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EV Connector Market Size
EV Connector Market size was valued at USD 3.1 billion in 2023 and is anticipated to register a CAGR of over 14% between 2024 and 2032. The increasing deployment of Electric Vehicle Supply Equipment (EVSE) ports within the EV charging infrastructure is driving the demand for EV connectors. As more charging stations are installed to accommodate the growing number of EVs, there is a corresponding need for reliable connectors to facilitate efficient & safe charging.
According to the U.S. Department of Energy, in 2022, the number of EVSE ports surged to 136,513 from 96,190 in 2020. These EVSE ports include Level 1, Level 2, and DC fast variants, which are used in EV charging. This surging number is a result of the growing demands within the expanding EV ecosystem, driving the expansion of the market.
Report Attributes | Details |
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Base Year: | 2023 |
Market Size in 2023: | USD 3.1 Billion |
Forecast Period: | 2024 - 2032 |
Forecast Period 2024 - 2032 CAGR: | 14% |
2032 Value Projection: | USD 10.4 Billion |
Historical Data for: | 2018 - 2023 |
No. of Pages: | 260 |
Tables, Charts & Figures: | 300 |
Segments covered: | Current, Voltage, Connection, and Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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Government initiatives and incentives play a crucial role in propelling the electric vehicle connector market. Subsidies, tax credits, and regulatory mandates aimed at reducing carbon emissions and promoting sustainable transportation encourage both consumers and businesses to invest in EVs and charging infrastructure. By providing financial incentives and creating supportive regulatory frameworks, governments stimulate market demand for EV connectors, driving growth in the sector and accelerating the adoption of electric mobility.
Concerns regarding vulnerabilities in infotainment systems could hinder EV connector market growth by eroding consumer trust in EVs. Security breaches in infotainment systems could lead to unauthorized access to vehicle controls or sensitive personal data, raising safety and privacy issues. This could deter potential buyers from adopting EVs, impacting the demand for EV connectors used in infotainment systems. Manufacturers need to prioritize cybersecurity measures to mitigate these risks and maintain consumer confidence in EV technology.
EV Connector Market Trends
Introducing an EV connector standard with universal compatibility is a trend in the EV connector industry as it promotes interoperability across different EV models and charging infrastructure. For instance, in December 2023, the Joint Office of Energy and Transportation revealed the launch of a crucial milestone concerning the new SAE J3400 standard, designed for the Tesla-developed connector utilized in EV charging. It guarantees universal compatibility, enabling any vehicle or charging equipment supplier or manufacturer to adopt, produce, or implement the connector confidently. With a standardized connector, manufacturers can invest confidently in charging infrastructure, fueling market growth, and facilitating wide EV adoption.
Standardization efforts, spearheaded by organizations, such as SAE International, and IEC, are reshaping the market. By establishing common standards such as SAE J1772 and IEC 62196, these initiatives ensure interoperability and compatibility among different EV connectors. This reduces market fragmentation, simplifies manufacturing processes, and fosters consumer confidence in EV adoption. Standardization also facilitates regulatory compliance and promotes innovations by providing a clear framework for manufacturers to develop new and improved EV connector technologies.
EV Connector Market Analysis
![EV Connector Market Size, By Current, 2022-2032 (USD Billion) EV Connector Market Size, By Current, 2022-2032 (USD Billion)](https://cdn.gminsights.com/image/rd/automotive-and-transportation/ev-connector-market-size-by-current-2024-2032.webp)
Based on the current, the DC connectors segment held over 44% of the market share in 2023. The fast-charging capabilities of DC connectors are augmenting their growth within the market by substantially reducing charging times compared to AC connectors. This appeals to consumers who prioritize convenient & time-saving charging options. This growth is further propelled by the expansion of fast charging networks worldwide, as governments, automakers, and charging infrastructure providers invest in high-powered fast charging stations that rely on DC connectors. This expansion fosters the wide adoption of EVs by addressing range anxiety and promoting the feasibility of long-distance travel.
