New York, United States, May 22, 2024 (GLOBE NEWSWIRE) -- The Global EV Charging Cable Market Size is to Grow from USD 1.28 Billion in 2023 to USD 6.23 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 17.15% during the projected period.
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Electric vehicle (EV) charging cables transmit power from charging stations to electric or hybrid vehicles. They are constructed of conductive materials such as copper or aluminum and are encased in long-lasting insulation materials such as rubber or plastic. EV charging cables are used in a wide range of settings, including home charging, commercial charging stations, public transportation facilities, fleet operations, shopping malls, workplace charging, on-street charging, highway service stations, multi-family housing, and hospitals. Furthermore, the market is growing as a result of increased government initiatives and efforts to encourage the use of electric vehicles. Countries including China, the Netherlands, the United States, France, Norway, and Japan have made significant investments in charging infrastructure, which is expected to have an impact on the size of the EV charging cable market. However, the cost of EV fast charging is high due to increased equipment costs and the requirement for the fast charger to install a transformer to connect the grid to the charging system. All of these factors might impede the growth of the global EV charging cable market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the " Global EV Charging Cable Market Size, Share, and COVID-19 Impact Analysis, By Power Supply (AC, and DC), By Shape (Straight, and Coiled), By Application (Public Charging, and Private Charging), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The AC segment is anticipated to hold the greatest share of the global EV charging cable market during the projected timeframe.
Based on the power supply, the global EV charging cable market is divided into AC, and DC. Among these, the AC segment is anticipated to hold the greatest share of the global EV charging cable market during the projected timeframe. Alternate current (AC) charging offers 120 V and a 22-kW charging speed, depending on the vehicle and the charging infrastructure. AC power supplies are the most common type used in household and semi-commercial stations worldwide. These reasons account for the dominance of the AC segment in the global market for EV charging cables.
The coiled segment is anticipated to grow at the fastest pace in the global EV charging cable market during the projected timeframe.
Based on the shape, the global EV charging cable market is divided into straight, and coiled. Among these, the coiled segment is anticipated to grow at the fastest pace in the global EV charging cable market during the projected timeframe. Coiled cables, also known as spiral cables, are easier to maintain and pose less risks because they do not extend above ground. As a result, these cables are more tough than straight cables and require less storing space.
The public charging segment is predicted to grow at the highest pace in the EV charging cable market during the estimated period.
Based on the application, the global EV charging cable market is divided into public charging, and private charging. Among these, the public charging segment is predicted to grow at the highest pace in the EV charging cable market during the estimated period. These stations have been installed at retail malls, airports, hotels, business parking lots, government buildings, taxi stands, and highways. Charging stations allow customers to charge an electric motor rapidly and at a set voltage.
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Asia Pacific is expected to hold the largest share of the global EV charging cable market over the forecast period.
Asia Pacific is expected to hold the largest share of the global EV charging cable market over the forecast period. China, South Korea, and Japan are the key drivers of regional growth. China has the greatest market for electric vehicle charging cables. The Japanese and Chinese governments foresaw the global EV supply equipment market's growth potential, so they adopted a number of laws and efforts to encourage major market players to build EV charging infrastructure in their home markets.
North America is predicted to grow at the fastest pace in the global EV charging cable market during the projected timeframe. This is because producers are putting more of an emphasis on creating electric cars that are quick, economical, and perform well. The region's market is anticipated to grow as a result of the development of state-of-the-art charging infrastructure and the presence of significant EV supply equipment manufacturers there. Because of the high rate of adoption of electric vehicles and the supportive policies and incentives offered by governments, the North American market for EV charging cables is anticipated to grow at one of the fastest rates. Electric vehicles and the infrastructure needed to support them have a substantial market in the US.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global EV Charging Cable Market include Leoni AG, Phoenix Contact GmbH & Co. KG, TE Connectivity Ltd., Schneider Electric SE, Aptiv PLC, Dyden Corporation, Cixi City Henghe Yuefeng Electric Cable Factory, TEK cable, Sumitomo Electric Industries, Ltd., Huber+Suhner AG, Bals Elektrotechnik GmbH & Co. KG, Coroplast Fritz Müller GmbH & Co. KG, Brugg Kabel AG, Cable Manufacturing & Assembly Co., Inc., Jiangsu Ruiyang Cable Co., Ltd., Sinbon Electronics Co., Ltd., and Others.
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Recent Developments
- In April 2023, to highlight the significance of automotive cables within the company's cables segment, Leoni AG changed its Business Group AM to the Automotive Cable Solutions (ACS) Division. Standard automobile, special, and charging cables are supplied by ACS, a significant provider with ten locations across seven countries and about 3,300 employees.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global EV Charging Cable Market based on the below-mentioned segments:
Global EV Charging Cable Market, By Power Supply
- AC
- DC
Global EV Charging Cable Market, By Shape
- Straight
- Coiled
Global EV Charging Cable Market, By Application
- Public Charging
- Private Charging
Global EV Charging Cable Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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