The global EV connector market 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%. Electric vehicles increasingly rely on advanced electronic systems for everything from battery management, engine control, safety features, and vehicle lighting to driver assistance and infotainment. The rapid adoption of EVs and HEVs necessitates specialized connectors that can handle high-voltage electricity while being compact and lightweight. In these vehicles, complex battery management systems and electric motors require a network of specialized connectors for efficient power transmission and data communication. Also, various governments are actively promoting the adoption of electric vehicles and fuel-efficient technologies through subsidies and tax incentives. Along with the safety regulations becoming stricter, the demand for safety features grows, and vehicles are equipped with more and more sensors, cameras, and other safety devices. These systems require many high-performance EV connectors to ensure seamless data transmission and reliable operation.
Unsealed connectors are typically cheaper than their sealed counterparts, making them a cost-effective option for non-critical applications. This affordability allows manufacturers to optimize costs while ensuring adequate functionality in less demanding environments. Unsealed connectors allow for better heat dissipation, especially in high-current applications. These are generally smaller and lighter, contributing to overall weight reduction in EVs and improving efficiency and range. European car manufacturers are increasingly focused on lightweight vehicle design to improve fuel efficiency and performance. In May 2022, BMW (Germany) launched a new M4 CSL (Competition, Sport, Lightweight). The BMW M4 CSL posted the fastest lap times ever for a series-produced BMW car. The demand to reduce the weight of vehicles and to have cost-efficient connectors will support the market growth of unsealed connectors in the EV connector market. Additionally, sealed connectors might trap heat, potentially affecting component performance and longevity. Thus, unsealed connectors remain a viable option for various applications in electric vehicles.
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Wire-to-wire connectors are most prevalent in areas with high cable mobility, such as door harnesses and lighting systems. For instance, vehicle models such as Mahindra XUV700, Hyundai Genesis G90, Kia K5, Hyundai Tucson, BYD Atto 3, MG Gloster, Toyota Crown, Nissan Skyline, and Geely Xingyue L, among others, offer ADAS features in their different vehicle models. Individual lighting elements within headlamp and taillight assemblies involve wire-to-wire connections for power and control signal transmission. Connecting individual bulbs or LED modules within interior lighting fixtures of vehicles also utilizes wire-to-wire connectors. Internal wiring within display and head units often employs wire-to-wire connectors for power and signal transmission in infotainment systems. Along with ADAS, the lightning system and infotainment wires are connected throughout the vehicle using a wire-to-wire connector for organized and efficient routing between battery packs, electric motors, and ECUs. Thus, the wire-to-wire connection segment is expected to grow significantly with the growing adoption of EVs with safety systems.
LED technology has revolutionized automotive lighting with its increased efficiency, durability, and longer lifespan compared to traditional halogen bulbs. This shift to LEDs requires connectors specifically designed to handle LED lighting systems’ lower voltage and higher current requirements. Along with the increasing adoption of advanced lighting features like adaptive headlights, cornering lights, and ambient interior lighting, it is driving demand for connectors capable of transmitting data and control signals alongside power. For instance, electric vehicle models such as the Audi e-tron have feature Matrix LED headlights with individual LEDs that can be switched on and off independently, adapting the beam pattern to various situations, and Mercedes-Benz EQS includes digital light headlights that project symbols and animations onto the road to warn pedestrians or cyclists. Additionally, dome light, map lights, footwell lights, courtesy lights, ambient lighting, instrument cluster and button illumination of vehicle interior and headlights, taillights, fog lights, side marker lights and license plate lights in the exterior of vehicle require EV connectors for data transmission, power delivery, and system integration to ensure their proper functionality and optimal performance in the running environment. Thus, this increases the demand for EV connectors for vehicle lighting in the near future.
Europe is home to some of the top Tier I suppliers in the connector sector, such as TE Connectivity Ltd., Rosenberger Group, Leoni, and Lumberg Holding. The presence of these companies would contribute to the growth of the European EV connector market during the forecast period. Electric vehicles are expected to become the rational choice for car buyers in Europe as their prices continue to fall with the availability of increasing range and economical batteries. The sales of electric vehicles in the European region increased by approximately 15% in 2022 compared to 2021.
Additionally, several regional countries are promoting electric vehicles through significant incentives. The demand for electric vehicles has increased significantly due to the region’s focus on zero or low-emission vehicles. For instance, the UK announced plans to phase out petrol/diesel-based vehicles by 2030 and encourage the growth of EVs. According to a report by the European Environmental Agency in November 2022, in Europe, 11.41% of all new vehicle registrations have been EVs. Such encouragement toward EVs will attract more investment toward EV setup and manufacturing of components/parts related to EVs. Thus, the EV connectors market will rise with the rise in EV demand.
The market growth in the region can also be attributed to the 15 mandatory new safety features in cars, vans, trucks, and buses in 2022 by the European Union to protect passengers, pedestrians, and cyclists. These advanced technologies help improve safety and minimize collisions and hazardous situations risks. Implementing more safety features in vehicles will increase the number of ECUs, which, in turn, will drive the EV connector market in the region.
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