Global Electric Vehicle Charging Cables Market Size By Power Supply, By Application, By Cable Length, By Shape, By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Global Electric Vehicle Charging Cables Market Size By Power Supply, By Application, By Cable Length, By Shape, By Geographic Scope And Forecast

Electric Vehicle Charging Cables Market Size And Forecast

Electric Vehicle Charging Cables Market size was valued at USD 8207.06 Billion in 2024 and is projected to reach USD 54178.78 Billion by 2031, growing at a CAGR of 29.35% during the forecast period 2024-2031.

Global Electric Vehicle Charging Cables Market Drivers

The market drivers for the Electric Vehicle Charging Cables Market can be influenced by various factors. These may include

  •  Growing Adoption of Electric Vehicles The need for EV charging infrastructure, including charging cables, is being driven by the increased use and acceptance of electric vehicles on a global scale. Governments are driving the market for electric vehicles (EVs) by offering incentives, subsidies, and restrictions.
  •  Government Regulations and Initiatives Manufacturers and consumers are being forced to switch to electric vehicles by policies designed to lower carbon emissions and promote sustainable transportation. Reliable charging cables are becoming more and more necessary as a result of these rules, which also include tax subsidies, refunds, and the construction of public charging infrastructure.
  •  Developments in EV Charging Technology The efficiency and ease of charging electric vehicles (EVs) are being improved by the introduction of fast-charging cables and wireless charging options. Consumers find EVs more enticing as a result of improvements in performance and durability brought about by developments in cable design and material.
  •  Extension of the Charging Infrastructure A significant quantity of charging cables are needed for the growth of both public and private charging stations, including home charging options. Infrastructure spending by public and private sectors is essential to sustaining the expanding EV industry.
  •  Growth of Renewable Energy Sources The market is seeing new prospects as a result of the combination of EV charging stations with renewable energy sources like solar and wind power. The market for EV charging cables is further driven by the push for clean energy and the reduction of reliance on fossil fuels, both of which are in line with the larger environmental aims.
  •  Growing Public Concerns about the Environment and the Effects of Conventional Internal Combustion Engine Vehicles on the EnvironmentGrowing public understanding of the advantages of electric vehicles in lowering greenhouse gas emissions is impacting consumer preferences. Customers that care about the environment are more inclined to purchase EVs and the related charging equipment.
  •  Development of Smart Charging Solutions EV charging systems are becoming more functional with the introduction of smart charging solutions, which allow for effective energy management and grid interconnection. The growing prevalence of smart cables that facilitate communication between the car, charger, and grid is propelling the growth of the market. Strategic Alliances and PartnershipsThe creation and implementation of cutting-edge charging solutions are being supported by alliances between automakers, tech firms, and energy suppliers. These collaborations are essential to building a strong charging network, which will raise the need for EV charging cords.
  •  Urbanization and Smart City Initiatives The creation of vast EV charging networks is a result of the growth of smart cities and urbanization trends. It is imperative that charging infrastructure be integrated into public spaces, offices, and residential complexes in order to sustain the urban EV ecosystem and advance the market.
  •  Economic factors and fuel cost savings People are switching to electric cars (EVs) because they are more economical to maintain and use in terms of energy and maintenance than gasoline-powered vehicles. The adoption of electric vehicles is being fueled by the long-term cost savings connected with them, which is raising the demand for charging accessories, such as cables.

Global Electric Vehicle Charging Cables Market Restraints

Several factors can act as restraints or challenges for the Electric Vehicle Charging Cables Market. These may include

  • Infrastructure Development If there is a lack of infrastructure to support charging stations, people may be reluctant to purchase electric cars. This could impede the growth of the EV market.
  • Cost For consumers and companies, the high upfront price of buying and setting up charging cables and stations can be a major obstacle, particularly in areas with little access to incentives or subsidies.
  • Range Anxiety People’s apprehensions over the range of electric cars and the accessibility of charging stations may deter them from buying EVs, which would affect the market for charging wires.
  • Compatibility Problems Developments in the market may be impeded by problems with compatibility between various electric vehicle models and charging cords. Although there are efforts to standardize, there may still be difficulties due to different charging standards and connector types.
  • Regulatory Difficulties The broad adoption of electric vehicles and, as a result, the demand for charging cables may be hampered by regulatory obstacles and inconsistent legislation in various countries.
  • Disruptions in the Supply Chain Production and availability of charging cables can be impacted by supply chain disruptions, such as shortages of components or raw materials, which could result in a shortage of the product and higher prices.
  • Technological Restrictions The demand for charging cables may be impacted by technological restrictions that diminish the appeal of electric vehicles, such as sluggish charging speeds or a lack of fast-charging infrastructure in some locations.
  • Perception and Awareness The demand for charging cables may be impacted by poor customer adoption rates brought on by misunderstandings or a lack of knowledge regarding electric vehicles and the infrastructure necessary for charging them.

Electric Vehicle Charging Cables Market Segmentation Analysis

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

Electric Vehicle Charging Cables Market, By Power Supply

  •  AC Charging
  • DC Charging

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.

Electric Vehicle Charging Cables Market By Application

  • Private Charging
  • Public Charging

Based on Application, the market is bifurcated 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.

Electric Vehicle Charging Cables Market, By Cable Length

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

Based on Cable Length, the market is bifurcated 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 the 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.

Electric Vehicle Charging Cables Market, By Shape

  • Straight
  • Coiled

Based on Shape, the market is bifurcated into Straight and Coiled. 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.

Electric Vehicle Charging Cables Market, By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Based on Geography, the Global Electric Vehicle Charging Cables Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. 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 positive growth during the forecast period due to rapid growth in the new registration of electric vehicles in Europe. According to European Environment Agency, the number of electric cars and vans on the road surged dramatically in 2020. Around 1,325,000 electric vehicles were registered for the year, 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 major players in the Endoscopic Vessel Harvesting Systems 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.
  • Sorin Group

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Base Year

2024

Forecast Period

2024-2031

Historical Period

2021-2023

Unit

Value (USD Million)

Key Companies Profiled

Leoni AG, Aptiv PLC, BESEN International Group, Dyden Corporation, TE Connectivity, Brugg Group, Sinbon Electronics, Coroplast.

Segments Covered

By Power Supply, By Application, By Cable Length, By Shape and By Geography.

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