The global EV connectors market is projected to grow at a CAGR of 18.44% during the forecast period to reach USD 98 million by 2025 from an estimated USD 30 million in 2018. The base year for the report is 2017, and the forecast period is from 2018 to 2025.
Favorable government policies and support in terms of subsidies and grants, tax rebates for EVs and EV charging infrastructure would drive the growth of EV charging stations. Thus, the EV connectors market would grow subsequently.
The major EV connectors market players include Yazaki (Japan), TE Connectivity (Switzerland), Sumitomo (Japan), Schneider Electric (France), HUBER+SUHNER (Switzerland), Tesla (US), Bosch (Germany), ITT (US), Amphenol (US), Siemens AG (Germany), ABB (Switzerland), and Fujikura (Japan). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global EV connectors market. Partnerships and new product launches have been the most dominating strategy adopted by major players from 2016 to 2018, which helped them innovate on their offerings and broaden their customer base.
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ABB is one of the leading players of the global EV connectors market. The company offers a total solution from compact, high quality AC wallboxes, reliable DC fast charging stations, and more. In April 2018, the company announced the world fastest EV charger known as Terra High Power which can add up to 200 km in just 8 minutes. Additionally, ABB announced its charging technology is now available in 95% of the countries with an EV presence. Supporting all global e-mobility charging standards, ABB chargers are designed to be highly durable, reliable, effective, and long lasting. This step is a breakthrough for ABB in the implementation of the strategic growth initiative for EVs in the fast charger segment.
In EV charging segment, Tesla provides charging facilities at commercial parking, on-road, and residential spaces. Tesla has presence in almost every part of the world. In October 2017, Tesla had launched an updated Model S and Model X design featuring a new dual connector charge port system to support more than one charging standard on its EVs.
Another important player in the industry is TE Connectivity. The company provides different types of EV infrastructure solutions such as charging inlets, sensors, charging cables, and EV connectors. In May 2018, TE Connectivity announced the launch of its next generation charging cables and inlets for hybrid and electric vehicles. TE Connectivity’s latest generation of AMP+ charging components enables significantly faster charging of hybrid and electric vehicles.
EV Connectors Market by Type (Type1, CCS, Chademo, GB/T, Tesla), Charging level (Level 1 to Level 4), Charging Speed (Slow, Fast), Voltage (AC, DC), End User (Residential, Commercial), Mounted type, Cable, Component, and Region - Global Forecast to 2025
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