EV Connector Market worth $10.9 billion by 2030 – Exclusive Report by MarketsandMarkets™

Chicago, Feb. 19, 2024 (GLOBE NEWSWIRE) — 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%, according to a new report by MarketsandMarkets™. 

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Report Attributes Details
Market size value in 2023: USD 2.0 billion
Projected to reach 2030: USD 10.9 billion
CAGR: 27.1%
Forecast Period: 2023-2030
Largest Market: Asia Pacific
Region Covered: Asia Pacific, Europe, and North America
Segments Covered: 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
Companies Covered: TE Connectivity Ltd. (Switzerland), Aptiv PLC (Ireland), Yazaki Corporation (Japan), Molex LLC (US), and Sumitomo Electric Industries Ltd. (Japan)

EV connectors for high-voltage systems and need of miniaturization, weight reduction, and high-performance materials, and a surge in data transmission and complex systems for ADAS, battery management, vehicle lighting and autonomous driving, demanding high-bandwidth and low-latency EV connectors. Electric vehicles (EVs) are rapidly using advanced driver-assistance systems (ADAS) and autonomous driving technologies, which require connectors to handle the massive data flow. This gives connector manufacturers even more chances to advance technologically and meet the constantly changing demands of the electric revolution.

“Engine management and powertrain application is expected to show a significant growth rate during the forecast period.”

The engine management and power train segment is projected to register a CAGR of 24.3% during the forecast period. The engine management system in a PHEV is responsible for controlling the operation of the engine, including the ignition, fuel injection, and emissions control systems. The engine management system also coordinates the engine’s operation with the electric motor and battery to provide optimal performance and efficiency. The powertrain in a PHEV typically consists of an internal combustion engine (ICE), an electric motor, and a battery. The ICE and electric motor are connected to the transmission, which drives the wheels. A PHEV’s engine management system and powertrain are designed to work together to provide optimal performance and efficiency. High-voltage battery connectors transmit high-voltage DC power from the battery pack to the electric motor and other high-voltage components. Fuel injector and spark plug Connectors deliver fuel and ignition signals to the engine cylinders, ensuring proper combustion. ECU connectors transmit data from various engine sensors to the ECU, allowing it to monitor and control engine performance. Power Control Unit (PCU) connectors transmit data from the electric motor and battery to the PCU, allowing it to manage the electric powertrain system.

“Board – to – Board connection system to hold largest market share during the forecast period.”

Board-to-board connectors play a critical role in high-end applications within electric vehicles (EVs), contributing to advanced electronic systems’ overall performance, reliability, and functionality. In high-end EV applications, these connectors are essential for high-speed data transmission, battery management systems for high-capacity batteries, complex sensor networks for autonomous driving, high-resolution displays, infotainment systems and others. Board-to-board connectors dominate within electronic modules due to their compact size and ease of integration. The trend is towards miniaturization and increased integration, which could lead to higher adoption of board-to-board connectors in near future.  Also 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. All such high-end application require to be connected by board – to – board connection. Thus, growing demand for high-end applications is estimated to drive the EV connector industry. With the changing demands of passengers and OEMs, new and advanced applications are expected to penetrate the market.

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“North America will be the prominent growing market for EV connectors during the forecast period.”

North America is a regional hub for many renowned OEMs delivering quality, high-performance vehicles. In North America, OEMs like Tesla and GM focus on developing cleaner, faster, and high-performance electric vehicles. Nissan, BMW, Volkswagen, and Daimler are the leading OEMs in the US that have launched electric vehicles in the region. The top-selling electric vehicles in the US are Chevy Volt, Tesla Model S, Nissan Leaf, and Ford Fusion Energy PHEV. Along with OEMS, EV connector manufacturers such as TE Connectivity (Switzerland), Amphenol (US), Samtec (US), and Huber+Suhner (Switzerland), among others, are present in the Region. Various services offered by electric vehicle infrastructure providers have increased the adoption rate of electric vehicles in US. Tesla, Ford Motors, and General Motors have included some ADAS features as standard in their EVs. For instance, Tesla Model 3 & Model Y offer ADAS features such as adaptive cruise control, lane centering, and automatic lane changes. Additionally, in July 2022, Cadillac Lyriq a luxurious SUV by General Motors was launched with super cruise system, which allows hands-free driving on mapped highways. It also features a high-resolution, curved OLED display spanning the instrument cluster and infotainment system for an immersive driving experience. The EV connector market growth in North America is expected to be significant due to the rise in EV sales and connectivity-based applications, including autonomous driving, connected services, ADAS, high-end infotainment, and powertrain solutions. As technology becomes more widely available and affordable, more consumers in this region purchase vehicles with ADAS features. This has led to a rise in demand for these systems and an increase in the number of electric vehicles equipped with ADAS. Thus, the demand for EV connectors will also increase with the rising sales of EVs, increased adaptation of ADAS, high-end infotainment, and powertrain solutions.

Key Market Players

The EV Connector Companies are TE Connectivity Ltd. (Switzerland), Aptiv PLC (Ireland), Yazaki Corporation (Japan), Molex LLC (US), and Sumitomo Electric Industries Ltd. (Japan).

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