Favorable government policies and support in terms of subsidies and grants, tax rebates for EVs and EV charging infrastructure would drive the growth of EV charging stations. Thus, EV connectors market would grow subsequently by 2025.
The Global EV Connectors Market shows significant projected growth at a CAGR of 18.44% from USD 30 million in 2018 to reach USD 98 million by 2025.
EV connectors act as an EV coupler with a charging pole of the station required for power transmission. The connectors help establish the connection of the battery of an EV with the charging point of the station. The different EV connectors offer charging capabilities at varying current and power, thereby improving efficiency. The EV connectors are designed according to the electrical specifications to synchronize with the features of the battery equipped in an EV.
According to MarketsandMarkets analysis, the EV connectors market, by volume, is estimated to reach 260.6 thousand units in 2018, and this number is projected to grow at a CAGR of 43.39% during the forecast period. The major factors driving this growth is the increasing sales of EVs, which would drive the market for EV charging stations, thereby driving the EV connectors market. Also, the rise in demand from slow to rapid charging would further drive the DC charging EV connectors market. Thus, the demand for fast EV charging connectors would rise.
The growth of the EV connectors market is directly proportional to the growth of EV charging stations for public and residential charging points. Demand for EVs in countries such as Japan, China, Germany, France, the Netherlands, Spain, the UK, and the US is on the rise because of subsidies and grants. Thus, governments are looking forward to supporting EV charging infrastructure for public charging as well.
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In 2017, the US government invested USD 5 billion for promoting electric infrastructure such as charging stations. This rapid development of the EV charging stations could inflate the demand for EV connector to support the smooth functioning of the EV charging procedure.
The EV connectors market in the Asia Pacific is estimated to be the largest during the forecast period because of several measures adopted by the Chinese government for the promotion of EV sales and to install EV charging points across the country. Also, Japan is increasing its EV charging points, which would add to the growth of EV charging points in the Asia Pacific region. Increase in sales of EVs will lead to an increase in the development of EV charging infrastructure both for residential and public charging, which would further boost the demand for EV connectors market. For instance, Sumitomo launched the newly developed SEVD-11U high-power charger connector. The company improved power output by 1.9 times from conventional products to cope with the charging of high-capacity BEVs. The rated power is a direct current of 200 A and 600 V. The new power connector follows the design of the existing SEVD Series, ensures operability and safety, and conforms to the CHAdeMO 1.2 standard.
The Asia Pacific region is the fastest growing EV connectors market. The GB/T and CHAdeMO charging points are in demand as consumers prefer fast charging points. Additionally, the increasing installation of public charging and demand for DC charging points are expected to drive the EV charging points in the country. For Instance, Fujikura introduced the ultra-fast charging cable and connector to the market to meet the demands of the increasingly popular EVs for a greener future. It helped the company strengthen its EV charging product segment. Additionally, ABB has been selected to supply its DC fast charging stations as part of an ambitious EV infrastructure initiative in Singapore to accelerate the adoption of EV in the city-state. Thus, the improving charging infrastructure, positive government policies, and increasing range of EVs are boosting the growth of the EVs, which, in turn, boosts the demand for EV connectors.
