EV Charging Connector Market worth $98 million by 2025

The report “EV Charging Connector 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″, is projected to grow at a CAGR of 18.44% from USD 30 million in 2018 to reach USD 98 million by 2025,

The major factors behind the growth of the EV connectors market are an increase in sales of EVs and demand for EV charging points, which, in turn, are driving the EV connectors market. EV connectors act as an EV coupler with charging pole of the station required for power transmission. The connectors help establish the connection of the battery of an EV with the charging point of the station. The different EV connectors offer charging capabilities at varying current and power, thereby improving efficiency.

Browse 87 market data Tables and 67 Figures spread through 173 Pages and in-depth TOC on “EV Charging Connector Market – Global Forecast to 2025”

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By Type Segment: Increased demand for fast EV charging points is expected to drive the EV Charging Connector Market

The GB/T is the largest of all types of charging points followed by type 1 charging points in the EV Charging Connector Market and is expected to witness significant growth during the forecast period. The market growth of EV connectors can be attributed to factors such as a shift in demand from AC charging points to DC fast charging points, which would charge EVs rapidly. The by type segment is the most promising market for EV connectors as it has a huge demand and is expected to drive the future EV Charging Connector Market too.

By Level Type Segment: Level 3 is expected to dominate the EV Charging Connector Market

The charging level depends on the power output of the charging station and the corresponding time required to charge the EV. DC Level 3 requires significant infrastructure and service upgrades and consequently is the most expensive to install as compared to the other two levels. Level 3 EV connectors are predominantly used in the global EV Charging Connector Market. This type of charger has the ability to charge the vehicle from fully drained to 80% in less than 10 minutes. The level 3 EV connectors are appropriate for fast charging and fall in the range from 200 V to 600 V with a typical 45 kW off-board charger. With the rise in demand from AC charging to DC charging, the market for Level 3 EV connectors would rise.

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Asia Pacific: China is expected to lead the Asia Pacific region   

The Asia Pacific region is estimated to be the largest EV Charging Connector Market in 2018. The region comprises some of the fastest developing economies of the world such as China and India. The Asia Pacific region is the largest market for EVs because of government support in the form of grants, subsidies, and tax rebates and continuous improvement of charging infrastructure in countries such as Japan and China. Thus, the EV charging infrastructure would rise and drive the market for EV connectors. Continuously improving charging infrastructure and increasing vehicle range are the major factors that have contributed to the Asia Pacific being the fastest-growing market. Additionally, the alarming pollution levels in economies such as Japan and China have fueled the demand for zero-emission vehicles, thereby creating a huge demand for EVs and EV charging points in these countries.

Recent Developments:

• In October 2018, ITT showcased an ultra-fast liquid-cooled high-power charging (HPC) solution, its global AC charging portfolio (IEC, SAE and GB/T), and its EV customization expertise. ITT Cannon’s liquid-cooled DC HPC solution enables charging up to 500 A at 1000 V to deliver a 60-mile charge in as little as 3–5 minutes.
• In June 2018, ABB launched its Terra HP which is the world’s fastest EV charger, adding up to 200 km of range to an EV in just 8 minutes. With more than 7,000 DC fast-charging stations installed in 60 countries, ABB is a global leader in this segment.
• In October 2017, Tesla updated Model S and Model X designs featuring a new dual connector charge port system to support more than one charging standard on its EVs
• In November 2016, Amphenol introduced plastic power connectors which are designed for the hybrid and electric vehicle markets and featured a lightweight plastic shell and compact design to save both weight and space in the vehicle architecture

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