EV Connectors Market: Overview
EV Connectors are the primary component for charging electric vehicles, which are used in electric vehicle charging stations and for residential charging purposes. EV connectors cater to different charging power supply with different charging time. EV connectors have gained traction with increasing number of EVS (electric vehicles stations) owing to the rising production of electric vehicles across the world. Manufacturers of EV connectors are focusing on innovating the charging suitability and catering to more efficient connectors in the market. The EV connectors market has lucrative opportunities due to the rising electric passenger cars across the world.
EV Connectors Market: Dynamics
The growing government incentives on the purchase of electric vehicles across the globe is primarily driving the EV connectors market. For instance, the Chinese government has leveraged large investments and catering to subsidies in order to encourage the adoption of electric vehicles against conventional fuel driven vehicles. Furthermore, the increasing electric vehicles gives rise to the need for fast charging EV connectors. Also, manufactures across the world is focusing on making electric vehicles as a prime segment, which will fuel up the EV connectors market.
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In the present scenario, factors such as the use of vehicle-to-grid V2G electric vehicle charging stations and collaboration of regulatory bodies with private companies has created numerous opportunities for EV connectors market across the globe. Stringent government regulations & mandates for charging stations are a major challenge for global EV connectors market.
EV Connectors Market: Segmentation
The global EV connectors market is segmented by type, by end user, by charging level, by current supply, by cable type and by region. By type, the global EV connectors market is segmented by type 1, type2 and type 3. On the basis of end user, the global EV connector market is segmented by residential and commercial. On the basis of charging level, the global EV connector market is segmented by Level 1 (Ac 120 V, 1.4 Kw–1.9 Kw, 12 A–16 A), Level 2 (Ac 240 V, Up to 19.2 Kw, 80 A), Level 3 (Dc 200 V–600 V, up to 240 Kw, 400 A) and Level 4 (>Dc 600 V, Above 240 Kw, >400 A). On the basis of current supply, the global EV connectors market is segmented by AC Charging, DC Charging and Inductive Charging. On the basis of cable type, the global EV connectors market is segmented by straight cables and coiled cable.
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EV Connectors Market: Regional Outlook
The global EV connectors market can be segmented with respect to the regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA (Middle East and Africa). The South Asia and East Asia is expected to have a significant market for EV connectors owing to the increasing preferences towards electric vehicles in China. Also, the increasing number of electric passenger vehicles in emerging countries, such as China and India, is likely to be a substantial market for EV connectors during the forecast period. Latin America markets for EV connectors also has a considerable growth with rapid economic growth, which results in the penetration of electric vehicles in these regions over the past couple of years. Developed countries, such as the U.S. and European countries, are mature markets for EV connectors due to the growing demand for enhanced charging speed backed by long durability of charging.
Key players in the EV Connectors Market
Prominent players in the global EV connectors market are Yazaki Group, TE Connectivity Ltd., Sumitomo Corporation, Schneider Electric, Huber+Suhner, Tesla, Inc., Robert Bosch LLC., ITT Inc., Amphenol Corporation, Siemens AG, ABB and Fujikura Ltd., among other players. The global players are expected to strengthen their market positions by offering loyalty schemes and competitive prices. Several small-sized players also have a presence in the EV connectors market globally.
Hefty Manufacturers in the global EV connectors market
The global market for EV connectors is fragmented in nature owing to the presence of large number of players in the market. The global EV connectors market has lucrative opportunities for new entrants, which will cater to competitiveness in the product offerings and also lead to reduction in prices of the products.
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