CHICAGO, December 19, 2018 /PRNewswire/ --
According to the new market research report "EV Connectors Market by Type (Type1, CCS, Chademo, GB/T, Tesla), Charging level (Level 1 to Level 4), Charging Speed (Slow, Fast), Voltage (AC, DC), End User (Residential, Commercial), Mounted type, Cable, Component, and Region - Global Forecast to 2025", published by MarketsandMarkets, the market is projected to grow at a CAGR of 18.44% from USD 30 million in 2018 to reach USD 98 million by 2025, The major factors behind the growth of the EV Connectors Market are increase in sales of EVs and demand for EV charging points, which, in turn, are driving the EV Connectors Market. EV connectors act as an EV coupler with charging pole of the station required for power transmission. The connectors help establish the connection of the battery of an EV with the charging point of the station. The different EV connectors offer charging capabilities at varying current and power, thereby improving efficiency.
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Browse in-depth TOC on"EV Connectors Market"
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By Type Segment: Increased demand for fast EV charging points is expected to drive the EV Connectors Market
The GB/T is the largest of all type of charging points followed by type 1 charging points in the EV Connectors Market and is expected to witness significant growth during the forecast period. The market growth of EV connectors can be attributed to factors such as shift in demand from AC charging points to DC fast charging points, which would charge EVs rapidly. The by type segment is the most promising market for EV connectors as it has huge demand and is expected to drive the future EV Connectors Market too.
By Level Type Segment: Level 3 is expected to dominate the EV Connectors Market
The charging level depends on the power output of the charging station and the corresponding time required to charge the EV. DC Level 3 requires significant infrastructure and service upgrades and consequently is the most expensive to install as compared to the other two levels. Level 3 EV connectors are predominantly used in the global EV Connectors Market. This type of charger has the ability to charge the vehicle from fully drained to 80% in less than 10 minutes. The level 3 EV connectors are appropriate for fast charging and fall in the range from 200 V to 600 V with a typical 45 kW off-board charger. With the rise in demand from AC charging to DC charging, the market for Level 3 EV connectors would rise.
Asia Pacific: China is expected to lead the Asia Pacific region
The Asia Pacific region is estimated to be the largest EV Connectors Market in 2018. The region comprises some of the fastest developing economies of the world such as China and India. The Asia Pacific region is the largest market for EVs because of government support in the form of grants, subsidies, and tax rebates and continuous improvement of charging infrastructure in countries such as Japan and China. Thus, the EV charging infrastructure would rise and drive the market for EV connectors. Continuously improving charging infrastructure and increasing vehicle range are the major factors which have contributed to Asia Pacific being the fastest growing market. Additionally, the alarming pollution levels in economies such as Japan and China have fueled the demand for zero emission vehicles, thereby creating a huge demand for EVs and EV charging points in these countries.
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The major EV Connectors Market players include Yazaki (Japan), TE Connectivity (Switzerland), Sumitomo (Japan), Schneider Electric (France), HUBER+SUHNER (Switzerland), Tesla (US), Bosch (Germany), ITT (US), Amphenol (US), Siemens AG (Germany), ABB (Switzerland), and Fujikura (Japan).
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