Electric Vehicle (EV) Charging Cable Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast 2023-2027

Electric Vehicle (EV) Charging Cable Market Size 2023-2027

The electric vehicle (EV) charging cable market size is forecast to increase by USD 1.84 billion at a CAGR of 29.86% between 2022 and 2027. Market growth hinges on various factors, notably stringent fuel emission regulations and efficiency standards compelling the adoption of Electric Vehicles (EVs) and chargers. Governments' growing concerns regarding carbon footprints further fuel this shift towards sustainable transportation solutions. Additionally, the increasing popularity of coiled powering cables and DC  powering cables contributes significantly to market expansion. These trends collectively indicate a broader movement towards environmentally conscious practices and innovations in the automotive industry. 

What will be the size of the Market During the Forecast Period?

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Market Segmentation

This market report extensively covers market segmentation by application (private charging and public charging), type (straight cable and coiled cable), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

Market Dynamics

The market is witnessing significant growth due to increasing environmental concerns and stringent emission norms. To support this transition to clean-energy transportation systems, the Market is experiencing substantial development. Innovative charging solutions, such as Conductive charging systems and Charging infrastructure, are being implemented to enhance efficiency and user-friendliness. Both Public and Private charging stations are being established to cater to Logistics fleets and Urban logistics operations. The Charging infrastructure market consists of AC and DC category charging stations. Original Equipment Manufacturers (OEMs) are integrating Regenerative braking systems and advanced Adapters to optimize EV battery performance and reduce GHG emissions. Subsidies and incentives are being provided by governments to promote the adoption of EVs and charging infrastructure. Innovations in Charging cables include advancements in materials and design, ensuring durability and reliability. The market is expected to grow further with the expansion of the Public charging stations network and the integration of charging solutions in the Public transportation system. Our researchers analyzed the data with 2022 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.

Key Market Driver

Fuel emission and efficiency regulations are the key factors driving the adoption of EVs and chargers. Electric vehicles (EVs) are gaining popularity due to growing environmental concerns and the need to reduce greenhouse gas (GHG) emissions from the transportation sector. To support this shift, innovative powering solutions are being developed to increase efficiency and provide user-friendly advancements. The US Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) are implementing stringent emission norms, requiring renewable fuel standards (RFS) for vehicles purchased between 2017-2025. This includes EV charging infrastructure, such as charging stations and charging cables. Subsidies and incentives are being offered to encourage the adoption of EVs and charging infrastructure.

Moreover, fast- powering systems, like DC fast charging, are becoming increasingly common at public charging stations, allowing for longer ranges and quicker refueling times. Weathering and temperature fluctuations are considerations for the design of charging cables and stations, with options like liquid-cooled DC fast charging and portable 5 kW units. Traditional fuel stations for petrol, CNG, and LPG are being supplemented with EV  powering stations, offering powering solutions for logistics fleets, urban operations, and individual consumers. Hence, such factors are driving the market during the forecast period.

Significant Market Trends

Rise in infrastructural developments of public EV charging stations is the primary trend pushing the demand for well-built EV charging infrastructure. Electric vehicles (EVs) have gained significant traction due to increasing environmental concerns and the availability of advanced powering solutions. Innovative technologies, such as DC fast-charging systems, have made EV charging more efficient and user-friendly. Governments and regulatory bodies have extended incentives and subsidies to promote EV adoption. For instance, the Sustainable Energy Authority of Ireland offers grants and tax exemptions, while the US federal government provides tax credits for EV buyers. EV  powering infrastructure, including powering stations and charging cables, is crucial for the widespread adoption of EVs.

Moreover, DC fast-powering cables and DC Fast Chargers are essential components of DC charging stations, which offer faster powering times compared to traditional AC  powering. These tax incentives are boosting the demand for electric vehicles, which is driving the demand for electric vehicle charging cables, which will fuel the growth of the market during the forecast period. 

Major Market Challenge

The emergence of wireless charging of EVs is the challenge that affects the growth of the market. Electric vehicles (EVs) prioritize environmental concerns and seek efficient powering solutions. Inductive charging technology, an innovative approach, enables wireless transfer of electricity between magnetic coils in the car and charger, eliminating the need for cables. EV  powering infrastructure includes EV charging stations and DC fast-charging stations, which offer user-friendly advancements like fast-powering systems and portable 5 kW units. Weathering and temperature fluctuations pose challenges, necessitating the use of liquid-cooled DC fast charging cables and DC Fast Chargers. 

Moreover, Subsidies and incentives encourage the adoption of EVs, replacing petrol, CNG, and LPG fuel stations.  powering infrastructure development includes public and private charging, with Original Equipment Manufacturers (OEMs) integrating regenerative braking and stringent emission norms. Conductive powering systems, like Lectron, and powering cables with adapters cater to logistics fleets and urban operations. Therefore, the emergence of wireless powering technology for electric vehicles will reduce the investment in powering cables for electric vehicles, which will hinder market growth during the forecast period. 

Market Customer Landscape

The market research 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

AG Electrical Technology Co. Ltd.: The company offers electric vehicle (EV) charging cable such as TE Connectivity 40 A EV charging cable.

