EV Charging Connectors Market Size, Share, Opportunities And Trends By Product Type (Wall Connector, Charge Plug Connector), By Speed (Slow Charging , Rapid Charging), By Socket Type (Type 1, Type 2), By Vehicle Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Hybrid Electric Vehicle), And By Geography - Forecasts From 2023 To 2028

The electric vehicle (EV) charging connector is a critical component in charging EVs since it transmits electric energy from the charging base to the electric automobiles. These connectors are often used by EV charging stations or home charging infrastructure. These connectors provide a range of charging power sources and charge timeframes. The EV connector makes it easier for the battery of an electric car to be connected to the charging pole, enabling power to be timed with the batteries. The market for EV charging connections is anticipated to be largely driven by the increased demand for electric vehicles as a consequence of growing awareness of carbon emissions and stricter emission regulations. The lower operating and maintenance expenses are further important benefits that can drive the market growth of EV charging connectors.

The rising demand for electric vehicles is expected to drive the growth of the market

The growing demand for electric vehicles as a result of increased awareness of carbon emissions and tight emission requirements is expected to drive the EV charging connection market in the coming years. According to IEA, in 2021, sales of electric vehicles surpassed previous highs. Sales nearly doubled to 6.6 million, representing a sales share of approximately 9%, compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. In 2021, the sales proportion of electric vehicles rose by 4 percentage points.  This shows that the increase in electric vehicles sales and production will increase the demand for EV charging connectors which will propel the market growth

The increasing government emphasis on encouraging the use of electric vehicles will grow the market

The market for Electric Vehicle charging connectors is driven by rising government incentives for buying electric automobiles throughout the world. According to the Whitehouse, In the United States, a presidential order issued in August 2021 set a new goal for EV sales, calling for them to account for 50% of LDV sales by 2030. This would save roughly 200 billion gallons of fuel and lessen carbon pollution by about two billion metric tons. This translates into net advantages for the typical customer of up to $900 in fuel savings over the course of the vehicle. According to the ITA, to compete with comparable policies in the U.S. and Europe, Japan will treble its purchase incentives for electric vehicles to as much as 800,000 yen ($7,000) and subsidize charging infrastructure. These government investments and benefits of Electric vehicles will be led to raising the purchase of electric vehicles which will grow the EV charging connectors market.

During the forecast period, the Asia-pacific region will show significant growth.

The Asia Pacific region is anticipated to have the highest market share for EV charging connectors, owing to the growing shift towards green mobility in major countries such as China, Japan, and India initiatives which is expected to drive the EV charging connectors market in this region. According to the IEA, China had the greatest sales in 2021 with 3.3 million which is tripling the 2020 sales. Government assistance in the form of grants, subsidies, and tax breaks as well as continually increasing charging infrastructure in China has further accelerated EV sales in the country. Favorable investments by companies to promote electric vehicle for public use is expected to add more to the EV charging connector’s market demand in the Asia Pacific. According to IEA, In January 2022 a tender for the supply of 5,450 e-buses for the cities of Delhi, Calcutta, Surat, Bangalore, and Hyderabad was released by Convergence Energy Services Ltd (CESL). The region's ongoing improvements to the charging infrastructure, are anticipated to expand the EV charging connectors market at a substantial rate during the projected period. For instance, in September 2022, Japan-based leasing company Orix announced its plans to install 50,000 EV charging stations in Japan by 2025, through its partnership with Ubiden.

Market Key Developments.

• In October 2022, Tesla launched the J1772 Wall Connector, a home charging station that is compatible with other electric devices, The Wall Connector offered unmatched ease with up to 44 miles of range added every hour, a 24-foot cable, several power settings, and an adaptable indoor/outdoor design.
• In September 2022, Bolt introduced the BOLT LITE, a new EV charging connector that can be used with any portable charger that comes with an EV and the standard AC power outlet at home.

EV Charging Connectors Market Scope:

Segmentation

• By Product Type
  • Wall Connector
  • Charge Plug Connector
• By Speed
  • Slow Charging
  • Rapid Charging
• By Socket Type
  • Type 1
  • Type 2
• By Vehicle Type
  • Battery Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
  • Hybrid Electric Vehicle
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others