EV Charging Cables Market

Global EV Charging Cables Market Size (2024 to 2029):

The global EV charging cables market size is expected to reach USD 1.12 billion in 2024 and reach USD 3.09 billion by 2029, growing at a CAGR of 21.52% from 2024 to 2029.

The market is expected to increase due to the rising adoption of electric cars (EVs), the rising need for fast-charging cables, and the rapid development of electric vehicle supply equipment. In the last decade, the worldwide electric car market has advanced dramatically. Governments are supporting the increased use of electric vehicles in response to growing concerns about global emission levels. Chargeable battery packs are installed in EVs to provide energy for driving, and these batteries can be charged primarily at public or private charging stations. Battery electric vehicles (BEVs) are charged entirely by electricity, reducing noise, pollution, and greenhouse gas emissions. Charging cords are used to recharge these battery packs. As a result, charging cables are critical in electric vehicles.

Global EV Charging Cables Market Drivers:

The demand for charging infrastructure and EV charging connections has increased as electric vehicles' adoption and use have grown. On the other hand, emerging economies like China, the United States, and Germany invest more in electric vehicles and EV charging infrastructure. In addition, they are also investing in research and development for quicker and more efficient charging techniques. As a result, automakers are projected to make significant expenditures to meet the growing demand for electric vehicles and play a crucial role in the evolution of the electric car charging cable firm. Significant firms include Tesla, Volkswagen, Mahindra & Mahindra, Ford, Nissan, BMW, and GM, and all have ample R&D resources for electric vehicle development. 

Automobile manufacturers receive fixed quotas, subsidies, refunds, and tax breaks from the Netherlands, France, India, and Canadian governments. Even government subsidies for electric vehicle purchases have resulted in a boom in global EV sales. Furthermore, the market for EV charging cables is predicted to expand during the forecast period. The growing inventory of EVs necessitates the establishment of power grids and charging terminals to maintain smooth operations.

Manufacturers of EV charging cables are dedicated to developing sophisticated technology cables in response to the growing demand for high-speed charging stations. The majority of DC charging stations operate between 400 and 480 volts and can charge up to 50kW. Several new EV charging cable solutions have been released by leading EV charging cable manufacturers to make the charging procedure easier. Further innovations in electric vehicle charging cables are projected to help the industry flourish.

Global EV Charging Cables Market Restraints

Thanks to wireless charging technology, electric vehicles can be wirelessly charged from highways, either stationary or in motion. The rising demand for vehicle safety, the rising market for premium sector automobiles, the development of semi-autonomous and autonomous vehicles, and the increased acceptance of electric cars are all projected to promote wireless charging of electric vehicles. In addition, wireless technology will be used in a variety of applications by many businesses and researchers. Therefore, it is predicted that the technology will swiftly infiltrate the market in the future.

A fast-charging cable costs roughly $126 on average, which is more expensive than a slow-charging cable. In addition, consumers will be compelled to stay updated with the latest EV technology, resulting in significant losses on the initial charging system installation. As a result, EV charging cable demand may be hampered as a result of such circumstances.

Impact Of COVID-19 On The EV Charging Cables Market:

The COVID-19 outbreak was wreaking havoc in South Korea and China, adding an unusual dimension for automakers. This is because electric vehicle batteries are primarily acquired from Chinese and South Korean providers, including LG Chem, CATL, and Samsung HDI. Supply may be limited, and procuring them from alternate sources is difficult. This has become a significant worry for European manufacturers as they strive to meet their national emissions objectives. Moreover, in a long-term scenario, fewer government subsidies, declining oil prices, and the economic impact of the pandemic will limit EV demand, affecting EV charging cable demand as well.

REPORT COVERAGE:

This research report on the global ev charging cables market is segmented and sub-segmented into the following categories.

