According to the research report titled ‘Global EV Charging Connector Market Size study, by Charging Type (Type 1, Type 2, Type 3), by Level Type (Level 1, Level 2, Level 3, Level 4), Charging speed type (Slow, Fast, Rapid), By Voltage Type (Alternating current charging, Direct current charging) and Regional Forecasts 2020-2027’, available with Market Study Report, global EV charging connector market was worth USD 0.4 billion in 2019 and is projected to expand at 18.44% CAGR to be remunerated at USD 1.5 billion by the year 2027.
 

Mounting demand for fast charging, preference of automakers of making EVs as key segment, and increasing government emphasis on encouraging EVs adoption are the primary factors driving global EV charging connector market growth.
 

For those unversed, electric vehicles (EVs) chargers provide battery and an energy source for charging the vehicle's battery. Various charging points, such as level 1, level 2, and level 3, can be used to charge electric vehicles.
 

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In addition to lower maintenance costs, the purchasing cost of an electric car is lower than that of a conventional gasoline or diesel vehicle. Electric cars have no carbon footprint, ensuring zero emission of greenhouse gases into the atmosphere, further augmenting global EV charging connector industry share.
 

Governments in various countries are heavily investing in charging infrastructure, which augurs well for global EV charging connector industry growth. Citing an instance, the Chinese government announced in October 2015 that it intends to invest in the deployment of EV infrastructure in order to meet its target of supporting 5 million on-road EVs by 2020.
 

In addition, the Singapore government unveiled an electric vehicle sharing program in 2017, as per which, BlueSG (Singapore), a Bollore Group subsidiary, will install 2,000 EV chargers in 500 charging stations across Singapore.
 

Despite the favorable scenario, lack of EV connector standardization is likely to impede the remuneration scale of the industry over the study period.
 

Geographically, North America presently holds significant portion of global EV charging connector market share, owing to escalating demand for fast charging infrastructure.
 

On the other hand, Asia Pacific industry is poised to accumulate huge returns over the coming years, attributable to growing emphasis of government on encouraging EVs acceptance, and increasing focus of automakers on EV segment.
 

Leading organizations in global EV charging connector market sphere are Siemens AG, Amphenol Corporation, ITT Inc., Bosch Group, Tesla Inc., Huber+Suhner, Schneider Electric SE, Sumitomo Corporation, TE Connectivity, and YAZAKI Corporation.