2023: Asia-Pacific largest market for EV charging connector

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PORTLAND, 7 July 2023: The global electric vehicle (EV) charging connector market is expected to reach USD 273.2m by 2032, growing at a CAGR of 17.0% from 2023 to 2032. The market is being driven by the increasing adoption of electric vehicles, the growing demand for fast chargers, and the development of charging infrastructure.

Key Drivers

Government support for the adoption of electric vehicles: Governments around the world are providing subsidies and tax breaks for the purchase of electric vehicles, which is driving their adoption.
Growing demand for fast chargers: Fast chargers allow electric vehicles to be charged quickly, which is important for drivers who need to charge their vehicles quickly.
Development of charging infrastructure: The development of charging infrastructure, such as public charging stations, is making it easier for electric vehicle owners to find places to charge their vehicles.

Key Challenges

Connector standardization: There is no single standard for electric vehicle charging connectors, which can make it difficult for drivers to find chargers that are compatible with their vehicles.
Overheating issue of the charger or connector: Some electric vehicle charging connectors have been known to overheat, which can pose a safety hazard.

Regional Analysis

Asia-Pacific is expected to be the largest market for electric vehicle charging connectors in 2023, accounting for more than two-fifths of the global market revenue. This is due to the rapid growth in the sales of electrical vehicles in the region.
North America is projected to manifest the highest CAGR of 19.1% from 2023 to 2032, owing to the rise in the price of oil in recent years, which increases the long-term cost benefits of electrical vehicles.

Competitive Landscape

The global electric vehicle charging connector market is dominated by a few key players, including Amphenol Corporation, Tesla, Robert Bosch GmbH, Siemens, and Yazaki Corporation. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions.