Global EV Charging Connector Market To Reach Worth $323.56 Million in 2032

The global EV charging connector market is projected to reach a valuation of USD 323.56 Million by 2032 at a CAGR of 18.5%, from USD 59.26 Million in 2022.

The charging connectors are used for charging electric vehicles (EVs). For a variety of reasons, the switch from engine-driven vehicles to battery-driven or electric vehicles is being encouraged. There are several charging methods available, including a combination charging method and CHAdeMO (fast charging), even for slow/fast charging. Type-1 and Type-2 connectors can be used to charge electric vehicles.

Fast charging EV connectors are the most popular and fastest-growing segment of the EV Charging Connector market. They can charge via a 240V AC plug, and require either home charging or public charging equipment. Fast charging is now the norm at most public and commercial electric car charging stations.

Driving Factors :

Electric Vehicles are gaining popularity

The global adoption rate for electric vehicles is increasing, and many countries in the world are investing heavily in research and development activities. Numerous initiatives have been launched by countries such as Canada, France, India, and France to promote the popularity of electric cars.

The government provides fixed quotas and subsidies to automakers. Consumers also get subsidies to purchase electric cars. These factors have contributed to an increase in worldwide production and sales of electric cars.

Technological Innovations in EV Charging to Drive Development

The rising number of electric vehicles will require established power grids as well as charging terminals to ensure smooth operation. This is what will drive the market for electric vehicle charging cables during the forecast period. Furthermore, strict government emission regulations have encouraged consumers toward electric vehicles.

The main drivers of this vehicle development are the advancement of electric vehicle charging technology and large investments made by automakers. The Combined Charging System, CHAdeMO, and the Combined Charging System (CCS) are two examples of advanced charging systems that allow seamless communication between the car and the charger.

These systems are designed for fast charging terminals for vehicles and were developed by organizations. Tesla, for example, has approximately 1600 Supercharger stations in North America. These rapid advancements in charging infrastructure will drive the growth of global EV charging cable markets.

Restraining Factors:

High cost of EV Charging Cable may Limit Growth

The price of a fast charging cable is USD 126. This cost is higher than that of a slow-charging one. The higher cost of charging cables for fast charging stations would mean a lower adoption of this technology. The cost of installing slow charging stations in the U.K. for example is USD 1700. That is very expensive.

In addition, consumers will be increasingly using the latest charging cable technology due to its advancements. Individuals could suffer severe losses from the initial setup cost of the charging station. These factors can hinder the growth and expansion of this market.

Market Trends:

The growing demand for home EV chargers is driving the electric vehicle charging adapter market

Having EV charging stations at home is becoming more popular for those who live in areas where there is not much infrastructure or are unable to access public charging ports. An EV charger at home can be convenient, as it allows one to charge whenever and wherever they want.

These devices are WiFi enabled and can be purchased in hardwired or plugged versions. The plugs can either be a NEMA 14-50, NEMA 6-50, or both. Both versions come with a 23-foot-long cable. The ChargePointHome charger can be controlled remotely by Alexa using an Alexa-enabled device. The app allows you to schedule charging, set reminders to plug into your car, and even schedule charging when the electricity is the most expensive.

Europe is the market leader in electric vehicle charging adapters

Europe currently leads the charge for electric vehicle charging adapters. France is the leader, Germany is France and the Netherlands is the other. The largest infrastructure for charging electric vehicles in Europe is the United Kingdom. This is due in part to the greater adoption of EVs, and increasing sales.

Competitive Landscape

The Electric Vehicle Charging Adapter Market can be fragmented. There are many international and regional players, such as Robert Bosch GmbH, ChargePoint, Inc., Zencar, PodPoint, Eaton, Zencar, PodPoint, and Zencar. Although having a competitive edge, the major EV adapter manufacturing companies have joined forces and formed partnerships to develop new products. For example,

Recent Developments:

According to a US Federal Highway Administration Notice of Proposed Rulemaking(NPRM), 500,000 chargers were expected to be placed in the network by 2030. FHWA recommends that there be at least four 150-kW connectors per DC fast charging facility. According to the FHWA’s idea, the locations should not be more than 50 miles away and must be within a half mile of roads.
Juice Americas Inc. – a U.S. division of Juice Technology AG (Switzerland) announced today that the J+ BOOSTER 2 portable two-in-1 electric car charger is now available for purchase in North America.
J+ BOOSTER2 allows users of electric vehicles to carry their chargers with them wherever they go. They can also charge their cars at any regular power outlet. J+ BOOSTER II is made from strong, military-grade aluminum and is only 2.2 pounds (1kg) in weight. The in-cable controller box is so sturdy that even a tank can run over it, it won’t be damaged.
Eight NEMA-compliant plugs for converters are available in the accessory range. They can simply be connected using J+ CONNECTOR which is a unique plug interface that Juice has created.
General Motors announced the addition of a Plug and Charge service to the Ultium Charge360 ecosystem in response to its ongoing partnership with EVgo. The Plug-and-Charge function makes charging easy because it can begin immediately after the device is connected.

Market Key Players:

AZAKI Corporation, TE Connectivity, Sumitomo Corporation, Schneider Electric, HUBER+SUHNER, Tesla, Robert Bosch GmbH, ITT INC, ABB Ltd., and Siemens AG are the main companies that operate in the Electric Vehicle Charging Adapter Market.

Market Segmentation:

The market for Electric Vehicle Charging Connectors can be segmented globally by charging type, charging speed type, end-user type, and geographical coverage. According to charging level type, market segments are further broken down into levels 1, 2, and 3. You can further divide the market by charging speed into slow or fast charging. The type of end-user is further separated into public and private.

Frequently Asked Questions:

What is the size of the EV charging connector market?

The EV charging connector market was valued at USD 59.26 million in 2021. It is projected to grow to $323.56 Billion by 2032.

What is the growth rate for Electric Vehicle Charging Adapter Market?

The global EV charging connector market is projected to reach a valuation of USD 323.56 Million by 2032 at a CAGR of 18.5%, from USD 59.26 Million in 2022.

Which region is the largest Electric Vehicle Charging Adapter Market share?

Europe has the highest share in 2021.

Who are the top players in Electric Vehicle Charging Adapter Market?

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