Electric Vehicle Charging Connector Procurement Intelligence Report, 2024 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Every organization and its procurement team look forward to negotiating the best deal while procuring a set of products or subscribing to services. Rate benchmarking involves price/cost comparison of more than one set of products/services to analyze the most efficient combination that can potentially help the procurement team in getting the optimum rate.

The geographical location, supply chain complexities, and scale of business play a vital factor in analyzing the rate benchmarking of the electric vehicle charging connector category.

China's EV market dominance makes it a prime location for foreign investment in the rapidly expanding EV charging industry. Compared to the U.S., Norway, Germany, and India, EV chargers are significantly cheaper in China due to the country's national certification standards, production volume, and quality. The current market leaders for public EV charging companies in China comprise of TGOOD, Star Charge, YKC, and China State Grid. Together they constituted 65% of the market share in 2022.

For instance, as of 2022, the price of EV chargers in China was around USD 3,500 - 14,000 (range includes DC low power to high power price range). In India, the average price for the same power range was between USD 12,000 - 28000. Developed countries such as Germany had prices between USD 22,500 - 53,500 whereas U.S. chargers were the most expensive ones, ranging between USD 23,000 - 81,000.

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Labor cost is one of the key components of the total incurred costs while offering a product or service. Therefore, an organization must decide on whether the focus category should be retained in-house or outsourced if the organization is providing its products or services at competitive prices. If the organization decides in favor of outsourcing, it must understand the difference in the salary structures of suppliers before selecting a supplier and formulating a negotiation strategy.

According to our research, electrical design engineers at Tesla Inc. and ABB Ltd. receive a 12 - 15% higher base salary compared to the salary received by electrical design engineers working in companies such as Hirose Electric Co. Ltd and Sumitomo Electric Industries, Ltd. However, the year-on-year increment rate in all these companies majorly depends on the Key Result Areas (KRAs).

Organizations may find it cumbersome to track all the latest developments in their supplier landscape continuously. Outsourcing the activities related to gathering intelligence allows organizations to focus on their core offerings. At this juncture, our newsletter service can help organizations stay updated with the latest developments and innovations and subsequently assist in preventing disruptions in the supply chain. We have identified the following developments within the electric vehicle charging connector category in the last year:

• In January 2024, Siemens AG acquired Heliox. The Netherlands-based company (or, acquiree) specializes in manufacturing DC fast chargers. The acquisition will complement the acquirer’s existing e-Mobility charging portfolio. Power levels from 40kW to more than a megawatt for commercial EV depots will be added under the agreement. Heliox will also help Siemens to expand its footprint in the European and North American region.

• In December 2023, EasyLease purchased a 60% stake in Fully Charged, a U.A.E.-based company that specializes in EV charging technology and manufacturing. Through this acquisition, the acquirer will leverage Fully Charged’s technology to promote expansion in the Middle East and GCC region. This deal seeks to promote decarbonization in last-mile deliveries across the UAE and the GCC region.

• In August 2023, Tesla acquired Wiferion, a German-based EV charging company for USD 76 million. The latter specializes in wireless charging. Tesla, through this acquisition, aims to incorporate Wiferion’s technology and thereby strengthen its charging segment.

• In April 2023, ABB e-mobility announced its investment in a London-based company called Switch EV. The collaboration aims to take a more integrated approach in a fragmented EV charging operation market. Together, the companies will create an integrated solution across the value chain - incorporating Switch EV’s ISO 15118-2/-20 and OCPP 2.0.1. charger operating system and cloud-based charger management platform with their advanced software solutions. The companies main objective is to provide an advanced seamless EV charging ecosystem.