EV (electric vehicle) connector is an electric vehicle charging connector through which electric power is transferred from the charging base to the electric vehicle. The design and specification of EV connectors varies according to the electric vehicle and the charging speed of the charging station, which includes slow charging, fast charging, and rapid charging. EV connector helps establish the connection of the electric vehicles battery with the charging pole by means of which electric power is synchronize with the battery.
Rising demand for electric vehicles owing to increase in awareness about emission and stringent regulation about transportation pollution are prime factors that are likely to drive the EV connector market during the forecast period. Higher sales of electric vehicles are anticipated to result in higher rate of adoption of electric vehicle charging stations, as electric vehicles utilize electric power as fuel. Furthermore, growing support from government bodies through subsidies and tax credits is anticipated to propel the EV connector market during the forecast period. Increasing encouragement from regulatory bodies to opt for electric vehicles supplemented with economical operational and low maintenance cost is likely to lead to a rise in installation of EV charging stations, which in turn is projected to boost the EV connector market during the forecast period. However, introduction of wireless charging, which eliminates the plug-in-cord in most electric vehicles currently, as it transfers power via means of inductive coupling, is likely to hamper the market during the forecast period.
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The global EV connector market can be segmented based on connector type, charging level, charging speed, end-user, and region. Based on connector type, the EV connector market can be divided type 1, chademo, Tesla, and two other segments. The Tesla segment is likely to expand at a significant growth rate during the forecast period due to increase in demand for fast charging stations.
In terms of charging level, the EV connector market can be split into level 1, level 2, and level 3. The level 3 segment is projected to expand at a healthy growth rate during the forecast period. Level 3 charging level offers power output of above 50 KW and has the ability to charge 80% of the battery under 30 minutes. This ability to charge rapidly is anticipated to boost the segment of the market in the near future.
Based on charging speed, the EV connector market can be categorized into slow charging, fast charging, and rapid charging. Fast charging was a highly attractive segment of the EV connector market in 2017 primarily due to higher deployment rate of fast charging stations, as it takes 2-4hrs to fully charge the vehicle. However, rising demand for rapid charging due to its ability to charge the vehicle between 30 min and 2 hours is anticipated to hamper the fast charging segment during the forecast period.
Based on end-user, the EV connector market can be classified into residential charging base and public charging station. The public charging station segment is expanding at a rapid pace, as it is accessible to the public. Growing government announcement on EV adoption and rising demand to fulfill the necessity to recharge the vehicle are likely to propel the public charging station segment of the EV connector market during the forecast period.
In terms of geography, the EV connector market can be bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific held a prominent share of the global EV connector market, due to expansion of the electric automotive sector in the region, resulting in higher rate of adoption of electric vehicle charging stations, thereby boosting the EV connector market. Initiatives undertaken by regulatory bodies to drive the adoption of green vehicles, by offering and encouraging through installation of publicly accessible charging station and incentives on electric vehicle purchase are projected to fuel the EV connector market during the forecast period. Additionally, China is considered as a global leader in terms or EV charging station and electric vehicle production. This has also contributed to the higher share held by the region in the global market.
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Key players operating in the global EV connector market include TE Connectivity, Schneider Electric, Robert Bosch GmbH, Tesla, Inc., Siemens AG, ABB, Yazaki Corporation, POD Point, and HUBER+SUHNER.