Press release
Major Market Shift in Electric Vehicle (EV) Connectors Industry: Innovative Liquid Cooling Technology In The EV Connectors Market
Electric Vehicle (EV) Connectors Market Growth
The exponential expansion of the electric vehicle (EV) connectors market size has been observed in recent years. The market, standing at $1.84 billion in 2024, is projected to rise to $2.3 billion in 2025 with a compound annual growth rate (CAGR) of 25.4%. Factors such as support and initiatives from the government, growing environmental concerns and focus on sustainable transportation, technological advances in batteries, autonomous driving technologies, and an enhanced focus on energy conservation are contributing to the significant growth during the historic period.
In the coming years, the market size of electric vehicle (EV) connectors is predicted to witness immense growth. With an expected compound annual growth rate (CAGR) of 25.0%, the market is projected to attain a value of $5.63 billion by 2029. The upward trend during the forecast period can be ascribed to factors such as the escalating adoption of safety features in vehicles, advancements in infotainment systems and in-vehicle connectivity, increasing capital inflow into charging infrastructure, and a surge in the demand for electric buses and commercial vehicles. Key trends predicted to shape the market during the forecast period include wireless charging, the proliferation of smart charging infrastructure, the adoption of universal standards, the advent of vehicle-to-everything (V2X) connectivity, and advancements in materials.
What Factors Are Propelling the Expansion of the Electric Vehicle (EV) Connectors Market?
The growth of the electric vehicles (EV) connectors market is forecasted to be fuelled by the escalating acceptance of electric vehicles (EVs). An electric vehicle, which uses one or more electric motors for propulsion, is powered by a rechargeable battery that can be charged from an external source. Factors leading to the increased uptake of electric vehicles (EVs) include heightened environmental consciousness, promotions and regulations for green energy by the government, and breakthroughs in battery technology. Electric vehicle connectors, employed in electric vehicles, facilitate the connection of the vehicle's charging system to an external charging station, hence enabling the transfer of electricity from the station to the vehicle's battery for charging. A case in point is a report by Cox Automotive, an automobile services and technology company based in the US, which revealed that in 2023, electric vehicle (EV) sales in the United States spiked by 46% in comparison to 2022. This resulted in a consequent 22% rise in the total number of charging stations nationwide. Thus, the burgeoning acceptance of electric vehicles (EVs) is catalyzing the growth of the EV connectors market.
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Which Businesses Are at the Forefront of Electric Vehicle (EV) Connectors Market Development?
Major companies operating in the electric vehicle (EV) connectors market are Robert Bosch GmbH, Tesla Inc., Siemens AG, Sumitomo Electric Industries Ltd., Schneider Electric, ABB Ltd., Avnet Inc., Aptiv plc, KYOCERA Corporation, TE Connectivity Ltd., Molex LLC, Yazaki Corporation, Amphenol Corporation, Fujikura Ltd., Belden Inc., Huber+Suhner, Rosenberger Hochfrequenztechnik GmbH & Co. KG, Delphi Technologies, Yamaichi Electronics Co. Ltd., Positronic, Shenglan Technology Co. Ltd., ODU Automotive GmbH
What Are the Latest Innovations in the Electric Vehicle (EV) Connectors Market?
Key players in the E.V. connectors market are creating state-of-the-art technologies like liquid cooling technology to improve electronic vehicle (E.V) connectors' performance and efficiency. This cooling technology works by dispersing a cooling liquid through a piping system, helping to cool E.V connectors and other electronic components. As an example, in August 2023, Boyd Corporation, an innovative American thermal management, sealing, and protection solutions firm, collaborated with E-valucon, a US firm specializing in connector solutions. Together, they developed a liquid-to-air cooling system for D.C. fast charging (DCFC) cables and connectors, promoting a safer and more sustainable charging process. The environmentally-friendly coolant tackles the severe thermal problems arising from quick, high-power charging in confined spaces and minimizes safety risks. This approach is strategically designed to meet the market's needs for rapid charge cycles and space-conscious infrastructure. It also aids in the establishment of publicly accessible E.V. charging networks across the U.S. under the NEVI Formula Program.
How Is the Electric Vehicle (EV) Connectors Market Segmented?
The electric vehicle (EV) connectors market covered in this report is segmented -
1) By Component: Housing, Terminal, Lock, Other Components
2) By Voltage: Medium Voltage, Low Voltage, High Voltage
3) By System Type: Unsealed Connector System, Sealed Connector System
4) By Propulsion: Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV), Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)
5) By Application: Body Control And Interiors, Battery Management System, Infotainment System, Engine Management And Powertrain, Advanced Driver-Assistance Systems (ADAS) And Safety System, Vehicle Lighting (Interior And Exterior)
Subsegments:
1) By Housing: Plastic Housing, Metal Housing
2) By Terminal: Pin Terminals, Socket Terminals
3) By Lock: Manual Locking Connectors, Automatic Locking Connectors
4) By Other Components: Seals And Gaskets, Contact Springs, Insulating Materials
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Where Is the Electric Vehicle (EV) Connectors Market Growth Most Prominent?
Asia-Pacific was the largest region in the electric vehicle (EV) connectors market in 2023. The regions covered in the electric vehicle (EV) connectors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Electric Vehicle (EV) Connectors Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle (EV) Connectors Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle (EV) Connectors Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle (EV) Connectors Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle (EV) Connectors Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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