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Electric Vehicle (EV) Connectors Industry to See Robust Expansion, Valued at $5.26 Billion by 2029
Electric Vehicle (EV) Connectors
What Is the Projected CAGR for the Electric Vehicle (EV) Connectors Market from 2024 to 2025?
The size of the electric vehicle (ev) connectors market has seen an exponential surge in recent times. It is projected to rise from $1.84 billion in 2024 to $2.28 billion in 2025, showcasing a compound annual growth rate (CAGR) of 24.0%. Factors such as governmental backing and initiatives, environmental consideration and sustainable transportation, progressions in battery technology, breakthroughs in autonomous driving technologies, and heightened attention to energy efficiency have contributed to this growth seen during the historic period.
What are the Expected Market Size and CAGR for Electric Vehicle (EV) Connectors by 2029?
There is an expectation of significant expansion in the electric vehicle (EV) connectors market in the upcoming years. It is projected to reach a value of $5.26 billion by 2029, with a compound annual growth rate (CAGR) of 23.3%. The key reasons for this expected growth include an increase in the adoption of safety applications in vehicles, advancements and breakthroughs in infotainment systems and vehicle-integrated connectivity, a surge in investments in charging infrastructure, along with a rise in demand for electric buses and commercial vehicles. The future trends within this time frame are expected to be wireless charging, intelligent charging infrastructure, universal standards, vehicle-to-everything (V2X) connectivity, and innovation in materials.
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Which Factors Are Driving the Global Electric Vehicle (EV) Connectors Market Expansion?
The electric vehicles (EV) connectors market is set to experience significant growth, propelled by increased adoption of electric vehicles (EVs). These vehicles utilize one or more electric motors for propulsion and derive their power from a rechargeable battery, which can be charged via an external source. The environment-friendly nature of EVs, coupled with the government's encouraging regulations and incentives for clean energy, and advancements in battery technology, have fueled their growing popularity. EV connectors are essential in these vehicles as they link the vehicle's charging system to an external charging station, facilitating the transfer of electricity from the station to the battery for charging. For example, a study by Cox Automotive, a US-based automotive services and technology firm, highlighted that in 2023, EV sales in the United States saw a 46% rise compared to the previous year. This surge resulted in an associated 22% increase in the total number of charging stations nationwide. Hence, the progressive adoption of EVs is significantly contributing to the expansion of the EV connectors market.
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Which Segment Currently Holds the Largest Share of the Electric Vehicle (EV) Connectors Market?
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
Which Major Trends Are Shaping the Future of the Electric Vehicle (EV) Connectors Industry?
Leading entities in the E.V. connectors sector are pushing innovation boundaries by incorporating advanced technological processes, such as the liquid cooling system, to boost electronic vehicle connector efficiency and effectiveness. This technology employs liquid coolant circulation through a piping or channel network to cool electronic elements like EV connectors. A noteworthy instance of this was in August 2023 when the Boyd Corporation, an American firm specializing in thermal management, sealing, and protection solutions, collaborated with E-valucon, another U.S firm offering connector solutions, to engineer a liquid-to-air cooling system for D.C. fast charging (DCFC) cables and connectors. The aim was to expedite safe and environment-friendly charging. By utilizing eco-friendly coolants, this technology offers solutions to significant thermal challenges triggered by high-speed, high-power charging in compact environments, thus reducing safety related risks. This catering to market needs for quicker charging cycles, compact set-ups and promoting the roll-out of easily-accessible public E.V. charging infrastructures in the U.S as part of the NEVI Formula Program.
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Which Key Players Dominate the Electric Vehicle (EV) Connectors Industry Globally?
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 Fastest-Growing Regions in the Electric Vehicle (EV) Connectors Market?
Asia-Pacific was the largest region in the electric vehicle (EV) connectors market in 2024. 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.
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