The global EV connector industry size is projected to grow from USD 2.0 billion in 2023 to USD 10.9 billion by 2030, registering a CAGR of 27.1%.
A rise in data transmission and complicated systems for ADAS, battery management, vehicle illumination, and autonomous driving necessitate high-bandwidth and low-latency EV connectors. EV connectors for high-voltage systems also require downsizing, weight reduction, and high-performance materials. Advanced driver-assistance systems (ADAS) and autonomous driving technologies are being used by electric vehicles (EVs) at a rapid pace. To manage the enormous data flow, connectors are needed. As a result, connector manufacturers have even more opportunities to develop technologically and adapt to the ever-evolving needs of the electric revolution.
“During the forecast period, engine management and powertrain application are anticipated to exhibit a notable growth rate.”
Over the course of the projection period, the engine management and power train segment is anticipated to grow at a CAGR of 24.3%. A PHEV’s engine management system is in charge of managing the engine’s functions, including the emissions control, fuel injection, and ignition systems. To ensure optimum performance and efficiency, the engine management system also synchronizes the engine’s activity with that of the electric motor and battery. An internal combustion engine (ICE), an electric motor, and a battery normally make up a PHEV’s powertrain. The transmission, which powers the wheels, is connected to the electric motor and ICE. The powertrain and engine management system of a PHEV are made to cooperate to deliver the best possible performance and economy. The electric motor and other high-voltage components receive high-voltage DC power from the battery pack via high-voltage battery connectors. To ensure correct combustion, fuel and ignition signals are sent to the engine cylinders via fuel injector and spark plug connectors. ECU connectors enable the ECU to monitor and regulate engine performance by sending data to it from a variety of engine sensors. Connectors on the Power Control Unit (PCU) allow the PCU to manage the electric powertrain system by receiving data from the electric motor and battery.
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During the projected period, the Board-to-Board connection system is expected to hold the biggest market share.
In high-end electric vehicle (EV) applications, board-to-board connectors are essential to the entire functioning, performance, and dependability of sophisticated electronic systems. High-speed data transfer, battery management systems for large-capacity batteries, intricate sensor networks for autonomous driving, high-resolution displays, infotainment systems, and other features are all made possible by these connectors in high-end EV applications. Electronic modules are dominated by board-to-board connectors because of their small size and simplicity of integration. Board-to-board connectors may become more widely used in the near future as a result of the trend toward downsizing and greater integration. Additionally, people’ preference for high-tech applications Connectors are needed for new automotive systems because OEMs are providing sophisticated applications like airbag control, adaptive cruise control, human machine interface (HMI), and auto-park assist. This premium application is available in the BMW iX, Audi e-tron GT, Mercedes-Benz EQC, and Volkswagen ID.4 cars, among others, from OEMs including BMW (Germany), Audi (Germany), Mercedes-Benz (Germany), and Volkswagen AG (Germany). Board-to-board connections are necessary for all such high-end applications. Accordingly, the market for EV connectors is anticipated to be driven by the rising demand for high-end applications. It is anticipated that new and sophisticated applications would enter the market as a result of the evolving needs of OEMs and passengers.
“During the forecast period, North America will be the leading growing market for EV connectors.”
Numerous well-known OEMs who produce high-quality, high-performance automobiles have their regional headquarters in North America. OEMs in North America, such as Tesla and GM, concentrate on creating electric cars that are faster, cleaner, and have better performance. The top US automakers that have introduced electric cars in the area are Nissan, BMW, Volkswagen, and Daimler. The Tesla Model S, Nissan Leaf, Ford Fusion Energy PHEV, and Chevy Volt are the top-selling electric cars in the United States. In addition to OEMS, the region is home to EV connection makers like Huber+Suhner (Switzerland), Amphenol (US), Samtec (US), and TE Connectivity (Switzerland). The US is seeing a higher rate of electric vehicle adoption because to a variety of services provided by providers of electric vehicle infrastructure. Some ADAS features are standard on EVs made by Tesla, Ford Motors, and General Motors. For example, ADAS functions like adaptive cruise control, lane centering, and automated lane changes are available in the Tesla Model 3 and Model Y. Additionally, General Motors’ opulent SUV, the Cadillac Lyriq, was introduced in July 2022 with a super cruise system that enables hands-free driving on mapped highways. For a more engaging driving experience, it also has a high-resolution, curved OLED display that spans the infotainment system and instrument cluster. Due to the increase in EV sales and connectivity-based applications such as ADAS, connected services, autonomous driving, high-end infotainment, and powertrain solutions, the EV connection market in North America is anticipated to grow significantly. More people in this area are buying cars with ADAS capabilities as the technology becomes more accessible and reasonably priced. As a result, the number of electric vehicles with ADAS has increased along with the demand for these systems. Therefore, as EV sales rise and ADAS, high-end infotainment, and powertrain solutions become more widely used, there will also be a greater need for EV connectors.
Key Market Players
The EV connector market is dominated by established players such as TE Connectivity Ltd. (Switzerland), Aptiv PLC (Ireland), Yazaki Corporation (Japan), Molex LLC (US), and Sumitomo Electric Industries Ltd. (Japan).
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