|Status : Published||Published On : Dec, 2021||Report Code : VRAT9611||Industry : Automotive & Transportation||Available Format :||Page : 300|
The global electric vehicle charging cables market is anticipated to grow from USD 428 million in 2021 to USD 3,156 million by 2027, registering a CAGR of 39.4% during the forecast period 2021-2027. The electric vehicle charging cable is connected with control lines, signal lines, and auxiliary lines which supply power and ensure the secured operation and accurate control of the whole charging process.
The EV charging cables offer maximum service life and maximum performance with maximum functionality and reliability for each movement. EV charging cables are easy to use and support different charging modes in various regions. With an ergonomically small handle, the EV charging cable is easy to install in the security enclosures. Many major companies in the global EV charging cable market are deploying improved products to meet their customers' needs. Thus, EV charging cables allow drivers to charge their electric vehicles within a short span of time and travel long distances.
The COVID-19 outbreak has had a tremendous impact on the supply chain and product demand in the automotive industry. Owing to the size and significance of the Chinese market in the automotive industry, particularly for the EV segment, the global EV sales had a negative impact in the short run, resulting in hampering the growth of the EV charging cables market. However, the market is anticipated to bounce back and will lead to an increase in EV production resulting in increased demand for charging infrastructure. This will have a positive effect on the EV charging cables market during the forecast period.
Insight by Power Supply
Based on power supply, the global electric vehicle charging cable market is bifurcated into alternating current (AC) and direct current (DC). AC contributes to the largest share in the EV charging cable market and is one of the major power sources for private charging points. AC power supply is used in residential and semi-commercial charging stations as it provides low power output and involves less installation cost.
Insight by Charging Level
Based on charging level, the global electric vehicle charging cable market is segregated into level 1, level 2, and level 3. Owing to development in charging technology, the level 3 charging segment is anticipated to be the fastest-growing segment during the forecast period as it is equipped with CHAdeMO technology that charges through a 480V and provides a high-power charging option, and can charge vehicles in less than 30 minutes.
Insight by Application
Based on application, the global electric vehicle charging cable market is bifurcated into private charging and public charging. Private charging contributes to the largest share in 2020 owing to the extensive adoption of electric vehicle charging stations for private charging. Also, public charging is anticipated to have the highest CAGR over the forecast period as it is widely installed at shopping malls, airports, hotels, parking lots of commercial properties, government offices, taxi stands, and highways. Public charging can charge an electric vehicle in less time with high voltage.
Insight by Cable Length
Based on cable length, the global electric vehicle charging cable market is categorized into less than 5 meters, 6-10 meters, and more than 10 meters. The less than 5 meters contributes to the largest in the global EV charging cable market owing to the rising adoption of private charging terminals and are efficient for use in residential applications as it provides ease of storage and use. The 6-10 meters is anticipated to have a high CAGR during the projected period owing to the rising number of public charging points.
Insight by Shape
Based on shape, the global electric vehicle charging cable market is bifurcated into straight and coiled. The straight segment dominates the market owing to its low cost, less maintenance, and ease in installing thus having a large-scale usage in public and private charging terminals. The coiled cables are anticipated to grow at a faster pace as it involves less storage space, are long-lasting, flexible, and is highly adopted for fast charging.
The growing trend to decrease the emission of greenhouse gases will lead to the adoption of electric vehicles, thus developing and installing EV charging stations and driving the growth of the EV charging cable market. Moreover, the ongoing development in EV charging technologies like robotic changing, enhancing socio-economic conditions are the key trends in the EV charging cable market.
Factors attributing to the growth of the EV charging cable market includes the initiatives by the government for adoption of electric vehicles and associated infrastructure, increasing demand for electric vehicle quick-charging infrastructure, the rising prominence of range anxiety, and surging deployment of EVs by shared mobility operators. Furthermore, the rising demand for vehicle electrification globally owing to mandatory emission norms will reduce the emission of harmful gases and boost the growth of the EV charging cables market. According to IEA, there will be 250 million electric vehicles on the road by 2030 which results in the need to purchase charging cables, resulting in the growth of the market.
The availability of wireless EV charging, the huge initial investment in EV fast-charging infrastructure, and the increased cost of DC charging cables are the challenges faced by the EV charging cables market.
The technological development of EV charging cables like Leoni AG has developed a novel charging cable concept that improves safety and prevents tripping over cables in dark areas, thus creating significant opportunities in the EV charging cables market.
Asia-Pacific dominates the EV charging cables market as China is the major revenue contributor and is providing initiatives to attract major OEMs to manufacture electric vehicle charging infrastructure in the regional markets. Moreover, the rising number of EV charging stations will fuel the growth of the EV charging cables market in the region.
The industry players are taking strategic initiatives like contracts, agreements, joint ventures, collaborations, product launches to sustain themselves in the competitive market. Moreover, companies are expanding their geographical presence, have strong distribution networks, and offer enhanced product portfolios to customers.
LEONI is a worldwide provider of products, solutions, and services for energy and data management in the automotive sector. LEONI High Power Charging (HPC) cable offers the driver to charge the electric vehicle in a few minutes and can travel long distances. These cables are small in diameter so as to provide ease in handling, but are exposed to overheating. Therefore, they consistently have the liquid cooling system fitted to it.
Aptiv is one of the leading players in the EV charging cables market and has an extensive electrification portfolio that includes high-voltage electrical connectors, shielded HV cables, busbar assemblies, charging cord sets and inlets, and solid-state electrical centers. Thus, providing automotive-grade industrialization, software development, and system integration.
In October 2021, TE Connectivity has launched 3 novel products for the hybrid and electric commercial transportation market. The novel IPT-HD power bolt connector accomplishes temperatures ranging from -40 to +125 degrees Celsius and has a low-contact-resistance design which can withstand excessively high engine-level vibrations.
Some of the key players operating in the EV charging cables market: Aptiv, LEONI, TE Connectivity, BESEN-Group, PHOENIX CONTACT, Coroplast, DYDEN CORPORATION, Grupo General Cable Sistemas, Chengdu Khons Technology Co., Ltd., and Tesla.
Source: VynZ Research