Electric Vehicle (EV) Charging Cable Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, US, Japan, Germany, UK - Size and Forecast 2024-2028

Electric Vehicle Charging Cable Market Size 2024-2028 

The electric vehicle (EV) charging cable market size is forecast to increase by USD 4.47 billion at a CAGR of 43.61% between 2023 and 2028.

• The market is witnessing significant growth due to various driving factors. Strict fuel emission and efficiency regulations are pushing the adoption of EVs and their charging infrastructure. The increasing sales of EVs, driven by tax incentives, further boosts the demand for strong EV charging solutions. Additionally, the emergence of wireless charging technology for EVs is expected to revolutionize the market. These trends signify a promising future for the EV charging cable industry. Despite these opportunities, challenges such as high upfront costs and limited charging infrastructure in certain regions may hinder market growth. EV batteries, which are a critical component of these vehicles, have become more efficient and affordable, making EVs a viable alternative to traditional fuel-powered vehicles, such as petrol, CNG, and LPG fuel stations. Overall, the market is expected to experience steady growth due to the increasing popularity of EVs and advancements in charging technology.

What will be the Size of the Electric Vehicle (EV) Charging Cable Market During the Forecast Period?

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• The market is experiencing significant growth due to increasing environmental concerns and the adoption of clean-energy transportation systems. As more consumers shift towards EVs to reduce their carbon footprint, the demand for reliable and efficient charging solutions is escalating. Innovative technologies, such as conductive charging systems and regenerative braking, are enhancing the charging experience, making it more user-friendly and efficient. Subsidies and incentives from governments and original equipment manufacturers (OEMs) are also driving the market forward. Charging infrastructure, including both public and private charging stations, is a crucial component of the EV ecosystem. AC and DC category charging stations cater to various charging needs, with DC charging offering faster charging times.
• Moreover, logistics fleets and urban operations are embracing EVs to reduce pollution and comply with stringent emission norms. Charging cables and adapters are essential components of the charging infrastructure, ensuring seamless connectivity between EVs and charging stations. The market is expected to witness continued growth as the public transportation system transitions towards cleaner, more sustainable energy sources.

How is this Electric Vehicle (EV) Charging Cable Industry segmented and which is the largest segment?

The electric vehicle (EV) charging cable industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Application
  • Private charging
  • Public charging
• Type
  • Straight cable
  • Coiled cable
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • North America
    • US
  • South America
  • Middle East and Africa

By Application Insights

• The private charging segment is estimated to witness significant growth during the forecast period.

The private EV charging cable market holds the largest market share In the global electric vehicle charging infrastructure. This segment primarily serves residential end-users, including homes, multi-dwelling buildings, and workplaces. Consumers often charge their electric vehicles at night due to longer charging times, taking approximately 8-10 hours for a full charge. Market participants catering to this segment focus on economies of scale to attract new entrants. Innovative charging solutions, such as portable 5 kW units and DC fast charging, enhance user-friendliness. Weathering and temperature fluctuations are critical concerns for charging cable durability. Governments and organizations offer incentives, including subsidies and tax credits, to promote the adoption of EVs and charging infrastructure.

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The private charging segment was valued at USD 220.70 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• APAC is estimated to contribute 37% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in Asia Pacific is experiencing significant growth due to the increasing adoption of EVs in countries like China, Japan, South Korea, India, Thailand, and Singapore. This expansion is driven by the rising demand for clean-energy transportation systems as governments prioritize reducing greenhouse gas emissions and offering subsidies and incentives for EVs. For instance, India reduced the EV subsidy per unit under the FAME India Scheme Phase-II to 15% of the ex-factory price in February 2024, reflecting the growing penetration of the EV market. Innovative charging solutions, such as DC fast-charging systems and portable 5 kW units, are gaining popularity for their efficiency and user-friendly advancements.

Market Dynamics

Our electric vehicle (EV) charging cable market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Electric Vehicle (Ev) Charging Cable Industry?

Fuel emission and efficiency regulations driving adoption of EVs and chargers is the key driver of the market.

• In response to growing environmental concerns and stricter emission norms, the market for Electric Vehicle (EV) charging solutions is witnessing significant growth. Innovative technologies, such as DC fast-charging systems, are gaining popularity due to their efficiency and user-friendly advancements. DC Fast Chargers and DC charging stations are becoming increasingly common, offering faster charging times compared to traditional Level 1 charging. However, challenges such as weathering and temperature fluctuations can impact the performance of charging cables. To mitigate these issues, some manufacturers are producing liquid-cooled and portable 5 kW units. Subsidies and incentives from governments and Original Equipment Manufacturers (OEMs) are driving the adoption of EVs and charging infrastructure.
• Moreover, urban logistics operations and public transportation systems are transitioning to clean-energy transportation systems, further boosting the demand for EV charging stations. The market is segmented into AC and DC categories, with DC charging gaining traction due to its faster charging times. EV component manufacturers are focusing on improving battery technology and regenerative braking systems to enhance the overall efficiency of EVs. The shift towards EVs is expected to reduce GHG emissions and contribute to a more sustainable future. Public and private charging stations are being established to cater to the increasing demand for EV charging solutions. Despite these advancements, the charging infrastructure still faces challenges in terms of availability and accessibility, particularly in rural areas.

What are the market trends shaping the Electric Vehicle (EV) Charging Cable Industry?

Increasing EV sales through tax incentives pushing demand for well-built EV charging infrastructure is the upcoming market trend.

