EV Connector Market: Introduction
- EV connectors, or electric vehicle (EV) charging connectors, are required for charging electric vehicles. EV connectors are utilized in electric vehicle charging stations as well as for residential EV battery charging purposes. EV connectors cater to different charging power supply with different charging time.
- EV connectors have been gaining popularity with an increase in number of EVS (electric vehicles stations) owing to a rise in the production of electric vehicles across the world. Manufacturers of EV connectors are focused on innovation of charging suitability and catering to more efficient connectors in the market. Rising electric passenger cars across the world is estimated to offer significant opportunities for the EV connectors market.
Key Drivers of EV Connector Market
- Rise in government incentives for the purchase of electric vehicles across the globe is primarily driving the EV connectors market. For instance, the Government of China has leveraged large investments and is offering subsidies in order to boost the adoption of electric vehicles against conventional fuel driven vehicles. Moreover, the U.S., Canada, Japan, South Korea, India, and China are trying to move toward zero emission vehicles. Demand for fast charging EV connectors is directly related to the increase in number of electric vehicles across the globe. Therefore, a rise in production and sales of EVs is driving the EV connector market.
- Automakers are pushing their EV launch plans, in order to comply with increasing enactment of stringent regulations in Europe and China. For instance, according to Bloomberg New Energy Finance (BNEF), by 2024, there would be over 500 different electric vehicle models launched by several automakers globally. This, in turn, is anticipated to offer lucrative opportunity for players engaged in the manufacturing of EV connectors.
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Global EV Connector Market: COVID-19 Impact
- The coronavirus pandemic outbreak has resulted in a 25% decline in the demand for EVs during the first quarter of year 2024, as compared to EV sales in 2019; consequently hampering the EV connector market. However, according to a report published by Bloomberg New Energy Finance (BNEF), electric vehicles are expected to contribute to around 10% of global passenger vehicle sales by 2025, which is estimated to increase to 28% in 2030 and 58% in 2040. This, in turn, is expected to drive the global EV connector market during the forecast period.
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Asia Pacific to Account for Prominent Share of Global EV connector market
- In terms of region, the global EV connector market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Asia Pacific accounts for a major share of the global EV connector market. The region comprises rapidly developing economies that have announced plans to adopt electric vehicles and ban diesel vehicles in the near future. Consequently, the demand for electric charging connectors is rising in the region. Increase in demand for electric vehicles and rapid development in electric charging infrastructure in countries, such as Japan and China, are key factors that boost the electric vehicle charging connector market. China is the largest manufacturer of electric vehicles and the Government of china has announced its plans for adopting electric vehicles in the near future. All the factors mentioned above are likely to propel the EV connector market during the forecast period.
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