfortable drive, higher fuel economy, convenience of charging at home, reduced sound from engine and more. However, the global auto industry is experiencing a rough patch due to the recent COVID-19 crisis. The pandemic has led to uncertainties across almost every industry, but experts expect the electric vehicle manufacturers to benefit from the intense efforts being given by the government to revive the EV sales. Considering these factors, one can safely assume that the demand for electric vehicle connector market can boom in the following years.
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Furthermore, the situation is being dealt by the government, armed with a number of tangible measures to develop a strong e-mobility infrastructure. Strong government backing for the import of electric vehicles is also a welcome move in the current situation. This means better business scenario for electric vehicle connectors in the coming years. The electric vehicle connector market also gains from the amounting awareness regarding emission coupled with the strict regulations pertaining to transportation pollution.
A vast number of companies in the market boast of well-built distribution networks, which contributes largely to the market growth for electric vehicle connectors. Industry players also offer a widespread product range and adopt various hacks like product innovation, agreements and collaborations to solidify their market position. Surge in EV charging points can also induce market growth in the approaching years.
Market Segmentation
The electric vehicle connector market size has been extensively covered in the report, taking into account segments like connector type, charging type, power supply range, current supply, charging station, charging speed, component, vehicle type and application.
The market segmentation as per the connector type comprises type1, type2, type3, and others.
The power supply ranges covered in the market study include level1 (1.4 kW–1.9 kW), level2 (AC 240 V Up to 19.2 kW), level 3 (DC 200 V–600 V Up to 240 kW), as well as level 4 (>DC 600 V, Above 240 kW).
The segmentation with respect to current supply charging are AC charging as well as DC charging.
The charging station-based market segments are floor mounted and wall mounted.
Charging speed-wise market dissection includes fast, rapid and slow charger.
The components covered are pins, adaptor, leads, wallbox, and others.
Vehicle types that use connectors are plug-in EV, hybrid EV and battery EV.
The primary applications of electric vehicle connectors are residential as well as commercial.
Regional Study
The regional study of the EV connector market comprises Europe, APAC or Asia Pacific, North America, and RoW or the Rest of the World.
MRFR analysts find it highly conceivable that APAC can reach the top spot in the global market, thanks to the spike in the demand for EV connectors in line with the growth of the electric automotive sector. The increasing number of electric vehicle charging stations also favors the electric vehicle connector market in the region. The vast number of initiatives planned by regulatory bodies to boost the use of green vehicles, by installing charging stations that publicly accessible can benefit the regional industry. Besides, China is known as the leader in the global electric vehicle industry, characterized by a high number of EV charging stations as well as increased level of electric vehicle production. This contributes majorly to the market growth for EV connectors in the region.
The government in North America is actively focused on prompting the use of electric vehicles, armed with strict policies and regulations. These measures being undertaken are proving to be quite favorable for the electric vehicle infrastructure as well as electric vehicle connector market in the region. The alarming surge in pollution levels across the United States (U.S.) and Canada is also boosting the demand for zero emission vehicles, which translates to better growth prospects for the electric vehicle connectors during the evaluation period.
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Significant Contenders
Significant contenders operating in the electric vehicle connector industry are Huber+Suhner (Switzerland), Fujikura (Japan), Yazaki (Japan), Tesla (US), Bosch (Germany), Schneider Electric (France), ABB (China), Siemens AG (Germany), Sumitomo (Japan), Amphenol (US), to mention a few.
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