|Status : Published
|Published On : Dec, 2023
|Report Code : VRAT9611
|Industry : Automotive & Transportation
|Available Format :
|Page : 260
During the projected period of 2025 –2030, it is expected that the Global Market for Electric Car Charging cables will increase from $1 billion in 2023 to $4.5 billion by 2030, exhibiting a CAGR of 38.4%. The control lines, signal lines, and auxiliary lines that are linked to the electric car charging cable provide electricity and guarantee the safe functioning and precise management of the entire charging process.
The EV charging cords provide optimum usefulness, maximum performance, and dependability for every movement. EV charging cords are simple to use and enable multiple charging modes in different geographical locations. The EV charging cable is simple to install in the security enclosures and has a tiny, ergonomic handle. To satisfy their customers' expectations, numerous significant players in the worldwide EV charging cable market are introducing enhanced goods. As a result, EV charging connections enable drivers to travel vast distances while charging their electric vehicles quickly.
The automobile industry's supply chain and product demand have been severely impacted by the COVID-19 epidemic. In the short term, the worldwide EV sales had a negative effect, which hampered the growth of the EV charging cables market, due to the size and importance of the Chinese market in the automotive industry, particularly for the EV segment. However, it is projected that the market will recover and this will increase the manufacturing of electric vehicles, increasing the need for charging infrastructure. This will benefit the market for EV charging cables throughout the projected period.
Insight by Power Supply
The market for electric car charging cables is categorized into alternating current (AC) and direct current, based on the power source (DC). One of the main power sources for personal charging stations is AC, which makes up the greatest portion of the market for EV charging cables. Residential and semi-commercial charging stations employ AC power supplies because they have a low power output and require less installation money.
Insight by Charging Level
Level 1, Level 2, and Level 3 charging cables are available in the market. The level 3 charging category is projected to experience the fastest growth during the forecast period, due to the advancements in charging technology. This type of charger is equipped with CHAdeMO technology, which charges through a 480V outlet, offers a high-power charging option, and can fully charge a vehicle in under 30 minutes.
Insight by Application
The market is categorized into private charging and public charging, based on application. Due to the widespread use of electric vehicle charging stations for private charging, this category will account for a greater percentage of charging in 2020. Whereas, due to its widespread installation in shopping centers, airports, hotels, and parking lots for commercial properties, government buildings, taxi stands, and highways, public charging is predicted to have the greatest CAGR throughout the forecast period. High-voltage public charging can speed up the charging process for electric vehicles.
Insight by Cable Length
The global market for electric car charging cables is classified, based on cable length, into less than 5 meters, 6–10 meters, and more than 10 meters. Due to the growing popularity of private charging terminals and the simplicity of storage and usage, the shorter than 5-meter category dominates the market. Whereas, as more public charging stations are expected to be available during the forecast time, the 6–10 meters category is projected to witness the highest CAGR.
Insight by Shape
The market for electric vehicle charging cables is divided into two categories, based on shape: straight and coiled. Due to its low cost, low maintenance requirements, and convenience of installation, the straight category dominates the market and is widely used in both private and public charging terminals. On the other hand, since coiled cables require less storage space, are durable and flexible, and are widely used for quick charging, the coiled category is projected to expand at a higher rate.
Global Electric Vehicle (EV) Charging Cable Market Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. 1 Billion
Revenue Forecast in 2030
U.S.D. 4.5 Billion
Segments Covered in the Report
By Power Supply, By Charging Level, By Application, By Shape.
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and the Rest of the World
The surging adoption of electric vehicles is due to the growing tendency to reduce greenhouse gas emissions; as a result, EV charging stations will be built and installed, and the market for EV charging cables will expand. Additionally, the important trends in the market for EV charging cables are the continued advancements in EV charging technology, such as robotic advancements and improved socioeconomic conditions.
The government's initiatives to promote the use of electric vehicles and related infrastructure, the increasing prevalence of range anxiety, the rising demand for quick-charging infrastructure for EVs, and the rapid adoption of EVs by shared mobility operators are some of the factors driving the growth of the EV charging cable market. In addition, the increased demand for electric vehicles due to worldwide emission standards will lower hazardous gas emissions and accelerate the market for EV charging cables. By 2030, there will be 250 million electric vehicles on the road, which will increase the demand for charging connections.
The difficulties in the market for EV charging cables are the accessibility of wireless EV charging, the rising price of DC charging cables, and the sizeable initial investment in EV fast-charging infrastructure.
Technology advancements in EV charging cables have led companies like Leoni AG to create a revolutionary charging cable idea that enhances safety and eliminates tripping over cables in low-light conditions, resulting in considerable market prospects.
The market for EV charging cables is dominated by APAC since China accounts for the majority of sales and is actively enticing major OEMs to produce electric vehicles. Additionally, the market for EV charging cables in the area will expand due to the increase in the number of EV charging stations.
To survive in the cutthroat market, the industry players are taking strategic actions like contracts, collaborations, joint ventures, agreements, and product launches. Additionally, businesses have robust distribution networks, are growing their geographic reach, and provide customers with expanded product offerings.
A leading supplier of goods, services, and programs for the automotive industry's energy and data management is LEONI. With the LEONI high power charging (HPC) cable, a motorist may charge an electric car quickly and over long distances. These cables have a tiny diameter to make handling easier, but they are vulnerable to overheating. As a result, they are always equipped with a liquid cooling system.
One of the global leaders for EV charging cables, Aptiv offers a wide range of electrification products, including charging cord sets and inlets, busbar assemblies, shielded HV cables, solid-state electrical centers, high-voltage electrical connectors, software development, delivering industrialization, and system integration at the level of the automotive industry.
TE Connectivity introduced 3 innovative products in October 2021 for the market of hybrid and electric commercial vehicles. The innovative IPT-HD power bolt connector has a low-contact-resistance design that can handle extremely high engine-level vibrations and operates in temperatures between -40 and +125 degrees Celsius.
Aptiv, TE Connectivity, LEONI, BESEN-Group, Coroplast, Phoenix Contact, DYDEN CORPORATION, Chengdu Khons Technology Co. Ltd., Grupo General Cable Sistemas, and Tesla are a few of the major companies active in the EV charging cables market.
The Electric Vehicle (EV) Charging Cable Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Source: VynZ Research