EV Charging Cables Market Size to Witness a New Ten Fold Increase by 2028
The global EV charging cables market is growing at a high CAGR because of the increasing demand for electric vehicles for private and commercial. Increasing awareness of carbon emissions, along with favorable government initiatives, are also driving the market forward?
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global EV charging cables market was worth USD 430.9 million in 2021. According to the study, the market is estimated to grow at a CAGR of 39.4%, earning revenue of around USD 4,402.0 million during the forecast period (2022-2028). The growth of the global EV charging cables market can be attributed to the increasing demand for electric vehicles for private and commercial use due to growing awareness of carbon emissions, along with favorable government initiatives, such as European Union’s CO2 emissions standards. Furthermore, the development of charging points in different countries owing to public-private ownership is anticipated to boost the demand for the EV charging cables during in the forecast period.
Establishment of Public Charging Points Driving the Global EV Charging Cables Market
Based on applications, the global EV charging cables market is segmented into private charging and public charging. The private charging segment accounts for the largest market share due to the rising investment from private EV charging companies in establishing charging points. However, the public charging segment is projected to witness the highest CAGR during the forecast period due to increasing government investment in establishing charging point infrastructure at public spaces, such as airports, shopping malls, hotels, government offices, highways, etc., as an initiative to promote the use of electric vehicles.
High Demand for Low-Cost Straight Cables Propelling the Global EV Charging Cables Market Forward
Based on shapes, the EV charging cables market is grouped into straight and coiled segments. EV charging cables with straight conductors occupy the largest market share due to their advantages over coiled cables, including lower costs and maintenance, and ease of installation. However, the coiled cables segment is projected to register substantial growth during the forecast period due to their durability. Furthermore, the launch of cost-effective coiled cables is anticipated to boost its demand during the forecast period, thereby driving the segment’s growth.
Global EV Charging Cables Market - By Charging Levels
Based on charging levels, the EV charging cables market is grouped into level 1 (120 V), level 2 (240 V), and level 3 (300-600V) segments. Among these, the level 2 (240 V) segment accounts for the largest market share. Several reports have revealed that more than half of private electric vehicle owners charge their vehicles at their homes. Level 2, i.e., 240 V is prominently used in residential spaces, such as homes, apartments, retail facilities, and hotels, which acts as a contributing factor to the segment’s growth.
Global EV Charging Cables Market - Regional Insights
Geographically, the EV charging cables market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. The Asia-Pacific dominated the EV charging cable market in 2021. Europe is also projected to emerge as a potential market for EV charging cables owing to the increasing electric vehicle ownership in personal and commercial spaces in the region. In 2020, the International Energy Agency estimates that electric car registrations doubled to 1.4 million, mainly due to favorable government policies. This is anticipated to boost the demand for the EV charging cables market in the forecast period, propelling the overall market growth.
Impact of COVID-19 on the Global EV Charging Cables Market
The growth of the EV charging cables market was initially negatively halted by the COVID-19 pandemic outbreak. The lockdown imposed by various countries to mitigate the virus spread resulted in the obstruction in the EV manufacturing operations. Several EV charging cable manufacturers also temporarily halted their operations in light of social distancing norms. Furthermore, the government paused its initiatives to establish charging points in order to focus on the healthcare system. A combination of all these factors slowed the market for EV charging cables.
Global EV Charging Cables Market - Competitive Landscape
The leading market players in the global EV charging cables market are Leoni AG, Brugg Group, TE Connectivity Ltd., Eland Cables, Besen International Group Limited, Systems Wire, and Cable LLC, Phoenix Contact, EV Teison, Coroplast Group, Sinbon Electronics Co., Ltd., Chengdu Khons Technology Co., Ltd., Dyden Corporation, General Cable Technologies Corporation, Aptiv plc, AG Electrical, OMG EV Cables, Alishan Cable Industries, 3Q Wire & Cable, MustartPower, and other prominent players.
The global EV charging cables market is highly competitive and fragmented and dominated by numerous global and regional industry players. The company offers a wide range of products and constantly launches new products to stay ahead in the competition. Additionally, they invest heavily in research and development to innovate their products and focus on improving their distribution channels to increase their market presence. Additionally, competitive strategies such as mergers, acquisitions, collaborations, joint ventures, etc., are prevalent in this market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global EV charging cables market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global EV charging cables market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.