Global EV Charging Cables Market Size By Power Supply(AC Charging and DC Charging), By Application(Public Charging and Private Charging), By Cable Length(Below 5 Meters, 6-10 Meters, and >10 Meters), By Shape(Straight Cable and Coiled Cable), By Geographic Scope And Forecast

EV Charging Cables Market Size And Forecast

EV Charging Cables Market size was valued at USD 3,792.09 Million in 2020 and is projected to reach USD 29,720.12 Million by 2028, growing at a CAGR of 31.46% from 2021 to 2028.

The increasing adoption of Electric Vehicles, Government Regulations, and skyrocketing prices of petrol are some of the factors anticipated to foster market growth during the forecast period. The Global EV Charging Cables Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global EV Charging Cables Market Definition

EV charging cables are the type of cables used in charging infrastructure for electric vehicles. These charging cables collect AC power from the wall socket that gets converted to DC power. These charging cables have a liquid-cooling system that distributes heat evenly and reduce the risk of overheating. Due to its ease of maintenance and environmental-friendly features, the water-glycol mixture is the most widely used coolant. Europe decided to use halogen-free materials with the EN 50620 standard. The international IEC 62893 standard also includes halogen-containing insulation materials (due to the influence of Japan and the United States).

The characteristics offered by EV charging cables include media-resistant, abrasion-resistant, hydrolyze-resistant, bending cycles-resistant, thermal stress-resistant, Halogen-free and flame-resistant. The advantages such as fast charging (at charging stations for example in about five minutes for a range of 100 kilometers) allows much longer ranges than before.

It can deliver high charging power up to 500 KW. It transports high charging currents, has small diameter, is highly flexible and lightweight. Therefore, it is easy to handle at the charging station. It also has active liquid cooling as protection (also to save from overheating). There is also a controller present, which is responsible for monitoring the temperature and regulating the coolant flow.

Global EV Charging Cables Market Overview

The increasing adoption of Electric Vehicles as a result of making eco-friendly choices, development of fast charging technology, and rise in prices of petrol are some of the major factors driving the market. The increase in the adoption of electric vehicles has led to an increase in demand for charging infrastructure in public as well as private charging stations. Governments in several counties have started investing in the development of charging infrastructure. Moreover, the development of fast charging technology will demand the use of charging cables that support the fast-charging technology.

In addition, an increase in the prices of petrol and the emissions from conventional vehicles have made people shift to Electric Vehicles all the more. The efficiency of charging Electric Vehicles has also increased. A single charge is supposed to last much longer than what it was used to. Moreover, government regulations across the globe are promoting the usage of vehicles with lesser emissions or electric vehicles. This is expected to lead to an increase in electric vehicles on road in the near future. These factors are expected to drive the market. However, the development of wireless charging and the heavy cost of DC Charging cables are anticipated to restrain the market growth.

Wireless Charging infrastructure would enable charging a stationary or moving vehicle without any wire. The higher cost of DC charging cables and associated side effects are expected to act as another restraint. DC charging cables are expensive and continued usage can deteriorate the battery life, thereby reducing the life of the battery. In addition, coiled wires, because they keep hanging mid-air prone to pulling down the socket to which they are connected. Moreover, the heavy investment required in setting up charging stations can deter the market furthermore. These factors are anticipated to restrain the market.

Global EV Charging Cables MarketSegmentation Analysis

The Global EV Charging Cables Market is segmented based on Power Supply, Application, Cable Length, Shape and Geography.

EV Charging Cables Market, By Power Supply

• AC Charging• DC Charging

To Get Summarized Market Report By Power Supply-

Based on Power Supply, the market is bifurcated into AC Charging and DC Charging. AC Charging accounted for the largest market share in 2020, and is projected to grow at a long term CAGR of 30.93% during the forecast period. The power that arrives from the grid is always AC power. An AC power supply is a type of power supply utilized to supply alternating current (AC) power to a load. The power input might be in an AC or DC form. The power supplied from wall outlets (i.e., mains supply) and diverse power storage devices is often incompatible with the power required by the load. Besides, this type of charging is mainly used in semi-commercial and residential stations across the world. Most charging stations that we find today use AC charging. The typical alternate charging supplies a 120 V with a charging speed of 22 kW depending on vehicle and charging infrastructure standards.

