Electric Vehicle Connector Market Size is Excepted to Reach USD 17.8 Billion by 2032, due to Surge in Electric Vehicle Adoption and Technological Advancements | Report by SNS Insider

Austin, July 28, 2024 (GLOBE NEWSWIRE) -- The Electric Vehicle Connector Market Size was recorded at USD 2.08 billion in 2023 and is expected to reach USD 17.8 billion by 2032, growing at a CAGR of 27% over the forecast period from 2024 to 2032.

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Owing to the rising demand for electric vehicles and the infrastructure necessary for charging them, the EV industry has grown quickly. The important segment of the electric vehicle connector market, which offers the necessary connection between EVs and charging stations, is in charge of this expansion. This blog discusses the salient trends in the electric vehicle connector market and new developments that seem set to shape the future of electric mobility. For Instance, according to the sales revenue generated by EV, the net sales were recorded with more than 1.5 million in 2023. In Addition to that, the U.S. had over 168,300 charging outlets for plug-in electric vehicles (EVs), up to 2024.

Another new trend in the electric vehicle connector market is vehicle-to-grid integration. V2G technology enables EVs to feed in energy to the grid as well as to get energy from the grid, such that electric vehicles not only feed from the grid but also feed back to the grid any extra power when needed. Thus, they are moving devices of energy storage that give grid stability and flexibility. This requires bidirectional power flow with low-voltage, on-board advanced connectors. For Instance, The Energy Market Authority (EMA) and the Institute of Technology (SIT) are supporting Singapore's largest vehicle-to-grid (V2G), to ease grid congestion. To this end they have awarded a grant to Strides -Singapore Office of MIT-based Strives- which seeks some support for the development and test-bedding of Vehicle-to-Grid (V2G) technology, applicable in providing grid services.

Electric Vehicle Connector Market Report Scope:

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KEY PLAYERS

The major key players are Molex LLC, Tesla, Bosch, Aptiv PLC, TE Connectivity, ABB, Yazaki, Fujikura, Amphenol, Schneider Electric, Huber+Suhner, Sumitomo, and other key players.

Key Segments:

By Propulsion:

• BEV
• PHEV
• FCEV
• HEV

By Application:

• ADAS and Safety System
• Body Control and Interiors
• Engine Management and Powertrain
• Infotainment System
• Battery Management System
• Vehicle Lighting (Interior and Exterior)
• Other Applications

By Voltage:

• Low Voltage
• Medium Voltage
• High Voltage

By Component:

• Terminal
• Housing
• Lock
• Other Components

By System Type:

• Sealed Connector System
• Unsealed Connector System

By Connection Type:

• Wire-to-Wire Connection
• Wire-to-Board Connection
• Board-to-Board Connection
• Other Connection Types

Recent Developments

• In March 2024, for usage on the automaker's upcoming line of fully electric vehicles, Volvo has teamed up with Breathe Battery Technologies (Breathe) to become the first automotive manufacturer to have access to the most recent iteration of its proprietary, algorithm-enabled charging software. Volvo stated in a news release that Breathe's software has been integrated into the company's battery management platform, which optimizes and improves performance to enable faster charging times.
• In January 2024, Samsung Electronics announced a service Integration with Tesla, for the expansion of Tesla’s smartThings energy such as Powerwall Home battery, solar inverter, etc.

Segment Analysis

Based on Propulsion Type, The BEV segment accounted for a significant value share of the electric vehicle connector market, and this position is likely to continue throughout the forecast period. BEVs have complex electrical systems with high-voltage batteries, electric motors, and many kinds of actuators. Accordingly, the chain of power and data transfer in BEVs relies heavily on connectors for its reliable and efficient operation. As BEVs are rapidly becoming more prevalent due to huge improvements in battery management systems and overall vehicle performance, specialized connectors will be needed more than ever before.

Based on the Application, Battery Management Systems dominated the market in this sector in 2023 with a revenue share of more than 35%. Then, these are crucial in preserving the optimal battery performance and safeguarding a crucial extension of its useful life. They keep an eye on crucial operational parameters including internal temperature, current, and voltage levels, and make sure that each unit only supplies the precise amount required to run the electric car motor with the least amount of strain on the battery cells.

Regional Analysis:

The Asia Pacific holds the dominant position with more than 45 % of the market share in 2023. As more electric vehicles hit the roads, the demand for charging infrastructure also increases and consequently boosts the EV connectors. Government measures that encourage EV purchases through tax cuts and subsidies are helping to drive market growth in this area.

Because of its explosive expansion in the EV market, North America is the region with the greatest rate of growth in this market. Government initiatives including tax breaks and investments in infrastructure for charging EVs are making ownership of these vehicles feasible.

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Key Takeaways

• The Electric Vehicle Connector market is all set to grow radically with the rapidly growing demand for EVs and increasing charging infrastructure.
• BEVs are the major growth drivers for the EV connector market since their electrical systems are complicated and need more connectors.
• Another major driver of the market is the integration of EV connectors in battery management systems.
• The Asia Pacific region is likely to lead the market due to robust EV adoption in countries like China.
• The future of the EV connector market will evolve in tandem with technological progress, supplemented by supportive government policies.
• Top of Form
• Bottom of Form

Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

5. Porter’s 5 Forces Model

6.  Pest Analysis

7. Electric Vehicle Connector Market Segmentation, By Propulsion

8. Electric Vehicle Connector Market Segmentation, By Voltage

10. Electric Vehicle Connector Market Segmentation, By Application

11. Electric Vehicle Connector Market Segmentation, By Component

12. Electric Vehicle Connector Market Segmentation, By System Type

13. Electric Vehicle Connector Market Segmentation, By Connection Type

14. Regional Analysis

15. Company Profiles

16. Competitive Landscape

17. Use Case and Best Practices

18. Conclusion

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