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EV Connector Market Trends

Report ID: GMI8112
Published Date: Feb 2024
Report Format: PDF

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of EV connector reached USD 3.1 billion in 2023 and is set to expand at over 14% CAGR between 2024 and 2032, propelled by the increasing deployment of Electric Vehicle Supply Equipment (EVSE) ports within the EV charging infrastructure.

DC connectors segment accounted for around 44% of the market share in 2023, attributed to the fast-charging capabilities of DC connectors.

Asia Pacific market held more than 39% of revenue share in 2023, owing to the increasing investments in the development of charging infrastructure across the region.

The leading companies such as Amphenol Corporation, Aptiv, Hirose Electric Co., Ltd., Hirschmann Automotive GmbH, ITT Inc., Molex, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Sumitomo Electric Industries, Ltd., TE Connectivity, and YAZAKI Corporation.