The Global Electric Vehicle Charging Connector Market size is expected to reach $181.2 million by 2030, rising at a market growth of 18.6% CAGR during the forecast period
The demand of public charging stations is growing due to increased EV sales. Most EV owners install a Level 1 EV charging unit in their homes or apartment building. Hence, Level 1 is anticipated to acquire more than 20% share of the market by 2030.
New York, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Electric Vehicle Charging Connector Market Size, Share & Industry Trends Analysis Report By End User, By Type, By Charging Speed, By Charging Level, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06487809/?utm_source=GNW From hatchbacks like the Blade to luxurious sedans like the Tesla Model 3, electric vehicles come in various sizes. The wide range of product options has attracted a lot of customers, leading to the emergence of an industry for electric vehicles. These investments and laws are probably going to help the market grow over the coming years.The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In December, 2022, Bosch came into collaboration with Blink Charging Co. following which Bosch became the official provider of EV Charger for General Motors dealerships in Mexico for implementing the Blink IQ 200 family of charging products and services. Additionally, In December, 2021, Schneider Electric partnered with SKIDATA for providing a seamless EV charging solution to parking managers and their customers due to the wide adoption of EVs.Based on the Analysis presented in the Cardinal matrix, Tesla, Inc. is the major forerunner in the Market. In June, 2023, Tesla joined hands with General Motors Co., for combining the North American Charging Standard (NACS) connector design with its EVs starting in 2025 and to provide GM EV drivers access to charging at more than 12,000 Tesla Superchargers across North America. Companies such as Schneider Electric SE, Siemens AG, Robert Bosch GmbH are some of the key innovators in the Market.Market Growth FactorsIncreasing Cost of Gasoline and DieselThe operational costs of an electric car are significantly lower than those of a comparable gasoline or diesel vehicle. Electric vehicles charge their batteries using electricity as opposed to fossil fuels like gasoline or diesel. Electric vehicles are less expensive to charge than gasoline or diesel vehicles due to their higher efficiency and lower cost of electricity. The price of electricity can be further reduced if charging is done with renewable energy sources, such as solar panels installed at bus terminals. As a result, countries all over the world are switching from conventional to electric automobiles, expanding the market.Rising GHG Emissions Leading To Increasing Demand For Low-Emission VehiclesThe combustion of conventional fuels results in the release of GHGs such as CO2, NOx, HC, and CO. These gases and particles contribute to global warming and climate change. By using hydrogen energy for business and industrial purposes as well as transportation, GHG emissions will be significantly reduced. Many governments are expanding their fleets of electric vehicles to reduce greenhouse gas (GHG) emissions, which are mostly caused by the transportation sector. Fleet manufacturers are now required to utilize electric alternatives due to the establishment of GHG emission reduction targets. It is predicted that this will lead to growth in the market.Market Restraining FactorsLack of Standardization of ConnectorsThe lack of a common charging connector standard also has the effect of limiting charging options and raising prices. A complete and effective charging network can be expensive to establish and requires large financial commitments from both the public and private sectors. The development of charging infrastructure may be slowed down by the expensive cost. Access to charging stations that support their particular connector type may be restricted for EV owners, and the necessity to support numerous connector types comes at a higher cost to manufacturers and operators. Hence, the lack of standardization may hamper the growth of the market in the coming years.End User OutlookBased on end user, the market is categorized into residential and commercial. The commercial segment acquired a substantial revenue share in the market in 2022. Commercial charger installation makes it easier for employees to do their jobs and maintain charged fleets. Because of the segment’s excellent growth potential, electric vehicle charging stations in office buildings have continued to increase. Commercial connectors are essential for EV owners’ ability to recharge their cars while away from home, allowing them to travel farther distances and rely on public charging infrastructure for practical recharging alternatives.Charging Speed OutlookBy charging speed, the market is bifurcated into slow and fast. The slow segment witnessed the maximum revenue share in the market in 2022. Slow charging is perfect for use at home and is the type of charging point typically seen in offices. The number of public slow charging stations installed worldwide in 2022, according to the IEA, exceeded 600 000. Of these, 360 000 were erected in China, increasing the total number of slow charging points to almost 1 thousand. More than half of the world’s public slow chargers were in China as of 2022.Type OutlookBased on type, the market is divided into CCS, CHAdeMO, GB/T, and others. The CHAdeMO segment procured a considerable growth rate in the market in 2022. This is a Japanese-developed charging method that is now used by many OEMs, including Nissan, Mitsubishi, and Toyota. The most recent protocol supports this charger type at 600A for 500 kW of charging. CHAdeMO connectors convert alternating current (AC) in the charging point to direct current (DC) in order to power the vehicle’s battery. The conversion is required to charge the EVs because AC is what the UK national grid provides.Charging Level OutlookOn the basis of charging level, the market is segmented into level 1, level2, and level 3. The level 3 segment acquired the largest revenue share in the market in 2022. The charging level is determined by the power output of charging stations and the time needed to charge the EV accordingly. In the EV charging connector market, level 3 EV connectors predominate. This charger can charge the car from completely flat to 80% in less than 10 minutes. The level 3 EV connectors, which work with a normal 45 kW off-board charger, fall between 200 and 600 volts and are suitable for quick