Global EV Connector Market Set to Accelerate at a CAGR of 27.1% from 2023 to 2030

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Feb 28, 2024, 05:15 ET

DUBLIN , Feb. 28, 2024 /PRNewswire/ -- The "Global EV Connector Market by System Type (Sealed, Unsealed), Application (ADAS and Safety, Battery Management System, Body Control and Interiors), Propulsion (BEV, PHEV, FCEV), Voltage, Connection Type, Component and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global EV connector market is projected to grow from USD 2.0 Billion in 2023 to USD 10.9 Billion by 2030, registering a CAGR of 27.1%. The global EV market is experiencing explosive growth fueled by government incentives, environmental concerns, and advancements in battery technology. This surge in EV production directly translates to a higher demand for EV connectors. Also, integrating advanced driver-assistance systems (ADAS) and autonomous driving features in EVs further increases the demand for high-speed data connectors. These connectors enable the seamless transfer of critical information between various sensors, actuators, and control units.

Sealed connector system to hold largest market share during the forecast period

The sealed connector type is expected to have significant growth opportunities in the global EV connector market during the forecast period. This is due to the increasing demand for electric vehicles globally. For instance, IEA shows EV sales have grown to 10.2 million units in 2022 from 6.5 million units in 2021. Additionally, DIGITIMES Inc. states that global electric vehicle (EV) sales grew more significantly in 2023, with an annual rise of 39% to reach 14.22 million units. The global shift toward EVs and hybrid electric vehicles (HEVs) is a significant driver of the sealed connector market.

These vehicles require high-voltage electrical systems, necessitating robust connectors that can withstand the increased current flow and harsh environmental conditions. Sealed connectors offer superior protection, ensuring the safety and reliability of EV and HEV systems. Manufacturers are continuously developing new and improved sealed connector technologies. These advancements offer features such as higher voltage ratings, improved durability, and enhanced resistance to extreme temperatures and chemicals, making them suitable for a wider range of applications. In March 2022, TE Connectivity Ltd. launched the Generation Y 68P Sealed Hybrid Inline Connector, enabling OEMs to ease manufacturing, reduce connections, simplify supply chain complexity, and reduce cost.

ADAS and safety system is expected to be the largest market in the forecast period

ADAS & safety systems segment is expected to be the largest market during the forecast period. This is typically owing to the increasing adoption of ADAS-equipped features in BEVs and PHEVs. Audi Q5 e-tron, BMW i7 xDrive 60, BMW i3 eDrive35L, Toyota bZ4X, Hyundai Ioniq 6, Kia Niro PHEV, Toyota Harrier PHEV, and Hyundai Tucson Plug-in Hybrid are some BEVs and PHEVs with ADAS features in them. These connectors transmit vital data and power throughout the system, enabling the various sensors, cameras, and other components to communicate and work together seamlessly. ADAS systems are becoming increasingly integrated with other vehicle systems, such as the infotainment system, powertrain, and chassis. This integration also requires connectors to ensure that all systems work together seamlessly. All these factors are expected to increase the revenue growth of the EV connector market during the forecast period.

Board-to-Board connection system is expected to lead the market during the forecast period

The inclination of users toward high-tech applications OEMs are offering advanced applications such as human-machine interface (HMI), airbag control, adaptive cruise control, and auto-park assist, which creates the demand for connectors to be used in new automotive systems. OEMs such as BMW (Germany), Audi (Germany), Mercedes-Benz (Germany), and Volkswagen AG (Germany) offer this high-end application in their vehicle models such as BMW iX, Audi e-tron GT, Mercedes-Benz EQC and Volkswagen ID.4 among others. Thus, the increase in demand for these features increases the demand for EV connectors, which, in turn, is expected to drive the growth of the board-to-board connection segment.

Asia Pacific is projected to be the fastest-growing market for EV batteries during the forecast period

The Asia Pacific region is projected to be the fastest-growing EV connector market during the forecasted period. Asia Pacific leads the global EV market, with China alone accounting for more than half of global EV sales. This rapid adoption, driven by government incentives, rising fuel costs, and increasing environmental awareness, fuels the demand for EV-specific connectors. Leading automotive manufacturers in this region, such as Toyota Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), and Hyundai Motor Company (South Korea), are leveraging the growth of EVs in the region. As of April 2023, Toyota aims to launch ten new battery electric vehicle models by 2026. In electric vehicles, EV connectors enable safe, efficient, and reliable operation by performing several functions, such as power transmission, data communication, safety, and others. Thus, the growing number of EVs in the region will support the market growth of EV connectors.