• The market is experiencing significant growth due to increasing environmental concerns and the adoption of electric vehicles (EVs) as a clean-energy transportation solution. Innovative charging technologies, such as DC fast charging, are gaining popularity for their efficiency and user-friendly advancements. DC Fast Chargers, DC charging stations, and DC fast-charging cables are becoming increasingly common at public charging stations. Government incentives and subsidies are driving the expansion of EV charging infrastructure. In the US, the federal government offers tax credits for new battery-electric and plug-in hybrid EVs, ranging from USD 2,500 to USD 7,500, depending on the battery capacity. Similar incentives are available in various countries, including grants and tax exemptions.
• In addition, the charging infrastructure market is evolving, with a focus on fast-charging systems to address the range anxiety of EV users. Traditional petrol, CNG, and LPG fuel stations are being replaced by EV charging stations. Charging cable manufacturers are developing portable 5 kW units and liquid-cooled cables to improve charging efficiency in extreme weather conditions and temperature fluctuations. Original Equipment Manufacturers (OEMs) are integrating regenerative braking systems and stringent emission norms to reduce GHG emissions from EVs. EV component manufacturers are investing in advanced charging systems, such as Conductive charging systems and Level 1 charging, to enhance user experience and charging speed.

What challenges does the Electric Vehicle (EV) Charging Cable Industry face during its growth?

Emergence of wireless charging of EVs is a key challenge affecting the industry growth.

• The market is witnessing significant growth due to increasing environmental concerns and the adoption of electric vehicles as a clean-energy transportation system. Charging solutions are becoming increasingly innovative, with advancements in efficiency and user-friendly features. Subsidies and incentives from governments and Original Equipment Manufacturers (OEMs) are also driving the market forward. EV charging infrastructure, including charging stations and charging cables, is a critical component of the EV ecosystem. Charging infrastructure development is essential for the widespread adoption of EVs, particularly in urban logistics operations and public transportation systems. DC fast-charging systems are gaining popularity due to their ability to charge EVs quickly, with some models capable of charging 80% of the battery in just 30 minutes.
• Moreover, fast-charging systems use DC Fast Chargers and DC charging stations, which require DC fast-charging cables. However, these cables and charging stations are subject to weathering and temperature fluctuations, requiring strong designs to ensure reliability. Portable 5 kW units and liquid-cooled charging cables are other emerging technologies In the market. Level 1 charging, using conductive charging systems, is the most common charging method for EVs but is relatively slow. Lectron, a conductive charging system, offers a more efficient and user-friendly charging experience. Public charging stations are becoming more prevalent, with AC and DC charging options available. Private charging is also increasing, particularly for logistics fleets and businesses.

Exclusive Customer Landscape

The electric vehicle (EV) charging cable market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the electric vehicle (EV) charging cable market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, electric vehicle (EV) charging cable market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• ABB Ltd.
• AG Electrical Technology Co. Ltd.
• Besen International Group Co. Ltd
• BorgWarner Inc.
• BRUGG GROUP AG
• Dyden Corp.
• Fujikura Co. Ltd.
• Guangdong OMG Transmitting Technology Co. Ltd.
• HUBER SUHNER AG
• Inteplast Group
• KEBA Group AG
• Lapp Holding SE
• Leoni AG
• Manlon Polymers
• Nexans SA
• Phoenix Contact GmbH and Co. KG
• Schneider Electric SE
• SINBON Electronics Co. Ltd. 
• Sumitomo Electric Industries Ltd.
• TE Connectivity Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Electric vehicles (EVs) have gained significant traction In the global transportation sector due to their environmental benefits and increasing efficiency. The market for EV charging solutions has witnessed substantial growth as a result, with innovative technologies and user-friendly advancements driving demand. Efficiency and convenience are key factors influencing the adoption of EVs and the charging infrastructure that supports them. Charging solutions have evolved to meet the diverse needs of consumers and businesses, with fast-charging systems becoming increasingly popular. These systems enable EVs to be charged to 80% capacity within 30 minutes, making long-distance travel more feasible. Government incentives and subsidies have played a crucial role In the proliferation of EV charging infrastructure.

In addition, these initiatives have encouraged the installation of public charging stations, which have become essential for the widespread adoption of EVs, particularly in urban areas. Private charging solutions have also gained popularity, particularly among logistics fleets seeking to reduce their carbon footprint and save on fuel costs. Weathering and temperature fluctuations pose challenges to the performance and longevity of EV charging infrastructure. Innovative technologies, such as liquid-cooled charging cables and DC fast chargers, have been developed to address these issues and ensure reliable charging in extreme conditions. The EV charging market is segmented into AC and DC charging categories.

Moreover, AC charging, which is the most common type, is typically used for home and workplace charging. DC charging, on the other hand, is used for fast-charging and is becoming increasingly popular for public charging stations. Original equipment manufacturers (OEMs) have also started integrating charging solutions into their EV designs, further expanding the market. Regenerative braking technology and stringent emission norms have accelerated the shift towards clean-energy transportation systems.

In addition, the public transportation system is also adopting EVs and charging infrastructure to reduce its carbon footprint and improve air quality. Clean-energy transportation systems are becoming increasingly important as governments and businesses seek to reduce greenhouse gas (GHG) emissions and transition to more renewable energy sources. EV component manufacturers are investing in research and development to improve the performance and efficiency of charging solutions. These advancements are expected to drive growth In the EV charging market, making EVs an increasingly attractive option for consumers and businesses alike.

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What are the Key Data Covered in this Electric Vehicle (EV) Charging Cable Market Research and Growth Report?

• CAGR of the Electric Vehicle (EV) Charging Cable industry during the forecast period
• Detailed information on factors that will drive the Electric Vehicle (Ev) Charging Cable growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the electric vehicle (ev) charging cable market growth of industry companies

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