Electric Vehicle (EV) Connector Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Electric Vehicle (EV) Connector market size was estimated at USD 2.6 billion in 2023 and is projected to reach USD 14.6 billion in 2030 at a CAGR of 28% during the forecast period 2024-2030.

The electric vehicle (EV) connectors market is experiencing significant growth alongside the global shift towards electrification. As the demand for electric vehicles continues to rise, so does the need for robust and efficient connectors that facilitate the transfer of electrical energy from charging stations to vehicle battery packs. These connectors are essential components in EV charging infrastructure, enabling seamless flow of electricity crucial for powering the vehicles. EV charging connectors are structured similarly to mobile phone charging cables, consisting of both a vehicle-side connector and a charger plug connector. The predominant type of EV charging station globally is the Grid-to-Vehicle (G2V) system, which supports one-way charge transfer from the grid to the vehicle. These stations can operate on either AC or DC power, with the classification of EV charging connectors determined by the specific power source utilized. The transition to electrification represents a paradigm shift in automotive design, emphasizing the critical role of high-quality automotive connectors in driving innovation. These connectors ensure the reliable distribution of power across various electrical systems within EVs, including the battery, powertrain, dashboard electronics, and specialized equipment. Their robust design also plays a crucial role in maintaining operational functionality, even in the event of isolated faults, thereby enhancing the overall reliability and safety of electric vehicles. Establishing a comprehensive public charging infrastructure is vital for fostering widespread adoption of EVs. Public charging stations serve as lifelines for EV owners, especially those residing in multi-unit complexes or lacking private driveways. Moreover, they provide essential support for long-distance travel, offering convenient charging solutions along highways and driveways. Anticipated advancements in battery technology, coupled with increased investments from major stakeholders in charging networks, are expected to propel further growth in the global electric vehicle connectors market. Government initiatives and incentives aimed at expanding EV charging infrastructure play a pivotal role in driving market development. Key industry players are actively investing in the deployment and enhancement of charging networks, particularly in regions with high EV sales volumes. These investments are crucial for addressing infrastructure gaps and ensuring that EV owners have reliable access to charging facilities. Looking ahead, the electric vehicle connectors market is poised for continued expansion as technological advancements and infrastructure investments pave the way for broader EV adoption. The market's growth trajectory underscores its pivotal role in supporting the global transition towards sustainable transportation solutions. As consumer preferences increasingly favor electric vehicles, the demand for efficient and reliable EV connectors will remain robust, driving further innovation and development in the sector.

Delvens Industry Expert's Standpoint

In the rapidly evolving electric vehicle (EV) market, the surge in demand for electric cars globally is a key driver of market growth. Major industry players such as Tesla, BMW Group, Nissan, Toyota, Volkswagen, General Motors, Daimler, and others are expanding their operations, particularly in emerging markets like China and India, further stimulating market dynamics. Electric vehicle connectors, essential for facilitating power transfer between EV batteries and charging stations, play a crucial role in supporting this growth. The trend towards establishing universal standards for EV connectors, exemplified by initiatives like the SAE J3400 standard, is pivotal. Standardization efforts led by organizations such as SAE International and IEC ensure interoperability and compatibility across different EV models and charging infrastructure. This not only reduces market fragmentation but also instills confidence among manufacturers, encouraging investment in charging infrastructure and accelerating EV adoption worldwide. the adoption of standardized connectors simplifies manufacturing processes, enhances regulatory compliance, and fosters innovation within the EV connector industry. By providing a clear framework for development, these standards enable manufacturers to focus on refining and advancing connector technologies, thereby driving continued growth and evolution in the electric vehicle market.

Market Portfolio

Key Findings

• On the basis of Propulsion, The Battery Electric Vehicle (BEV) segment is expected to dominate the EV connector market, driven by its complex electrical systems including high-voltage batteries and electric motors. BEVs require a larger number of connectors compared to traditional gasoline vehicles to ensure efficient power transmission and data exchange among components. This increased demand for EV connectors reflects the growing adoption of electric vehicles worldwide, emphasizing their crucial role in supporting the infrastructure for sustainable transportation solutions.

