North America Electric Vehicle Connectors Market – Industry Trends and Forecast to 2029

North America Electric Vehicle Connectors Market Analysis and Size

Electrification requires a new approach to automotive design and brings to the fore the importance of high-quality automotive connectors to bring life to innovations. Connectors guarantee that power is distributed dependably throughout each electrical system, from the battery to the powertrain to dashboard physics and different specialist equipment. They additionally facilitate within the event of faults, permitting operational systems to stay functioning in the case of a singular system failure. The EV charging station can either operate on AC or DC power. The source of power is used to classify the types of EV charging connectors.

Data Bridge Market Research analyses that the North America electric vehicle connectors market is expected to reach the value of USD 38,590.91 Thousand by 2029, at a CAGR of 18.8% during the forecast period. The North America electric vehicle connectors market report also covers pricing analysis, patent analysis, and technological advancements in depth.

Market Definition

A connector is something that is used to provide electrical energy to the battery pack from the charging station. The battery pack receives electricity from the charging station through a charging connector. A charging connector resembles a charging cable used to charge a mobile phone in many ways. A mobile phone charging cable features both a wall connector and a phone side connector. Similarly, an electric vehicle's battery pack's charging connector has a vehicle-side connector and a charger plug connector. The vast majority of electric vehicle charging stations worldwide are of the Grid-to-Vehicle (G2V) variety, which allows for only a single direction of charge transfer.

North America Electric Vehicle Connectors Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail as below:

Drivers

• Rapid Penetration of EV & HEV

The EV industry has been showing enormous growth over the years owing to rising demand for electric vehicles almost in every region. Furthermore, major players in the electric vehicles market such as Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motors Company are focusing on expanding their business operations in emerging countries such as China, India, and others. Rapid penetration of EV/HEV globally is fuelling the North America electric vehicle connectors market as 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.

• Increasing Investment In Charging Network By Key Players

Creating an accessible public charging network will be essential to achieve widespread EV adoption. Public charging is vital for EV consumers who live in multi-unit complexes or those without a private driveway. Additionally, EV owners will require charging their vehicles along highways and driveways to drive longer distances and charge along the way. Expected future battery improvements and increasing investment in charging networks by key players are expected to act as drivers for the North America electric vehicle connectors market. Other than government initiatives and subsidiaries to install EV charging stations, key players in the electric vehicle (EV) market are also investing heavily in building a charging network in regions where the sales are high.

• Advancement and Development In Electric Vehicle Connectors

The development and advancement of EV connectors are increasing at a rapid rate. This is basically due to meeting the present demands of high-speed EV charging and the ability to charge from both sources of electricity, AC and DC, for the EV owners. The rapid advancement and development in the EV connector are expected to boost the growth of the electric vehicle connector’s market growth.

Opportunities

• Increasing Demand for V2X Solutions

As the EV market is expanding, demand is increasing for vehicle-to-everything (V2X) charging connector solutions. As EV adoption continues to grow, powerful connectors that can support EV charging will play a key role in both the development of the future automotive landscape, as well as contribute to the grid and residential energy systems. Thus, the increasing demand for V2X solutions is expected to increase the EV connector applications and use in EV and its allied sectors providing an opportunity for the North America electric vehicle connectors market.

Restraints/Challenges

• High Cost Associated With EV Connectors

The importance of connectors is increasing as the EV/HEV is increasing on the road across the globe. It is an important component in EV and EV charging as electric vehicles are recharged by electricity. However, the high cost associated with the EV connectors is a major restraining factor for the growth of the North America electric vehicle connectors market.

COVID-19 Impact On North America Electric Vehicle Connectors Market

COVID-19 created a major impact on various industries as almost every country has opted for the shutdown of every facility except the ones dealing in the essential goods segment. The government has taken some strict actions, such as the shutdown of facilities and sale of non-essential goods, blocked international trade, and many more, to prevent the spread of COVID-19. The only business, which is dealing with this pandemic situation is the essential services that are allowed to open and run the processes.

