EV Charging Cables Market Size (2024 – 2030)

The Global EV Charging Cables Market was valued at USD 6.7 Billion and is projected to reach a market size of USD 41.82 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 29.9%.

The lack of a large electronics box makes the charging cable much lighter and smaller than standard ones. Drivers can use it with various charging ports at home or charging stations when traveling thanks to the adapter that comes with it. The cable is lightweight, flexible, and simple to use. Additionally, a useful LED indicator is included to show the status of the charging process. Because more people are driving electric cars, there is a need for quicker charging, and governments are trying to lower carbon emissions, the global market for these charging cables is expanding.

Key Market Insights:

Because of government initiatives, more people are driving electric cars, which is driving growth in the market. Electric cars can now travel faster and farther thanks to advancements in technology. Electric cars are now more compact and smaller because they do not require an electronics box. After all, the charging cables are separate. When charging their electric vehicles at home using a wall charger or a standard electrical outlet, drivers can select the appropriate plug by using an adapter.

Government incentives and an increase in the number of people driving electric vehicles are driving up demand and lowering pollution. Consumer demand for quick charging is boosting the industry. Cities are growing larger and more people are living near one another, making the current methods of managing these environments inadequate. Furthermore, delivery centers are moving closer to cities to facilitate faster deliveries as more people shop online.

EV Charging Cables Market Drivers:

Increased sales of electric vehicles are a key driver in the EV charging cables market.

Because electric cars are now more affordable thanks to advancements in technology, more people are driving them. There's also increased awareness of electric vehicles, more locations for charging them, and support for environmentally friendly transportation. Governments are also making investments in electric vehicles due to concerns about non-renewable energy shortages and emissions from conventional vehicles. To encourage more people to purchase electric cars, they even offer tax credits to buyers.

Growth in the need for high-speed charging infrastructure is a driving factor contributing to the growth of the EV charging cables market.

Because more people want high-speed charging stations, electric car charging cable manufacturers are improving their cables to allow for faster charging. The market for these cables is expanding thanks in part to government funding allocated for the construction of charging stations. The market for charging cables is predicted to continue expanding as more electric vehicles are produced globally.

EV Charging Cables Market Restraints and Challenges:

Electric cars can now be charged wirelessly, both while parked and while driving, thanks to advancements in technology. Wireless charging solutions have been developed by companies such as Robert Bosch and WiTricity, and road test programs for wireless charging have been started by the US, Norway, Sweden, and the UK, among other countries. This wireless charging technique could pose a threat to the expansion of the charging cable market because it provides greater flexibility and convenience than conventional wired charging. Furthermore, because wireless charging removes the possibility of electric shocks that come with cable charging, it is thought to be safer.

Due to rising safety concerns about charging connections and the high cost of DC charging cables, the market for electric vehicle charging cables is anticipated to grow slowly in terms of revenue. The development of wireless charging stations for electric vehicles presents a major obstacle to this market's growth. Additionally, several barriers are anticipated to impede the expansion of the market for electric vehicle charging cables, including technological difficulties and the substantial effects of COVID-19 on manufacturing and supply chain operations across numerous industries.

EV Charging Cables Market Opportunities:

Demand for quick speed charging

Better charging cables for electric vehicles are being developed by companies that manufacture them. These cables have a high-power handling capacity and fast car charging thanks to cutting-edge cooling technology. Research is being done by some companies, such as Phoenix Contact, to develop fast-charging cables that use a unique liquid for cooling. These technological advancements have also brought about changes in the way these cables connect to the charging point.

Rise in demand for vehicle electrification across the globe

Because governments all over the world are enforcing strict regulations to limit harmful gases from cars, the market for electric car charging cables is expected to grow. There is an increasing demand for charging stations as more people drive electric vehicles. Over the course of the forecast period, this is anticipated to be a major factor driving the market for electric car charging cables.

EV CHARGING CABLES MARKET REPORT COVERAGE:

EV Charging Cables Market Segmentation: By Power Supply Type

• AC Charging

• DC Charging

With 76% of the market, alternate current charging, or AC charging, was the most popular method in 2023. Depending on the vehicle and the infrastructure supporting charging, AC charging normally delivers 120 volts at a 22 kW charging rate. Around the world, homes and semi-commercial stations frequently use AC power. It has a lower power output and is less expensive to install. Additionally, because wall-mounted chargers lower the cost of subterranean electrification, they are preferred over floor-mounted chargers.

EV Charging Cables Market Segmentation: By Application

• Private charging

• Public charging

Private charging, which accounts for about 70% of the market, is the most popular method of charging electric vehicles. This is a result of the fact that most owners charge their electric cars at home. Slow-charging versions of private electric vehicle supply equipment (EVSE) are the most common; these require the vehicle to be plugged in all night to charge.

EV Charging Cables Market Segmentation: By Shape

• Straight

• Coiled

Straight wires are less expensive than coiled cables and are usually used when charging stations are close to one another. Despite their lower durability, these cables are still reasonably priced. The maximum current that a cable can carry depends on its thickness. Because Type 1 (J1772) connections are found in the majority of charging stations, straight cables are frequently used to charge electric cars. Using a single-phase capacity of 7.4 kW, automakers including Mercedes-Benz, BMW, Audi, Nissan, Toyota, Mitsubishi, and Volvo use these cables. EV cables must have a small diameter to facilitate handling, but this can cause overheating. A liquid-cooling system is installed to solve this. By SAE J1772/IEC 62196-2 standards, Type 1 AC charging cords are used in both the US and Japan.

EV Charging Cables Market Segmentation: By Charging Level

• Level 1

• Level 2

• Level 3

Three charge levels—level 1, level 2, and level 3—are applied to the market. With 49% of the market, level 2 charging was the most widely used in 2023. Level 2 chargers are frequently utilized for residential and semi-commercial purposes in locations such as residences, hotels, parking lots, apartments, condos, and retail stores.

EV Charging Cables Market Segmentation: By Mode

• Mode 1 & 2

• Mode 3

• Mode 4

There are four segments in the market for EV charging cables: Modes 1 and 2, Modes 3, and Mode 4. The market for EV charging cables is anticipated to be dominated by Mode 4 among these. The car's internal AC/DC converter transforms the AC power from the first three modes into DC power. However because Mode 4 employs an off-board charger with a direct DC output, it is unique. In this mode, DC is applied directly to the battery, negating the need for the onboard charger. With a maximum current of 400 A, it can deliver 600 V DC, indicating a high power level. Because of its high power, this mode needs sophisticated communication and strict safety precautions.

EV Charging Cables Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East and Africa

In terms of the market for electric car charging cables, Asia-Pacific leads, followed by North America and Europe. Sales of electric vehicles are rising quickly, especially in China. China saw a staggering 154% increase in electric car sales last year, indicating that more people are selecting environmentally friendly vehicles. This growth is noteworthy, particularly in light of the global decline in auto sales as a result of the COVID-19 pandemic-related semiconductor shortage. Despite these obstacles, China is becoming a more electric car market.

COVID-19 Impact on the Global EV Charging Cables Market:

There have been difficulties along the way in the pursuit of sustainable mobility, and the COVID-19 pandemic brought with it a special set of disruptions. The manufacturing and distribution of EVs were impacted by the abrupt economic downturn and disruptions in the supply chain, which in turn affected the demand for EV charging cables as a whole. The economic constraints brought on by the pandemic caused consumer spending capacity to decline and infrastructure projects to be delayed, temporarily slowing the market's growth. However, the market for EV charging cables proved resilient as it adjusted to the shifting environment, and the long-term dedication to environmentally friendly transportation is still present.

Key Players:

1. Tesla, Inc.(US)

2. General Cable Technologies Corporation(US)

3. Coroplast(US)

4. Aptiv Plc. (US)

5. Phoenix Contact(Germany)

6. Dyden Corporation(Japan)

7. Leoni AG(Germany)

8. BESEN International Group( China)

9. EV TEISON( China)

10. 10.Chengdu Khons Technology Co., Ltd.( China)

Market News:

The intention of Active PLC to acquire 85% of Intercable Automotive Solutions, a division of Intercable, an Italian company, was disclosed in May of 2022. With the USD 65.71 million acquisition, Active gains access to cutting-edge technology used in electric vehicles (EVs). Specialized in manufacturing high-voltage busbars, which are capable of carrying significantly more electrical power than conventional cables, is Intercable Automotive Solutions. The company operates production plants in Asia and Europe.