• On the basis of Application, Battery Management Systems (BMS) are poised to be the fastest-growing segment in the EV connector market. BMS plays a crucial role in monitoring and optimizing battery performance by regulating power delivery, minimizing damage, and controlling charging cycles. EV connectors within BMS enable essential functions like cell monitoring, temperature sensing, voltage measurement, and communication with vehicle systems. As global EV production and sales increase, driven by initiatives from automotive OEMs like Toyota's upcoming BEV lineup, demand for high-voltage EV connectors from manufacturers such as Hirose Electric, TE Connectivity, Japan Aviation Electronics, and Amphenol is expected to significantly rise, boosting revenues in the BMS segment.

• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Asia Pacific region is anticipated to emerge as the largest market for EV connectors by 2030. Led by China, which constitutes a significant portion of global EV sales, the region is at the forefront of the EV market expansion. Government incentives, escalating fuel prices, and growing environmental consciousness are key factors propelling the adoption of electric vehicles across Asia Pacific. This trend drives substantial demand for EV-specific connectors, reflecting the region's pivotal role in shaping the future of electric mobility and infrastructure development.

Regional Analysis

Asia pacific to Dominate the Market

• Asia-Pacific is poised to lead the global electric vehicle (EV) connectors market, driven by strong EV adoption and robust development of charging infrastructure, particularly in Japan and China. China's leadership in EV production and infrastructure expansion, supported by government initiatives promoting electric vehicles to reduce pollution and fuel costs, underpins significant market growth in the region.

• In North America, substantial growth opportunities exist in the EV connectors market, fueled by major Tier I suppliers like TE Connectivity Ltd., Molex, and Amphenol. These companies play a critical role in supporting EV infrastructure with advanced connector technologies. The region's commitment to sustainable transportation and its concentration of leading automotive manufacturers contribute to an optimistic outlook for market expansion.

• Europe anticipates robust growth in EV connectors, with Germany leading due to substantial investments in EV infrastructure and strong governmental support for electric mobility. The United Kingdom stands out as the fastest-growing market, driven by ambitious carbon reduction goals and initiatives to boost electric vehicle adoption. Technical advancements and regulatory frameworks further highlight Europe's pivotal role in advancing electric vehicle connector technologies.

Competitive Landscape

• Te Connectivity Ltd.
• Aptiv Plc
• Yazaki Corporation
• Molex Llc
• Sumitomo Electric Industries, Ltd.
• Japan Aviation Electronics Industry, Ltd.
• Amphenol Corporation
• Hirose Electric Co., Ltd.
• Rosenberger Group
• Kyocera Corporation
• Furukawa Electric Co., Ltd.
• Jst Mfg. Co., Ltd.
• Littelfuse, Inc.
• Shenglan Technology Co., Ltd.
• Kinsun Industries Inc.
• Txga Llc
• Luxshare Precision Industry Co., Ltd.
• Thb Group
• Lumberg Holdings, Inc.
• Leoni Ag
• Samtec
• Fujikura Ltd.
• Huber+Suhner

Recent Developments

• In September 2023, Yazaki Corporation announced that Yazaki Egypt had acquired a 67,000 square meter area in the Fayoum investment-free zone. This expansion is aimed at increasing the production capacity for wire harnesses and electrical systems. The move underscores Yazaki's commitment to scaling up its operations in Egypt to meet growing global demand for automotive electrical components and systems.

• In November 2023, Japan Aviation Electronics Industry, Ltd. introduced the MX81 Series, a compact connector designed specifically for in-vehicle electronic devices. This non-waterproof connector is tailored for applications such as ECUs (Electronic Control Units), lighting systems, sensors, and other essential in-vehicle functions. The MX81 Series aims to provide reliable connectivity solutions within automotive environments, catering to the increasing demand for compact and efficient connectors in modern vehicle technologies.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Electric Vehicle (EV) Connector Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope