EV Connector Market Forecast $17.78 Billion By 2032, CAGR: 27.5%

EV Connector Market Size Worth $17.78 Billion By 2032 | CAGR: 27.5%


The global EV Connector market size is expected to reach USD 17.78 billion by 2032, according to a new study by Polaris Market Research. The report “EV Connector Market Share, Size, Trends, Industry Analysis Report, By Component (Housing, Terminal, Lock, Other Components); By Voltage; By System type; By Propulsion; By Application; By Connection type; By Region; By Region; Segment Forecast, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global market for EV charging connections is primarily propelled by the increasing demand for electric vehicles (EVs). Conventional vehicles emit toxic substances like sulfur dioxide, carbon monoxide, and nitrogen oxides, contributing to health issues and environmental problems. EVs significantly minimize such emissions. The depletion of natural resources and the threat of extinction due to the overreliance on fossil fuels, such as petroleum and coal, further underscore the need for EV adoption. Government initiatives worldwide promoting EV usage are fostering market growth. However, the lack of EV infrastructure in developing economies poses a significant constraint.

Government subsidies for EV purchases globally, exemplified by China's substantial investments, are a key driver for the EV connectors market. The increasing number of EVs necessitates the development of fast-charging connectors. Global manufacturers are prioritizing the production of electric vehicles, further propelling the EV connections market.

Opportunities in the global EV connections market arise from the use of vehicle-to-grid (V2G) electric vehicle charging stations and collaborations between regulatory bodies and private enterprises. However, challenges emerge from government mandates and restrictions on charging stations, particularly in response to stringent regulations in Europe and China. Automakers are accelerating their EV launch plans to comply, and the introduction of over 500 electric car models globally by 2022 presents a lucrative opportunity for EV connector manufacturers, according to Bloomberg New Energy Finance (BNEF).

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Connectors play a crucial role in supporting highly complex and reliable connections between sensors, Electronic Control Units (ECUs), and actuators, particularly in environments characterized by high vibration and temperature. The transition towards more centralized and networked E/E architectures is expected to reduce the number of ECUs, while the quantity of sensors and actuators continues to rise. Wiring topologies will shift from multiple separate point-to-point connections to a smaller number of one-to-many connections. Consequently, ECUs will increasingly need to adapt to connections with multiple sensors and actuators, necessitating hybrid connector interfaces where signal and power connections are accommodated within a single connector housing. The evolution of these parameters, coupled with the development of E/E architecture in electric vehicles, is poised to contribute to the growth of the EV connector market in the foreseeable future.

EV Connector Market Report Highlights

  • Battery management systems hold the largest share in 2023. Battery management systems are pivotal in ensuring the optimal performance and prolonged lifespan of batteries. These systems monitor essential operational parameters, including current, voltage, and internal temperature, effectively reducing stress on the battery by delivering precise power amounts required by the electric vehicle's motor. Battery management systems play key roles in power optimization, damage mitigation, and control over the battery's charging and discharging processes. Within the Battery Management System (BMS) framework, Electric Vehicle (EV) connectors serve crucial functions, including cell monitoring, temperature sensing, voltage measurement, communication with vehicle control systems, and power distribution.
  • The BEV segment is poised to dominate a larger portion of the EV connector market throughout the forecast period. BEVs necessitate a greater quantity of EV connectors compared to traditional gasoline vehicles, driven by the intricate electrical systems inherent in BEVs, encompassing high-voltage batteries, electric motors, and numerous sensors and actuators. EV connectors play a pivotal role in facilitating the transmission of power and data among various components within the BEV, ensuring efficient and reliable operation. The surging popularity of electric vehicles (EVs) in the automotive industry has led to an increased demand for robust battery management systems (BMS) to monitor battery cell conditions and unlock their full potential.
  • Asia Pacific leads the global EV market, with China alone accounting for over half of the global EV sales. The region's rapid embrace of electric vehicles, supported by government incentives, rising fuel costs, and an increased environmental awareness, is a key driver behind the growing demand for EV-specific connectors. Major automotive manufacturers in Asia Pacific, such as Toyota Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), and Hyundai Motor Company (South Korea), are leveraging the substantial growth of EVs in the region.
  • The global key market players include ABB, Amphenol, Bosch, Fujikura, Huber+Suhner, Schneider Electric, Siemens AG, Sumitomo, Tesla, Yazaki.

Polaris Market Research has segmented the EV Connector market report based on component, voltage, system type, propulsion, application, connection type, and region:

EV Connector, Component Outlook (Revenue - USD Billion, 2019 - 2032)

  • Housing
  • Terminal
  • Lock
  • Other Components

EV Connector, Voltage Outlook (Revenue - USD Billion, 2019 - 2032)

  • Medium Voltage
  • Low Voltage
  • High Voltage

EV Connector, System Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Unsealed Connector System
  • Sealed Connector System

EV Connector, Propulsion Outlook (Revenue - USD Billion, 2019 - 2032)

  • PHEV
  • FCEV
  • BEV
  • HEV.

EV Connector, Application Outlook (Revenue - USD Billion, 2019 - 2032)

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

EV Connector, Connection Type Outlook (Revenue - USD Billion, 2019 - 2032)

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

EV Connector, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Middle East and Africa

EV Connector Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 2.55 billion

Revenue forecast in 2032

USD 17.78 billion

CAGR

27.5% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Component, By Voltage, By System type, By Propulsion, By Application, By Connection type, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

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