Global Electric Vehicle (EV) Connectors Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

The electric vehicle (EV) connectors market consists of revenues earned by entities by providing services such as power delivery, safety features, communication capabilities, and compatibility with different charging stations and vehicles. The market value includes the value of related goods sold by the service provider or included within the service offering. The electric vehicle (EV) connectors market also includes sales of connector body, electrical contacts, a locking mechanism, and insulation. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Sizing and Forecast

The electric vehicle (EV) connectors market size has grown exponentially in recent years. It will grow from $1.47 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 25.0%. The growth in the historic period can be attributed to government support and initiatives, environmental concerns and sustainable transportation, advancements in battery technology, autonomous driving technologies, and increased focus on energy efficiency

The electric vehicle (EV) connectors market size is expected to see exponential growth in the next few years. It will grow to $4.51 billion in 2028 at a compound annual growth rate (CAGR) of 25.2%. The growth in the forecast period can be attributed to increasing adoption of safety applications in vehicles, advancements in infotainment systems and in-vehicle connectivity, increasing investment in charging infrastructure, growing demand for electric buses and commercial vehicles. Major trends in the forecast period include wireless charging, smart charging infrastructure, universal standards, vehicle-to-everything (V2X) connectivity, and materials innovation.

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Segmentation & Regional Insights

The electric vehicle (EV) connectors market covered in this report is segmented –

1) By Component: Housing, Terminal, Lock, Other Components
2) By Voltage: Medium Voltage, Low Voltage, High Voltage
3) By System Type: Unsealed Connector System, Sealed Connector System
4) By Propulsion: Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV), Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)
5) By Application: Body Control And Interiors, Battery Management System, Infotainment System, Engine Management And Powertrain, Advanced Driver-Assistance Systems (ADAS) And Safety System, Vehicle Lighting (Interior And Exterior)

Asia-Pacific was the largest region in the electric vehicle (EV) connectors market in 2023. The regions covered in the electric vehicle (EV) connectors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising adoption of electric vehicles (EVs) is expected to propel the growth of the electric vehicles (EV) connectors market going forward. An electric vehicle is a vehicle that uses one or more electric motors for propulsion and draws electricity from a battery that is capable of being charged from an external source. The rising adoption of electric vehicles (EVs) is due to increasing environmental awareness, government incentives and regulations promoting clean energy, and advancements in battery technology. Electronic vehicle connectors are used in electric vehicles to connect the vehicle’s charging system to an external charging station, allowing electricity to flow from the station to the vehicle’s battery for charging. For instance, according to a report by Cox Automotive, a US-based automotive services and technology provider, in 2023, electric vehicle (EV) sales in the United States surged by 46% compared to 2022, leading to a corresponding 22% increase in the number of charging stations across the country. Therefore, the rising adoption of electric vehicles (EVs) is driving the growth of the EV connectors market.

Key Industry Players

Major companies operating in the electric vehicle (EV) connectors market are Robert Bosch GmbH, Tesla Inc., Siemens AG , Sumitomo Electric Industries Ltd., Schneider Electric, ABB Ltd., Avnet Inc. , Aptiv plc, KYOCERA Corporation, TE Connectivity Ltd., Molex LLC , Yazaki Corporation, Amphenol Corporation, Fujikura Ltd., Belden Inc., Huber+Suhner, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Delphi Technologies, Yamaichi Electronics Co. Ltd. , Positronic, Shenglan Technology Co. Ltd., ODU Automotive GmbH

The electric vehicle (ev) connectors market report table of contents includes:

1. Executive Summary
2. Electric Vehicle (EV) Connectors Market Characteristics
3. Electric Vehicle (EV) Connectors Market Trends And Strategies
4. Electric Vehicle (EV) Connectors Market – Macro Economic Scenario
5. Global Electric Vehicle (EV) Connectors Market Size and Growth
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32. Global Electric Vehicle (EV) Connectors Market Competitive Benchmarking
33. Global Electric Vehicle (EV) Connectors Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Vehicle (EV) Connectors Market
35. Electric Vehicle (EV) Connectors Market Future Outlook and Potential Analysis
36. Appendix