EV Charging Cables Market, By Application

• Private Charging• Public Charging

To Get Summarized Market Report By Application-

On the basis of Application, the Global EV Charging Cables Market has been segmented into Public Charging and Private Charging. Private Charging accounted for the largest market share in 2020, and is projected to grow at the highest long term CAGR of 32.05% during the forecast period. Private charging is described by a smaller number of EVs that are charging on the private network behind the grid connection point or energy meter. The main issue, in this case, is the restricted nominal power of the connection (which must cover all other consumers, connected to the building’s electrical installation). It typically refers to any form of charge points that are not accessible by the general public. These could be charge points for one’s employees at their place of business, a home charge point, or charging stations designated for their fleet.

EV Charging Cables Market, By Cable Length

• Below 5 Meters• 6-10 Meters• >10 Meters

On the basis of Cable Length, the Global EV Charging Cables Market has been segmented into Below 5 Meters, 6-10 Meters, and >10 Meters. 6-10 Meters accounted for the largest market share in 2020, and is projected to grow at the highest long term CAGR of 32.96% during the forecast period. The 6 meters to 10 meters cable length segment is poised to expand at the highest CAGR from 2021 to 2028 in the research period. This is because the length of the cable is a minimum of 18 to 20 feet. It is perfect for charging stations to cater to evolving consumer needs and raised penetration of electric vehicles. Concerning the global market, Asia Pacific is anticipated to be fastest-growing market for EV charging cables with a length of 6-10 meters due to an instantaneous increase in the number of electric vehicles.

EV Charging Cables Market, By Shape

• Straight• Coiled

On the basis of Shape, the Global EV Charging Cables Market has been segmented into Straight Cable and Coiled Cable. Straight Cable accounted for the largest market share in 2020, and is projected to grow at a long term CAGR of 30.72% during the forecast period. A straight charging cable may be seen as easier or tidier. Or it could be seen as plain based on one’s opinion. Some find straight EV cables to be more uncomplicated and neater while others may find the same to be plain and boring. Straight cables are delivered at 3, 5, 7.5, and 10 meters. Most of the public charging stations have adopted these cables due to their low maintenance condition, reduced costs, and ease of installation.

EV Charging Cables Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of regional analysis, the Global EV Charging Cables Market is classified into North America, Europe, Asia Pacific and Rest of the world. Europe accounted for the largest market share in 2020, and is projected to grow at a long term CAGR of 30.21% during the forecast period. It will have a positive growth during the forecast period due to rapid growth in the new registration of the electric vehicles in Europe. According to European Environment Agency, the number of electric cars and vans on the road surged dramatically in 2020. The number of electric cars registered for the year was close to 1,325,000, up from 550,000 in 2019.

In just one year, the percentage of total new car registrations has risen from 3.5% to 11%. Electric vans have also grown in popularity, rising from 1.4% of new registrations in 2019 to 2.2% in 2020. The bulk of electric vehicle registrations for automobiles and vans in 2020 were battery electric vehicles rather than plug-in hybrids. According to The International Energy Agency (IEA), In Europe, electric car sales increased by about 70% to 2.3 million in 2021, with plug-in hybrids accounting for about half of the total.

Key Players

The “Global EV Charging Cables Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Leoni AG, Aptiv PLC, BESEN International Group, Dyden Corporation, TE Connectivity, Brugg Group, Sinbon Electronics, Coroplast, Phoenix Contact, EV Teison and International Ferro Metals Limited .

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• Aptiv acquired 100% of the equity interests of El-Com, Inc.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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