COVID-19 highly impacted the transportation of the public. During social distancing, travellers were asked to avoid travel unless it's completely necessary. Also, the behavior of individuals has certainly changed during the pandemic, which has led to a decrease in the sale of automotive vehicles. The pandemic brought a huge drop in sales for electric vehicles as the lockdown prevailed in most of the regions and in turn, dropped down for charging stations and thus the sale of EV connectors. The lockdown led manufacturers and consumers to completely stop the processes for a few months. The demand for electric vehicle connectors faced a drastic downfall due to the shutdown of various automobile, transport, and electronics industry. However, things are getting normal day by day. EV connectors growth now obsolete and growing at a rapid pace.

Manufacturers are making various strategic decisions to meet the growing demand in the COVID-19 period. The players were involved in strategic activities such as partnerships, collaborations, acquisitions, and others to improve the technology involved in the North America electric vehicle connectors market. The companies will bring advanced and accurate solutions to the market. In addition, the government initiatives to boost EV adoption and enhance EV infrastructure across countries have led to the market's growth.

Recent Development

• In June 2022, Robert Bosch GmbH announced the acquisition of the MoTeC Group. This acquisition will allow the company to boost its offered product portfolio in automotive technology and increase the market reachability
• In April 2021, NINGBO DEGSON ELECTRICAL CO., LTD announced that the company had participated in the Munich Electronics Show at the Shanghai New International Expo Centre. The company has showcased various products for various sectors and applications at this event. Through this, the company has increased its market reachability via showcasing its product capabilities and technical advancement

North America Electric Vehicle Connectors Market Scope

The North America electric vehicle connectors market is segmented on the basis of type, material, current type, charging speed, mounting type, cable type, level, end user, sales channel, and vehicle type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

By Type

• Type 1
• Type 2
• Type 3

On the basis of type, the North America electric vehicle connectors market is segmented into Type 1, Type 2, and Type 3.

By Material

• Aluminium
• Copper

On the basis of material, the North America electric vehicle connectors market is segmented into aluminium, and copper.

By Level

• Level 1
• Level 2
• Level 3
• Level 4

On the basis of level, the North America electric vehicle connectors market is segmented into level 1, level 2, level 3, and level 4.

By Current Type

• AC Charging
• DC Charging

On the basis of current type, the North America electric vehicle connectors market is segmented into AC charging, and DC charging.

By Charging Speed

• Slow
• Fast
• Rapid

On the basis of charging speed, the North America electric vehicle connectors market is segmented into slow, fast, and rapid.

By Mounting Type

• Wall Mounted
• Floor Mounted

On the basis of mounting type, the North America electric vehicle connectors market is segmented into wall-mounted, and floor-mounted.

By Cable Type

• Straight Cable
• Coiled Cable

On the basis of cable type, the North America electric vehicle connectors market is segmented into straight cable, and coiled cable.

By End User

• Residential Charging
• Commercial Charging

On the basis of end user, the North America electric vehicle connectors market is segmented into residential charging, and commercial charging.

By Sales Channel

• OEM
• Aftermarket

On the basis of sales channel, the North America electric vehicle connectors market is segmented into OEM, and aftermarket.

By Vehicle Type

• Plug-In Hybrid Vehicles
• Battery Electric Vehicles

On the basis of vehicle type, the North America electric vehicle connectors market is segmented into plug-in hybrid vehicles and battery electric vehicles.

North America Electric Vehicle Connectors Market Regional Analysis/Insights

The North America electric vehicle connectors market is analyzed, and market size insights and trends are provided by country, type, material, current type, charging speed, mounting type, cable type, level, end user, sales channel, and vehicle type, as referenced above.

The countries covered in the electric vehicle connector’s market report are the U.S., Canada, and Mexico.

U.S. dominates the North America electric vehicle connectors market, it is likely to be the fastest-growing in the North America electric vehicle connectors market as it has a huge presence of major electric vehicle connector’s providers, which may increase the market growth in the North American region.

The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and North America Electric Vehicle Connectors Market Share Analysis

The electric vehicle connector’s market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the North America electric vehicle connectors market.

Some of the major players operating in the North America electric vehicle connectors market are YAZAKI Corporation, TE Connectivity, Sumitomo Electric Industries, Ltd., HUBER+SUHNER, Tesla, REMA Lipprandt GmbH Co. KG, Sumitomo Electric Industries, Ltd., BESEN INTERNATIONAL GROUP CO., LTD., HARTING Technology Group, Weidmüller, BizLink Group, Japan Aviation Electronics Industry, Ltd., ITT Inc., among others.

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