EV Charging Cables Market Insights, Forecast to 2028

EV Charging Cables Market Trends, Outlook - 2028

Due to the COVID-19 pandemic, the global EV Charging Cables market  is estimated to be worth US$ 618.4 million in 2022 and is forecast to a readjusted size of US$ 3672.2 million by 2028 with a CAGR of 34.6% during the review period. Key drivers of the EV charging cables market include growing sales of Electric Vehicle around the globe. The continuous R&D initiatives in charging cables will boost the growth of the market during the forecast period. 

EV Charging Cables

Issues such as the battery life of new energy vehicles and the construction of charging piles cannot be quickly put into market, and the development of new energy vehicles will have a transition period for hybrid models. EV cables can be used indoors or outdoors. Outdoor use should meet the erosion of alpine, sunlight, rain, and automotive oils. This requires the cables to have special anti-ultraviolet, ozone, high and low temperature and chemical corrosion resistance for use in applications. performance. EV cable has the characteristics of high voltage resistance, high temperature resistance, electromagnetic interference prevention, stable signal transmission and other characteristics in the signal control and transmission network system of voltage and current during the charging process.

Trends Influencing the Growth Of EV Charging Cables Market

Increasing adoption of EVs

Due to stringent environmental regulations and policy incentives, the market for electric cars is booming. EVs saw a record sale in 2021 which more than doubled to 6.6 million. The outlook is positive moving forward. Both hybrid, plug-in, and fully electric vehicles are being launched by key players. Companies have set ambitious electrification targets for the future. As the transition picks up the pace the need for an affordable EV charger infrastructure is on the rise. Both public and private charging points are being set up at residences and workplaces across the world. Single-family dwellings rely on home chargers. The ongoing war condition hike in petrol and gasoline prices is encouraging consumers to make the shift to EVs. Moreover, long-range electric trucks require high-power chargers to sustain their speed. These factors will surge the demand for better EV charging infrastructure thereby driving the growth of the EV charging cables market during the forecast period.  

R&D initiatives in charging cables

Key players are putting resources into the development of new and better-charging cables for EVs. High power cables have been designed that come with advanced cooling systems that contain a mixture of water and glycol. In order to meet the growing demand for electric vehicles charging points have to be installed quickly as they are limited and cause overheating issues. Researchers are developing cables that can finish charging within 5 minutes so that vehicles do not have to stand for long in the EV charging station. This cable generates electricity about 4.6 times more than conventional chargers available in the market. It removes up to 24.22 kilowatts of heat. Wait time and charger location are the most recurring problems faced by Ev owners. The technological developments in cables have the potential to solve these challenges. Many solutions are in the pipeline for removing the excess amount of heat generated by the charging cables. Hence ongoing research activities will provide lucrative opportunities for the EV chagrin cables market in the future. 

High operational costs 

Wireless charging can charge up a vehicle whether in static or in motion. It is flexible, convenient, and completely prevents the dangers of electric shocks. Several pilot projects are being launched with wireless charging roads and related infrastructure. This will present a persistent threat to wired charging cables in the future. Wired cables have certain advantages like quick infrastructural deployment, larger transfer capacity, high-speed charging, very less maintenance, and no requirement for electromagnetic emissions.  However, they require frequent human intervention with no automated processes. The initial setup cost is high and is not evenly distributed in all important locations. Moreover, the cable takes up additional space in the parking area. It is prone to trip hazards and damage. Owners need to exert themselves physically even in bad weather conditions to plug in the cable in their vehicles. These factors will hamper the growth of the EV charging cables market during the forecast period. 

EV Charging Cables Market Analysis

Based on type, the 2 meters to 5 meters segment is expected to dominate in the EV charging cables market due to growing use in private charging terminals. It is efficient, suitable for residential applications, and easy to store energy. 

Based on the application, the private charging segment will grow the highest in the EV charging cables market due to the increasing number of private electric vehicles on roads and the use of private charging points. 

Based on region, Asia-pacific will dominate in the EV charging cables market due to the presence of emerging economies like China, Japan, and South Korea. Proactive government policies are being adopted to fuel the installation of sufficient charging infrastructure. 

China EV Charging Cables market size is valued at US$ million in 2021, while the US and Europe EV Charging Cables are US$ million and US$ million, severally. The proportion of the US is % in 2021, while China and Europe are % and % respectively, and it is predicted that China proportion will reach % in 2028, trailing a CAGR of % through the analysis period. Japan, South Korea, and Southeast Asia are noteworthy markets in Asia, with CAGR %, %, and % respectively for the next 6-year period.

As for the Europe EV Charging Cables landscape, Germany is projected to reach US$ million by 2028 trailing a CAGR of % over the forecast period.

The global key manufacturers of EV Charging Cables include Leoni AG, TE Connectivity, BESEN Group, Aptiv, Phoenix Contact and Coroplast, etc. In 2021, the global top five players have a share approximately % in terms of revenue.

In terms of production side, this report researches the EV Charging Cables capacity, production, growth rate, market share by manufacturers and by region (region level and country level), from 2017 to 2022, and forecast to 2028.

In terms of sales side, this report focuses on the sales of EV Charging Cables by region (region level and country level), by company, by Type and by Application. from 2017 to 2022 and forecast to 2028.

EV Charging Cables Market Segment

EV Charging Cables market is segmented by Type and by Application. Players, stakeholders, and other participants in the global EV Charging Cables market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on production capacity, revenue and forecast by Type and by Application for the period 2017-2028.

EV Charging Cables Market Segment By Type

• 2 Meters To 5 Meters
• 6 Meters To 10 Meters
• Above 10 Meters

EV Charging Cables Market Segment By Application

• Private Charging
• Public Charging

By Company

• Leoni AG
• TE Connectivity
• BESEN Group
• Aptiv
• Phoenix Contact
• Coroplast

Production by Region

• North America
• Europe
• China
• Japan

Consumption by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Asia-Pacific
• China
• Japan
• South Korea
• India
• Australia
• Taiwan
• Indonesia
• Thailand
• Malaysia
• Philippines
• Vietnam
• Latin America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE