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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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

When it comes to how these chargers get their juice, the market splits into two campsAC Charging and DC Charging. Back in 2020, AC Charging was the king of the hill, and experts predict it'll keep growing strong, with a long-term annual growth rate of around 30.93%! See, the power coming from the grid is always AC. So, an AC power supply is what you use to feed that alternating current to whatever you're powering up. The power coming in can be AC or DC, but often the power straight from your wall outlet or even from batteries isn't quite what your device needs. Plus, this kind of charging is really popular for semi-commercial and home charging setups around the globe. In fact, most charging stations you see today use AC charging. Typically, you're looking at 120V with a charging speed that can hit 22 kW, depending on your car and how the charging station is set up.

Electric Vehicle Charging Cables Market By Application

  • Private Charging
  • Public Charging

Okay, so when we look at how people are using electric vehicle (EV) chargers, we can break it down into two main categoriesPublic Charging and Private Charging. Back in 2020, Private Charging was the more popular choice, and it's expected to keep growing fast! We're talking about a whopping 32.05% average growth each year for the foreseeable future. Now, Private Charging is all about smaller groups of EVs charging on a network behind a single connection point – think of it like using your own electricity meter. The tricky part here is that the power you're pulling is limited, because it has to cover everything else in the building. Basically, Private Charging is any charger not open to the general public. Think chargers for your employees at work, the one you have at home, or even stations specifically for your company's fleet of vehicles.

Electric Vehicle Charging Cables Market, By Cable Length

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

When we look at how long the charging cables are, the market breaks down into three groupscables below 5 meters, those in the 6-10 meters range, and cables longer than 10 meters. Interestingly, the 6-10 meter cables were the most popular back in 2020, and we expect them to keep growing, with a predicted annual growth rate of 32.96%! That 6 to 10 meter length? Yeah, it's expected to really take off between 2021 and 2028. Why? Because it works out to about 18 to 20 feet, which is perfect for those charging stations that are popping up everywhere to meet the needs of all those new electric car owners. And speaking of growth, the Asia Pacific region is predicted to be the fastest-growing market for these 6-10 meter EV charging cables, thanks to the boom in electric vehicle ownership over there.

Electric Vehicle Charging Cables Market, By Shape

  • Straight
  • Coiled

Think about charging cables - you've got your basic straight ones and the coiled kind. Turns out, straight cables were the big winner in 2020, and they're expected to keep growing like crazy, with a CAGR of 30.72%! Why? Well, a straight charging cable can seem easier to manage, or just look tidier. Of course, some might find them a little...plain. Some people love how simple and neat they are, while others think they're boring. You can find them in lengths like 3, 5, 7.5, and even 10 meters. Plus, you'll see them all over public charging stations because they're cheap, easy to install, and don't need much upkeep.

Electric Vehicle Charging Cables Market, By Geography

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

So, when we look at where electric vehicle charging cables are being used around the world, we break it down by regionNorth America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe is currently leading the way, grabbing the biggest piece of the market in 2020. And get this, they're expected to keep growing strong, with a long-term CAGR of 30.21% predicted! Why the boost? Well, it's all about the explosion of electric vehicle registrations over there. The European Environment Agency even reported a huge jump in 2020, with about 1,325,000 new electric cars and vans hitting the roads, compared to just 550,000 the year before.

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.

Customization scope

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