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 EV Connectors Market is projected to grow at a CAGR of 18.44% during the forecast period to reach USD 98 million by 2025 from an estimated USD 30 million in 2018. EV connectors act as an EV coupler with a 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 EV connectors are designed according to the electrical specifications to synchronize with the features of the battery equipped in an EV.

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Fast charging EV connector segment is growing at the fastest rate during the forecast period.

The fast-charging EV connector is the largest and the fastest growing segment for the EV connectors market as it offers to charge through a 240 VAC plug and requires the installation of home charging or public charging equipment.  Most commercial and public electric car charging stations have now shifted to fast charging. The popular fast charger manufacturers include ClipperCreek, Changepoint, JuiceBox, and Siemens. The increasing sales of EV’s and demand for fast charging in the Asia Pacific region will boost the demand for EV connectors in this region.

The Asia Pacific is expected to account for the largest market size during the forecast period

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 due to government support in the form of grants, subsidies and tax rebates, and continuously improving charging infrastructure in countries such as Japan and China. Thus, the EV charging infrastructure would grow and drive the market for EV connectors.

Continuously improving charging infrastructure and increasing vehicle range are the major factors which have contributed to the 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 in such countries, thereby creating a huge demand for EVs and EV charging infrastructure.

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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 normal charging points of 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 a shift in demand from AC charging points to DC fast charging points, which would charge EV vehicle 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 charging stations 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 shift in demand from AC charging to DC Charging, the market for level 3 EV connectors would rise.

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).