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EV Connector Market Size

Report ID: GMI8112
Published Date: Feb 2024
Report Format: PDF

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EV Connector Market Size

EV Connector Market size was valued at USD 3.1 billion in 2023 and is anticipated to register a CAGR of over 14% between 2024 and 2032. The increasing deployment of Electric Vehicle Supply Equipment (EVSE) ports within the EV charging infrastructure is driving the demand for EV connectors. As more charging stations are installed to accommodate the growing number of EVs, there is a corresponding need for reliable connectors to facilitate efficient & safe charging.

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According to the U.S. Department of Energy, in 2022, the number of EVSE ports surged to 136,513 from 96,190 in 2020. These EVSE ports include Level 1, Level 2, and DC fast variants, which are used in EV charging. This surging number is a result of the growing demands within the expanding EV ecosystem, driving the expansion of the market.

EV Connector Market Report Attributes
Report Attribute	Details
Base Year:	2023
EV Connector Market Size in 2023:	USD 3.1 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	14%
2032 Value Projection:	USD 10.4 Billion
Historical Data for:	2018 - 2023
No. of Pages:	260
Tables, Charts & Figures:	300
Segments covered:	Current, Voltage, Connection, and Application
Growth Drivers:	Rising adoption of EVs The proliferation of autonomous technologies Surging EV infrastructure in North America Rising demand for efficient connectors
Pitfalls & Challenges:	Concerns regarding vulnerabilities in infotainment systems Limited supply chain capacity

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Government initiatives and incentives play a crucial role in propelling the electric vehicle connector market. Subsidies, tax credits, and regulatory mandates aimed at reducing carbon emissions and promoting sustainable transportation encourage both consumers and businesses to invest in EVs and charging infrastructure. By providing financial incentives and creating supportive regulatory frameworks, governments stimulate market demand for EV connectors, driving growth in the sector and accelerating the adoption of electric mobility.

Concerns regarding vulnerabilities in infotainment systems could hinder EV connector market growth by eroding consumer trust in EVs. Security breaches in infotainment systems could lead to unauthorized access to vehicle controls or sensitive personal data, raising safety and privacy issues. This could deter potential buyers from adopting EVs, impacting the demand for EV connectors used in infotainment systems. Manufacturers need to prioritize cybersecurity measures to mitigate these risks and maintain consumer confidence in EV technology.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of EV connector reached USD 3.1 billion in 2023 and is set to expand at over 14% CAGR between 2024 and 2032, propelled by the increasing deployment of Electric Vehicle Supply Equipment (EVSE) ports within the EV charging infrastructure.

DC connectors segment accounted for around 44% of the market share in 2023, attributed to the fast-charging capabilities of DC connectors.

Asia Pacific market held more than 39% of revenue share in 2023, owing to the increasing investments in the development of charging infrastructure across the region.

The leading companies such as Amphenol Corporation, Aptiv, Hirose Electric Co., Ltd., Hirschmann Automotive GmbH, ITT Inc., Molex, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Sumitomo Electric Industries, Ltd., TE Connectivity, and YAZAKI Corporation.