Global EV Charging Cables Market - By Application: 

• Public 
• Private Charging

Attributed to the increasing number of private EVs, the private charging segment is expected to dominate the market over the projection period. On the other hand, the growing number of commercial charging terminals worldwide is predicted to fuel exponential growth in the public charging segment over the forecast period.

Global EV Charging Cables Market - By Length:

• 5 m
• 6m to 10m
• 10m & above

The sector below 5m accounts for most of the global market because of its widespread use in private charging terminals. However, due to the growing number of public charging stations, the 6 m to 10 m category is also predicted to develop exponentially in the market over the projection period.

Global EV Charging Cables Market - By Charging Level: 

• Levels 1
• Level 2
• Level 3

With current usage in private charging terminals, the level 1 category has the highest proportion of the global market. However, due to the rapid development of fast-charging infrastructure, the level 2 category will likely dominate the market over the projection period. Furthermore, with its supercharging capability, the level 3 segment is also expected to rise rapidly.

Global EV Charging Cables Market - By Shape: 

• Straight
• Coiled Cables

Considering straight cable is widely used in both private and public charging, it is projected to be the most popular over the study period. Meanwhile, the coiled cable category is expected to increase faster because of its flexibility and quick charging.

Global EV Charging Cables Market - By Power Supply: 

• AC
• DC

In terms of market share, the Alternative Charging (AC) segment has a larger market share due to the dominance of private charging points. The Direct Charging (DC) segment, on the other hand, is expected to have the fastest CAGR due to the rapid development of public fast-charging stations.

Global EV Charging Cables Market – By Region:

• North America
• Europe
• Asia-pacific
• Middle-east and Africa
• Latin America

In 2020, Asia Pacific dominated the market, holding 58.9% of total revenue. Emerging economies, including China, South Korea, and Japan, are the key drivers of growth in this region. The governments of China and India have identified the global electric vehicle supply equipment market's growth potential. They have taken many steps to entice major OEMs to construct electric car charging infrastructure in their respective countries. The need for EV charging cables in the region is projected to be driven by increasing demand for EV charging stations. China holds the largest market for electric vehicle charging cables globally.

From 2022 - 2027, North America is expected to have the most significant CAGR of 29.6%, followed by Europe. This is owing to most manufacturers' increased focus on building high-performance, greener, and faster electric vehicles. Furthermore, the regional market is predicted to be boosted by the increase in the installation of electric vehicle charging infrastructure. Moreover, the presence of crucial EV supply equipment manufacturers also raises market growth in the region. Additionally, Europe's EV charging cable market is estimated to thrive thanks to government subsidies provided across the EU for EVs and their components.

KEY MARKET PLAYERS:

Chengdu Khons Tech Co Ltd, General Cable Tech Corp, Dyden Corp, Chargepoint, Shell, BP, ABB, Hyundai, RWE, Siemens, EVBOX, Blink, Tesla. Some of the market players dominating the global ev charging cables market.

RECENT DEVELOPMENTS IN THE MARKET:

• Brisbane-based Tritium, a company that develops DC fast chargers for electric vehicles and has sold over 5,000 units worldwide, has announced a record quarter and the highest backlog it has ever had, possibly indicating the shift to electric vehicles has reached a tipping point in October 2021. Tritium, sponsored by the St. Baker Energy Innovation Fund, offers a variety of DC fast chargers and has several innovative devices in the works, including a 25kW bidirectional (two-way) wall charger that might be used for V2G and V2H applications.
• Leoni AG will sell the Business Group Leoni Industrial Solutions to BizLink, a worldwide provider of cable and communication solutions. In 2020, the activities to be sold generated sales of nearly EUR 430 million, with an enterprise value of around EUR 450 million. After deducting financial liabilities and pension charges, the estimated cash inflow of around EUR 300 million will be utilized to boost liquidity. As a result, the sale would significantly improve Leoni's financial condition.
• Gravity, an EV charging infrastructure startup founded in February 2021, opened New York's first indoor charging center, which offers parking and charging facilities.