The Global EV Charging Cables Market was valued at USD 0.4 Bn in 2020 is expected to reach USD 3.7 Bn by 2027, with a growing CAGR of 37.5% during the forecast period.
EV charging cables are the connecting cables among the charging station and the electric vehicle that deliver electric power for the recharging of electric vehicles which include battery-electric cars, plug-in hybrid cars, electric buses, and others. The EV charging cables available in the market as per type of the vehicles, such as type1, type 2, and others. These cables can be found in various lengths such as 2-5 meters, 6-10 meters, and more than 10 meters.
The increasing demand for electric vehicles across the globe is one of the most important factor that drive the EV charging cables market growth during the forecast period. In addition to developing EV charging infrastructure, most leading manufacturers of charging cables such as Tesla, TE Connectivity, and others are developing fast-charging techniques. The growing demand for EVs has created substantial opportunities for manufacturers and Original Equipment Manufacturers (OEMs) to improve and upgrade the charging cable systems. For instance, in September 2021, ABB launched the world fastest electric vehicle charger that deliver 100 km of range in less than 3 minutes.
By Power Supply Type:
By Cable Length:
By Charging Level:
Based on the power supply type, the AC charging segment is expected to hold the largest market share during the forecast period owing to the low power output and low installation cost
Based on the type, the EV charging cables market has been segmented into AC charging and DC charging. The AC charging segment in EV charging cables market is expected to hold the largest market share during the forecast period owing to the low power output and low installation cost. Moreover, AC charging used in residential and semi-commercial charging stations is considerably another driving factor influencing the growth of this segment.
Based on the charging level, level 3 is expected to hold the fastest-growing segment during the forecast period due to the increased demand for fast charging
Based on charging level, the EV charging cables market has been segmented into level 1, level 2, and level 3. Level 3 is the fastest-growing segment during the forecast period owing to the increased demand for fast charging. Moreover, the countries like China, Japan, and South Korea have witnessed a rapid development of high-power charging infrastructure, which in turn, proliferates the demand of this segment during the forecast period.
Based on region, the Asia Pacific is expected to dominate the EV charging cables market during the forecast period
The Asia Pacific is expected to dominate the EV charging cables industry during the forecast period owing to the increased investments by governments of countries in the region in developing EV charging infrastructure. Moreover, the growth in the Asia Pacific is majorly driven by China, South Korea, and Japan. China is the largest electric vehicle charging cable market. The Japanese and Chinese governments have expected the growth potential of the global EV supply equipment market and thus have adopted various policies and initiatives to encourage major market players to manufacture EV charging infrastructure in domestic markets. A high number of EV charging stations in the region is projected to drive regional EV charging cables market growth.
The report also provides an in-depth analysis of EV charging cables market dynamics such as drivers, restraints, opportunities, and challenges:
During the initial outbreak of COVID-19, production and sales of the vehicles had halted across the globe due to the disruption of the whole supply chain. OEMs had to attend for lockdowns to be lifted before they might resume production, which negatively impacted their businesses. Consequently, vehicle manufacturers are expected to regulate production volumes. Additionally, component manufacturing was suspended, and Tier II and Tier III manufacturers may have faced liquidity issues. To continue operating, the automotive industry is very capital-intensive and relies on frequent financing. The suspension of production during the outbreak and lower demand are expected to possess an unprecedented impact on electric vehicle charging station manufacturers and suppliers, which in turn, impacted the EV charging cables market growth.
*Note: A detailed analysis is specific to the EV charging cables market will be provided in the report
The report also provides an in-depth analysis of key trends in the EV charging cables market:
- The increasing evolution of charging infrastructure towards fast charging drives the EV charging cables industry growth. For instance, Tesla Superchargers, provide 50KW to 400kW of power supply.
The report also provides an in-depth analysis of recent news developments and investments:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis