EV Charging Cables Market Growth & Forecast |2023-28

Market Insights

The EV charging cables market is estimated to grow from USD 651 million in 2022 to USD 3105.76 million by 2028 at a CAGR of 29.4% during the forecast period.

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What is EV charging cables?

EV charging cables are an important aspect of electric vehicles. Different types of EV charging cables are used according to the power rating, vehicle specifications, and cabling requirements.

EVs are equipped with rechargeable battery packs that can be charged through an outlet or a charging station. Batteries of electric vehicles are only powered by electricity, reducing greenhouse gas emissions, air pollution, and vehicular noise. Increasing efforts by the government to reduce emissions are driving the demand for electric vehicles which is further fueling the growth of the EV charging cables market.

Key Players

Some of the major manufacturers are-

• Leoni AG
• TE Connectivity Ltd.
• Besen International Group Ltd.
• Aptiv Plc
• PHOENIX CONTACT GmbH & Co. KG
• Coroplast
• Chengdu Khons Technology Co., Ltd.
• General Cable Technologies Corporation
• Sinbon Electronics
• Systems Wire and Cable

Market Dynamics

The prime factor contributing to the demand are:

• The increasing development in the EV infrastructure in emerging economies
• The mounting adoption of electric vehicles.
• The growing requirement for fast charging cables.

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Segment Analysis

By Power Supply Type

The market is segmented as AC and DC. AC segment held a share of 70% in 2022.  DC segment is anticipated to exhibit the highest CAGR of nearly 26.5% during the forecast period. The AC power supply is majorly used in residential and semi-commercial charging stations with a charging speed of 22 kW depending on vehicle and infrastructure standards. Although compared to DC power supply, AC power supply requires a higher charging duration.

 By Cable Shape Type

The EV charging cables market is segmented as straight and coiled. The straight cable held a share of more than 60% in 2022. Most public charging stations adopt straight cables because of their ease of installation, reduced costs, and low maintenance over time. Straight EV charging cables are spread on the ground and do not suspend weight on either side of the sockets.

By Region

Asia Pacific held a share of more than 55% in 2022., with China, Japan, South Korea, and India being the major countries with lucrative growth opportunities. The growth of the market is mainly driven by the increasing adoption of electric vehicles in the region. Increased spending to support infrastructure for electric vehicles is expected to further drive the region’s market.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

The EV charging cables market is segmented into the following categories. 

By Power Supply Type:

• AC
• DC

By Application Type:

• Private Charging
• Public Charging 

By Cable Length Type:

• Up to 5 Meters 
• 6 – 10 Meters
• Above 10 Meters 

Cable Shape Type:

• Straight
• Coiled 

 By Charging Level Type:

• 300-600V 
• 240V 
• 120V 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the power supply types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.