charging.Regional OutlookRegion-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region recorded the largest revenue share in the market in 2022. Some of the world’s economies that are growing the fastest are found in this region, including China and India. This region has a huge demand for EVs because of continuous improvements in the charging infrastructure in developing nations along with support from governments through grants, subsidies, or tax breaks. As a result, the market will increase along with the EV charging infrastructure in this region.The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Sumitomo Electric Industries, Ltd., Siemens AG, Schneider Electric SE, Robert Bosch GmbH, TE Connectivity Ltd., Yazaki Corporation, HUBER+SUHNER AG, ITT, Inc., Amphenol Corporation, Tesla, Inc.Recent strategies deployed in Electric Vehicle Charging Connector MarketPartnerships, Collaborations, and Agreements:Jul-2023: Siemens Smart Infrastructure teamed up with ENGIE Vianeo, through its subsidiaries ENGIE Solutions and SSEC (a joint venture with CERTAS ENERGY France) for implementing state-of-the-art electric vehicle charging stations. These have been installed on the SANEF (Société des Autoroutes du Nord et de l’Est France), APRR (Autoroutes Paris-Rhin-Rhône), AREA (Société des Autoroutes Rhône-Alpes), and VINCI Autoroutes networks.Jun-2023: Tesla joined hands with General Motors Co., for combining the North American Charging Standard (NACS) connector design with its EVs starting in 2025. Additionally, the collaboration aims to provide GM EV drivers access to charging at more than 12,000 Tesla Superchargers across North America. Starting in 2024, GM EV users would be able to utilize the Tesla Supercharger Network, but initially, an adapter would be needed.Dec-2022: Bosch came into collaboration with Blink Charging Co. following which Bosch became the official provider of EV Charger for General Motors dealerships in Mexico for implementing the Blink IQ 200 family of charging products and services. As EV sales increase in Mexico, this collaboration aimed to concentrate on supplying the charging infrastructure that GM dealerships require, with the possibility of expanding the program as the electric mobility market develops across Latin America.Oct-2022: HUBER+SUHNER announced a Memorandum of Understanding (MoU) for strengthening their focus on sharing expertise and knowledge for helping increase the development of charging infrastructure for EVs. By exchanging information and skills, SK Signet and HUBER+SUHNER seek to learn new things that would develop EV charging technologies and give customers quicker methods to recharge their cars.Sep-2022: Siemens signed an agreement with ConnectDER, a company engaged in helping customers to decarbonize their homes, following which ConnectDER aimed to supply proprietary plug-in adapters for electric vehicle chargers to Siemens. The new charger would allow owners of electric vehicles (EVs) to charge their vehicles straight through the meter socket, which is a practical and effective place present in every home. The adaptor would save between 60 and 80 percent of the cost of installing the charger by avoiding the requirement to update an electric service panel in a residence.Sep-2022: Siemens collaborated with EVLOMO to build one of the biggest, and most technologically advanced and future-ready EV charging networks in Southeast Asia. Following this collaboration, Siemens aimed to provide its complete range of EV chargers as well as digital offerings for charging infrastructure.May-2022: Yazaki Corporation partnered with Aptera Motors following which Yazaki became the official supplier of engineering services and line prototype and production parts. In this partnership, Yazaki aimed to provide particular production components, such as wiring, connectivity, charge ports, and other utilities, for Aptera’s LV & HV EE Electrical harness.Product Launches and Product Expansions:Jun-2023: HUBER+SUHNER added megawatt charging technology with its new Radox MCS1500 system to its portfolio. The charging connection enables heavy-duty electric cars to receive continuous charging currents of up to 2,250 kW at 1,500 amps.Aug-2022: Amphenol Industrial Operations launched the Amphe-PD Mini 5.7mm and Gen2 5.7mm Amphe-PD to its Amphe-PD series with two low-profile, two-way power connectors. A PSU/PDU can be used to transfer power to a CPU or GPU PCB board using the Amphe-PD Mini 5.7mm and Gen2 5.7mm Amphe-PD. The maximum current capacity of the Amphe-PD Mini 5.7mm is 120A at 500V DC. These connections can be mounted on a PCB in three different ways: vertical, right angle, and busbar mount. The maximum current capacity for the Gen2 5.7mm Amphe-PD is 150A at 500V DC. Both connectors may carry power from a cable harness to a PCB or other power application, and their wire termination options range from 6 AWG to 2 AWG. Both connectors in this upgraded power connector series have a tiny footprint, making them perfect for use in electrical devices with restricted space, such as servers, 5G, HPC, energy storage racks, and data center equipment.Jul-2022: Bosch unveiled the EV300 Level 2 EV Charging Station and EV3000 DC Fast Charger, two new electric vehicle chargers. Both chargers were developed to offer a less expensive charging option without sacrificing security and charging efficiency. The UL and cUL compliance of the EV300 and EV3000 ensures the highest level of safety for users, cars, and the surrounding region.May-2022: Schneider Electric released a new EV Charging solution for resilient, effective, and sustainable electric mobility and net-zero buildings. By integrating EV charging infrastructure into the facilities, Schneider Electric is advancing its mission to make buildings smarter and more environmentally friendly overall.Scope of the StudyMarket Segments covered in the Report:By End User• Residential• CommercialBy Type• CCS• Chademo• GB/T• OthersBy Charging Speed• Slow• FastBy Charging Level• Level 3• Level 2• Level 1By Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Norwayo Netherlandso Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Taiwano Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• Sumitomo Electric Industries, Ltd.• Siemens AG• Schneider Electric SE• Robert Bosch GmbH• TE Connectivity Ltd.• Yazaki Corporation• HUBER+SUHNER AG• ITT, Inc.• Amphenol Corporation• Tesla, Inc.Unique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: https://www.reportlinker.com/p06487809/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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