Asia-Pacific Electric Vehicle Connectors Market, By Type (Type 1, Type 2 and Type 3), Material (Copper and Aluminium), Current Type (AC Charging and DC Charging), Charging Speed (Slow, Fast and Rapid), Mounting Type (Wall Mounted and Floor Mounted), Cable Type (Straight Cable and Coiled Cables), Level (Level1, Level 2, Level 3 and Level 4), End User (Commercial and Residential), Sales Channel (OEM and Aftermarket), Vehicle Type (Battery Electric Vehicles and Plug-In Hybrid Vehicles) - Industry Trends and Forecast to 2029.
Asia-Pacific 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 Asia-Pacific electric vehicle connectors market is expected to reach a value of USD 66,232.06 Thousand by 2029, at a CAGR of 17.1% during the forecast period. The Asia-Pacific electric vehicle connectors market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customisable to 2019-2014)
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Quantitative Units
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Revenue in USD Thousand, Pricing in USD
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Segments Covered
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By Type (Type 1, Type 2 and Type 3), Material (Copper and Aluminium), Current Type (AC Charging and DC Charging), Charging Speed (Slow, Fast and Rapid), Mounting Type (Wall Mounted and Floor Mounted), Cable Type (Straight Cable and Coiled Cables), Level (Level1, Level 2, Level 3 and Level 4), End User (Commercial and Residential), Sales Channel (OEM and Aftermarket), Vehicle Type (Battery Electric Vehicles and Plug-In Hybrid Vehicles)
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Countries Covered
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China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific
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Market Players Covered
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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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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.
Asia-Pacific 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
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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 Asia-Pacific 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.
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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 Asia-Pacific 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.
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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 Asia-Pacific electric vehicle connectors market growth.
Opportunities
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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 Asia-Pacific 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 EV connectors is a major restraining factor for the growth of the Asia-Pacific electric vehicle connectors market.
COVID-19 Impact on Asia-Pacific 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 behaviour 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 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 is 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 Asia-Pacific 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
Asia-Pacific Electric Vehicle Connectors Market Scope
The Asia-Pacific 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 analyse 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 Asia-Pacific electric vehicle connectors market is segmented into Type 1, Type 2, and Type 3.
By Material
- Aluminium
- Copper
On the basis of material, the Asia-Pacific 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 Asia-Pacific 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 Asia-Pacific 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 Asia-Pacific 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 Asia-Pacific 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 Asia-Pacific 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 Asia-Pacific electric vehicle connectors market is segmented into residential charging, and commercial charging.
By Sales Channel
- OEM
- Aftermarket
On the basis of sales channel, the Asia-Pacific 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 Asia-Pacific electric vehicle connectors market is segmented into plug-in hybrid vehicles and battery electric vehicles.
Asia-Pacific Electric Vehicle Connectors Market Regional Analysis/Insights
The Asia-Pacific electric vehicle connectors market is analysed, 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.
Asia-Pacific electric vehicle connectors market covers countries such as China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, and the Rest of Asia-Pacific. China is expected to dominate the Asia-Pacific electric vehicle connectors market as China is the largest manufacturer of electric vehicles, and the Government of China has announced plans to adopt electric vehicles in the near future. Moreover, increasing 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.
The country section of the Asia-Pacific electric vehicle connectors market report also provides individual market impacting factors and changes in regulations in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology, and import-export tariffs are some of the significant pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Electric Vehicle Connectors Market Share Analysis
The Asia-Pacific electric vehicle connectors market competitive landscape provides details of the competitor. Details include company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, solution launch, product width and breadth, and application dominance. The above data points are only related to the companies focus on the Asia-Pacific electric vehicle connectors market.
Some of the major players operating in the Asia-Pacific 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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