(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 15, 2024 (GLOBE NEWSWIRE) -- The "EV Charging Connectors market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The EV charging connectors market is anticipated to expand at a CAGR of 19.53% to attain US$233.453 million by 2029 from US$95.672 million in 2024.
The electric vehicle (EV) charging connector is among the most critical components in EV charging infrastructure, as the connector transmits electric energy from the charging boards to the automobiles. EV charging connectors are often used by EV charging stations or residential charging infrastructure. These connectors provide a wide range of charging power output and charging timeframes. The EV connector makes it easier for an electric car's battery to be connected to the charging source, ensuring power is timed with the batteries.
The EV charging connectors offer multiple benefits to the users, like ensuring flexibility and convenience for the EV operators to charge from a wide range of EV chargers. These connectors also help to lower energy costs and promote sustainability for EV drivers. The market for EV charging connections is projected to grow significantly due to the increasing demand for electric vehicles. The global demand for electric vehicles has observed massive growth in thepast few years, majorly due to the growing public perceptions towards an eco-friendly transport model and increasing governmental initiatives and investments for EV chargers.
EV Charging Connectors Market Drivers:
The rising demand for electric vehicles is expected to drive the market growth
One of the major driving factors forecasted to propel the global EV charging connector market growth is the rising demand for electric vehicles worldwide. This growth is expected to increase the number of publicly available EV chargers and charging stations worldwide. Furthermore, the increased awareness of carbon emissions and tight emission requirements is expected to drive EV sales forward, simultaneously driving the charging connection market forward.
The global sales of EVs have grown significantly over the years. The global BEV & PHEV sales report by EV Volumes stated that in 2021, 6.77 million EVs were sold, which grew to about 10.52 million units in 2022. The total BEV and PHEV sales in the global market grew to 14.18 million units in 2023, an increase of about 35% from previous years.
EV Charging Connectors Market Geographical Outlook
Asia Pacific is forecasted to hold a major share of the EV Charging Connectors Market.
The Asian Pacific region is forecasted to attain a greater market share in the global EV charging connectors market. The major driving factors for this market's growth are the increasing demand for EVs across the region and governmental investments in developing the EV charging infrastructure. Some of the major countries in the Asian Pacific region, like China, Japan, and India, have introduced key initiatives that are expected to boost the EV charging connectors market in this region.
The Asian Pacific region is among the biggest markets for EVs, with China being the biggest producer and consumer of electric vehicles. The International Energy Agency (IEA), in its global report, stated that in 2021, the total EV stock in China was recorded at about 6.2 million, which significantly grew to 10.7 million units in 2022. The total BEV stock in the nation in 2023 was estimated at 16.1 million, almost half of the global BEV stock in the same year. Similarly, EV sales in the nation have also grown massively over the past few years. The total EV sales in China were recorded at about 3.3 million in 2021, which increased to 6 million in 2022, finally reaching 8.1 million in 2023.
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Report Coverage:
Historical data & forecasts from 2022 to 2029 Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis Competitive Positioning, Strategies, and Market Share Analysis Revenue Growth and Forecast Assessment of segments and regions including countries
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $95.67 million |
| Forecasted Market Value (USD) by 2029 | $233.45 million |
| Compound Annual Growth Rate | 19.5% |
| Regions Covered | Global |
Company Profiling (Strategies, Products, Financial Information, and Key Developments)
Some of the key companies profiled in this EV Charging Connectors Market report include:
Degson Zhengzhou Saichuan Electronic Technology Co., Ltd. iConnector Technology Co., Ltd. Amphenol Corporation Fujikura Ltd. Sumitomo Electric Chongqing Senku Machinery IMP and EXP CO., LTD Workersbee Sichuan Green Science & Technology Co. Ltd Guchen Electronics Japan Aviation Electronics Industry, Ltd. Japan Energy Components Co., Ltd. Enphase Energy
The EV Charging Connectors Market is segmented and analyzed as follows:
By Product Type
Wall Connector Charge Plug Connector
By Speed
Slow Charging Rapid Charging
By Socket Type
By Vehicle Type
Battery Electric Vehicle Plug-in Hybrid Electric Vehicle Hybrid Electric Vehicle
By Geography
North America South America Europe Germany UK France Spain Others
Middle East and Africa Asia Pacific China Japan South Korea India Australia Others
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EV Charging Connectors Market
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