![EV Connector Market Revenue Share, By Voltage, 2023 EV Connector Market Revenue Share, By Voltage, 2023](https://cdn.gminsights.com/image/rd/automotive-and-transportation/ev-connector-market-revenue-share-by-voltage-2024-2032.webp)
Based on the voltage, the low voltage segment accounted for 39% of the EV connector market share in 2023. Connectors that integrate signal, power, and data connectivity are spurring this segment growth. By combining these functionalities into a single connector, they streamline vehicle wiring systems, reduce complexities, and enhance efficiency.
For instance, in May 2022, TE Connectivity introduced a Generation Y 68P sealed hybrid inline connector, which minimizes connection points, streamlines the supply chain, and lowers costs. This connector is designed for applications where both low-voltage power and signal connectors operate alongside conventional data connectivity, offering enhanced efficiency and simplicity. This integration addresses the increasing demand for compact and versatile EV solutions, offering manufacturers simplified installation processes and cost savings.
![Asia Pacific EV Connector Market Size, 2022-2032 (USD Billion) Asia Pacific EV Connector Market Size, 2022-2032 (USD Billion)](https://cdn.gminsights.com/image/rd/automotive-and-transportation/asia-pacific-ev-connector-market-size-2024-2032.webp)
Asia Pacific EV connectors market recorded around 39% of the revenue share in 2023. Investments in the region’s charging infrastructure are a significant contributor to the market expansion. Governments and private entities are committing substantial resources to developing a robust network of EV charging stations, supporting the growing EV market. These investments create a demand for various types of EV connectors to facilitate the connection between vehicles and charging infrastructure. Consequently, EV connector manufacturers benefit from supplying components that are integral to the establishment and expansion of the charging infrastructure across the region.
EV Connector Market Share
Hirose Electric Co., Ltd. and Molex hold a significant market share of over 9% in the EV connector industry. The major players dominate with their extensive product portfolios, technological expertise, and global presence. These companies continuously innovate to meet the evolving industry standards and customer demands.
Emerging players are gaining traction by focusing on advanced connector technologies, strategic partnerships, and investments in research & development to capture a larger market share in the rapidly growing EV ecosystem.
EV Connector Market Companies
Major companies operating in the EV connector industry are:
- Amphenol Corporation
- Aptiv
- Hirose Electric Co., Ltd.
- Hirschmann Automotive GmbH
- ITT Inc.
- Molex
- Rosenberger Hochfrequenztechnik GmbH & Co. KG
- Sumitomo Electric Industries, Ltd.
- TE Connectivity
- YAZAKI Corporation
EV Connector Industry News
- In October 2023, the Bureau of Indian Standards (BIS), India's National Standard Body, sanctioned the country’s inaugural domestically created AC and DC Combined Charging connector standard IS17017 (Part 2/Sec 7): 2023 for Light Electric Vehicles (LEVs). This marks the world's premiere combined AC and DC charging connector standard dedicatedly tailored for LEVs, meticulously crafted and developed within India.
- In June 2023, General Motors (GM) revealed a partnership with Tesla to integrate the North American Charging Standard (NACS) connector design into its EVs from 2025 onwards. The partnership aims to enhance charging accessibility for GM EV drivers at Tesla Superchargers throughout North America.
The electric vehicle connector market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Units) from 2018 to 2032, for the following segments:
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Market, By Current
- AC connectors
- DC connectors
- Combined connectors
Market, By Voltage
- Low
- Medium
- High
Market, By Connection
- Wire-to-wire
- Wire-to-board
- Board-to-board
Market, By Application
- Charging
- Body control & interiors
- Infotainment systems
- Powertrain & engine management
- Battery management system
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Russia
- Italy
- Netherlands
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- UAE
- South Africa
- Saudi Arabia
- Rest of MEA
Frequently Asked Questions (FAQ) :