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

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

Qualitative and quantitative market growth and forecasting analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market research and growth, 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.

What is the Largest-Growing Segments in the Market?

The private charging segment is estimated to witness significant growth during the forecast period. The market caters to environmental concerns by providing charging solutions for electric vehicles (EVs). Innovative technologies, such as DC fast powering and liquid-cooled DC fast-powering cables, offer efficiency and user-friendly advancements. Subsidies and incentives encourage the adoption of EV powering infrastructure, including charging stations and DC charging stations. Weathering and temperature fluctuations pose challenges, necessitating the development of robust charging cables and adapters. Logistics fleets and urban operations also benefit from portable 5 kW units and charging infrastructure.

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The private charging segment was the largest segment and was valued at USD 219.67 million in 2017. Strict emission norms drive the demand for powering solutions, with public and private charging segments offering AC and DC category options. The market caters to environmental concerns by providing charging solutions for electric vehicles (EVs). Innovative technologies, such as DC fast powering and liquid-cooled DC fast-charging cables, offer efficiency and user-friendly advancements. Hence, such factors are anticipated to propel the growth of the private charging segment of the global market during the forecast period.

Which are the Key Regions for the Market?

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APAC is estimated to contribute 46% 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. The market in APAC is experiencing significant expansion due to the rising demand for electric vehicles (EVs) in countries like China, Japan, Singapore, India, Thailand, and South Korea. Key drivers of this growth include the increasing adoption of clean-energy transportation systems and efforts to decrease greenhouse gas (GHG) emissions.  Key drivers of this growth include the increasing adoption of clean-energy transportation systems and efforts to decrease greenhouse gas (GHG) emissions. Incentives and subsidies from governments, such as South Korea's plan to boost consumer incentives for EVs, further fuel market growth. EV component manufacturers play a crucial role in catering to the increasing demand for EV powering infrastructure in this region. The public transportation system in several APAC countries is also transitioning towards EVs, contributing to the market's expansion. In addition, strict government policies towards infrastructure development have boosted the electric vehicle powering cable market in the APAC region to grow significantly during the forecast period. 

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.

• Application Outlook 
  • Private charging
  • Public charging

• Type Outlook 
  • Straight cable
  • Coiled cable

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile 
    • Brazil 
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) worldwide. The market consists of various types of charging cables, including Type 1, Type 2, and Type 3. These cables are essential for charging EVs at home or on the go. The demand for EV charging cables is driven by factors such as government initiatives to reduce carbon emissions, increasing environmental awareness, and advancements in charging technology. Charging cable manufacturers are focusing on developing cables with advanced features, such as faster charging speeds and longer cable lengths, to cater to the evolving needs of EV users. The market is expected to grow at a steady pace in the coming years, driven by the increasing popularity of EVs and the expanding charging infrastructure. Companies are also investing in research and development to improve the efficiency and durability of EV charging cables. The market for EV charging cables is a dynamic and competitive landscape, with several players vying for market share. Some of the key players in the market include Condusiv, DC, and Cablex. The market is expected to offer significant opportunities for growth in the coming years.

Moreover, the Market is witnessing significant growth driven by several key factors. The increasing emphasis on charging station infrastructure expansion is crucial, aligning with global initiatives like the Green Deal Industrial Plan aimed at promoting sustainable transportation. Consumers are incentivized by initiatives such as the Clean Vehicle Tax Credit, encouraging the adoption of electric vehicles (EVs). Innovations like the fast-charging system are revolutionizing EV charging, offering quick and convenient solutions. The market landscape depends on Level, 1 charging and Adapter. EVSE installers and operators However, challenges such as mechanical and corrosive damages to charging cables remain pertinent, driving the need for durable and high-quality cables like mode 4 EV charging cables. Different charging levels are also evolving, with advancements in Level 1 EV charging cables and Combined Charging System (CCS), providing versatile solutions for various EV models. Adapters play a crucial role in ensuring compatibility and ease of use in diverse charging setups. Environmental concerns such as pollution drive the transition to EVs, emphasizing the importance of efficient AC category cables and sustainable EV batteries.

Market Scope
Report Coverage	Details
Page number	152
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 29.86%
Market growth 2023-2027	USD 1.84 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	28.05
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 46%
Key countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	ABB Ltd., Besen International Group Co. Ltd, BorgWarner Inc., BRUGG GROUP AG, Dyden Corp., Fujikura Co. Ltd., Guangdong OMG Transmitting Technology Co. Ltd., HUBER PLUS SUHNER AG, Inteplast Group, KEBA Group AG, Lapp Holding SE, Leoni AG, Manlon Polymers, Nexans SA, Phoenix Contact GmbH and Co. KG, SINBON Electronics Co. Ltd. , Sumitomo Electric Industries Ltd., TE Connectivity Ltd., Schneider Electric SE, and AG Electrical Technology Co. Ltd.
Market dynamics	Parent market analysis, market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market  size and its contribution to the market focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough Market forecasting analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market forecast analysis of factors that will challenge the growth of market companies

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