The report provides insights on the following:

Analysis of key drivers (Growing EV sales, increasing adoption of safety applications in vehicles, advancements in infotainment systems and in-vehicle connectivity), restraints (Fluctuations in raw material prices), opportunities (Rising trend of autonomous driving, growing incorporation of electrical/electronic (E/E) architecture), and challenges (Corrosion, wear, and degradation of EV connector materials, rapid shifts from conventional to modular connector designs) influencing the growth of the EV connector market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the EV connector market
Market Development: Comprehensive information about lucrative markets - the report analyses the EV connector market across varied regions
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the EV connector market
Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like TE Connectivity Ltd. (Switzerland), Aptiv PLC (Ireland), Yazaki Corporation (Japan), Molex LLC (US), Sumitomo Electric Industries, Ltd. (Japan) and among others in the EV connector market Page 25 of 34 strategies.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

EV Connector Market Overview
EV Connector Market, by Region, 2023-2030
EV Connector Market, by System Type, 2023-2030
Key Players in EV Connector Market

4 Premium Insights
4.1 EV Connector Market, by Region - Asia-Pacific to Account for Highest CAGR During Forecast Period
4.2 EV Connector Market, by Application - ADAS and Safety System to Hold Largest Market Share During Forecast Period
4.3 EV Connector Market, by Connector System - Board-To-Board Connection to Lead Market During Forecast Period
4.4 EV Connector Market, by Propulsion - Battery Electric Vehicles to Dominate Market During Forecast Period
4.5 EV Connector Market, by Voltage - High Voltage Connector to Have Largest Market Share During Forecast Period
4.6 EV Connector Market, by System Type - Sealed Connector System to Register Highest Growth During Forecast Period

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing EV Sales
5.2.1.2 Increasing Adoption of Safety Applications in Vehicles
5.2.1.3 Advancements in Infotainment Systems and In-Vehicle Connectivity
5.2.2 Restraints
5.2.2.1 Fluctuations in Raw Material Prices
5.2.3 Opportunities
5.2.3.1 Rising Trend of Autonomous Driving
5.2.3.2 Growing Incorporation of Electrical/Electronic (E/E) Architecture
5.2.4 Challenges
5.2.4.1 Corrosion, Wear, and Degradation of EV Connector Materials
5.2.4.2 Rapid Shift from Conventional to Modular Connector Designs
5.3 Pricing Analysis
5.4 Trade Data Analysis
5.5 Ecosystem Analysis
5.6 Trends and Disruptions Impacting Customer's Business
5.7 Supply Chain Analysis
5.8 Technology Analysis
5.9 Patent Analysis
5.10 Case Study Analysis
5.10.1 Digital Light Synthesis
5.10.2 Automotive Miniaturization
5.10.3 Connected, Autonomous, Shared & Services (Case) Trend in Auto Industry
5.11 Tariff and Regulatory Landscape
5.12 Key Conferences and Events, 2024
5.13 Key Stakeholders and Buying Criteria

6 EV Connector Market, by System Type

7 EV Connector Market, by Connection Type

8 EV Connector Market, by Application

9 EV Connector Market, by Voltage

10 EV Connector Market, by Propulsion Type

11 EV Connector Market, by Component

12 EV Connector Market, by Region

13 Competitive Landscape
13.1 Overview
13.2 Market Ranking Analysis
13.3 Revenue Analysis
13.4 Company Evaluation Matrix
13.4.5 Company Footprint
13.6 Competitive Scenarios
13.7 Right to Win

14 Company Profiles

TE Connectivity
Aptiv
Yazaki
Molex
Sumitomo Electric Industries
Japan Aviation Electronics Industry
Amphenol
Hirose Electric
Rosenberger Group
Kyocera
Furukawa Electric Co. Ltd.
Jst Mfg. Co. Ltd.
Littelfuse, Inc.
Shenglan Technology
Kinsun Industries
Txga LLC
Luxshare Precision Industry
Thb Group
Lumberg Holdings, Inc.
Leoni AG
Samtec
Fujikura Ltd.
Huber+Suhner

For more information about this report visit https://www.researchandmarkets.com/r/bhxlyi

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