EV Connector Market: Introduction
- EV connectors, or electric vehicle (EV) charging connectors, are required for charging electric vehicles. EV connectors are utilized in electric vehicle charging stations as well as for residential EV battery charging purposes. EV connectors cater to different charging power supply with different charging time.
- EV connectors have been gaining popularity with an increase in number of EVS (electric vehicles stations) owing to a rise in the production of electric vehicles across the world. Manufacturers of EV connectors are focused on innovation of charging suitability and catering to more efficient connectors in the market. Rising electric passenger cars across the world is estimated to offer significant opportunities for the EV connectors market.
Key Drivers of EV Connector Market
- Rise in government incentives for the purchase of electric vehicles across the globe is primarily driving the EV connectors market. For instance, the Government of China has leveraged large investments and is offering subsidies in order to boost the adoption of electric vehicles against conventional fuel driven vehicles. Moreover, the U.S., Canada, Japan, South Korea, India, and China are trying to move toward zero emission vehicles. Demand for fast charging EV connectors is directly related to the increase in number of electric vehicles across the globe. Therefore, a rise in production and sales of EVs is driving the EV connector market.
- Automakers are pushing their EV launch plans, in order to comply with increasing enactment of stringent regulations in Europe and China. For instance, according to Bloomberg New Energy Finance (BNEF), by 2022, there would be over 500 different electric vehicle models launched by several automakers globally. This, in turn, is anticipated to offer lucrative opportunity for players engaged in the manufacturing of EV connectors.
Global EV Connector Market: COVID-19 Impact
- The coronavirus pandemic outbreak has resulted in a 25% decline in the demand for EVs during the first quarter of year 2020, as compared to EV sales in 2019; consequently hampering the EV connector market. However, according to a report published by Bloomberg New Energy Finance (BNEF), electric vehicles are expected to contribute to around 10% of global passenger vehicle sales by 2025, which is estimated to increase to 28% in 2030 and 58% in 2040. This, in turn, is expected to drive the global EV connector market during the forecast period.
Asia Pacific to Account for Prominent Share of Global EV connector market
- In terms of region, the global EV connector market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Asia Pacific accounts for a major share of the global EV connector market. The region comprises rapidly developing economies that have announced plans to adopt electric vehicles and ban diesel vehicles in the near future. Consequently, the demand for electric charging connectors is rising in the region. Increase in demand for electric vehicles and rapid development in electric charging infrastructure in countries, such as Japan and China, are key factors that boost the electric vehicle charging connector market. China is the largest manufacturer of electric vehicles and the Government of china has announced its plans for adopting electric vehicles in the near future. All the factors mentioned above are likely to propel the EV connector market during the forecast period.
Key Players Operating in EV Connector Market
The global EV connector market is concentrated owing to the presence of top manufacturers. A few key players operating in the global EV connector market are:
- ABB Group
- Continental AG
- ITT Inc.
- Robert Bosch GmbH
- Schneider Electric
- Siemens AG
- Sumitomo Corporation
- Yazaki Corporation
Global EV Connector Market: Research Scope
Global EV Connector Market, by Vehicle Type
- Passenger Vehicle
- Commercial vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global EV Connector Market, by Electric Vehicle Type
- Battery Electric Vehicle
- Plug-in Hybrid Electric vehicle
Global EV Connector Market, by Plug Type
- Type 1 (120 Volts)
- Type 2 (240 Volts)
- Type 3 (480 Volts)
Global EV Connector Market, by Charging Type
- Combined Charging System (CCS)
Global EV Connector Market, by Current
- Alternating Current (AC)
- Direct Current (DC)
Global EV Connector Market, by Charging Speed
Global EV Connector Market, by Sales Channel
Global EV Connector Market, by Region
- North America
- Nordic Countries
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.