According to Stratistics MRC, the Global Electric Vehicle Charging Cables Market is accounted for $1378.1 million in 2023 and is expected to reach $7673.5 million by 2030 growing at a CAGR of 27.8% during the forecast period. A charging cable for electric vehicles (EVs), such as battery-electric automobiles (BEVs) and plug-in hybrid vehicles (PHEVs), connects the EV to the charging station and provides electricity for the recharging of EVs. These cables consist of three components: a connection that plugs into the car, a wire, and a third plug that is connected to a power source. The AC power from the wall socket is largely collected and transformed into DC power by this device.
According to data published by the China Electric Vehicle Charging Infrastructure Promotion Alliance, the number of charging posts across the country reached over 2.61 million by the end of December 2021, representing year-on-year growth of around 70.1%.
- Research and development for charging cables.
- In order to satisfy the demand for high-speed charging, cable producers are working on developing advanced EV charging cables. Conventional DC charging voltages range from 400 V to 480 V and can produce up to 50 kW of power. Many businesses engage in research and development, such as Phoenix Contact, which has created a high-power EV charging cable with advanced cooling technology that uses a water-glycol mixture for rapidly recharging automobiles.
- A vehicle can be wirelessly charged while it is stationary or in motion because of wireless charging technology. Numerous businesses, including Robert Bosch and WiTricity, have created new solutions for wirelessly charging electric automobiles. Many nations, including the US, Norway, Sweden, and the UK, among others, are commencing wireless charging road test projects. Wireless charging poses a serious threat to cables for charging since it provides considerably greater flexibility and convenience than wired charging.
- Increasing utilization of electric vehicles.
- The percentage of electric vehicle use is rising, and several nations are making significant investments in research and development. Nations including the Netherlands, France, India, and Canada have initiated a number of campaigns to encourage the adoption of electric vehicles. The government provides automakers with set quotas, subsidies, refunds, and tax exemptions. For consumers, even subsidies for buying electric automobiles are crucial.
- Expensive EV Charging Cable.
- A fast-charging cable costs about USD 126, which is more than a slow-charging cable. The price of charging cables for rapid charging stations might prevent this technology from being used extensively. For instance, installing slow charging stations would cost an estimated USD 1700 in the United Kingdom. Additionally, as charging cable technology continues to progress, users will increasingly prefer the latest model.
- On the automobile industry's supply chain and product demand, COVID-19 is anticipated to have significant consequences. Production halts at Hyundai and Fiat Chrysler Automobiles (FCA) plants around the world were immediately evident as a result of the effect. It is projected that the short-term outlook for sales of electric vehicles will be miserable considering the significance and scope of the Chinese market for the entire automotive industry, especially for the category of electric vehicles. As a result, the market for EV charging cables is being impacted by the current environment.
- The level 2 segment is expected to be the largest during the forecast period
- Due to their growing use in residential and semi-commercial applications, such as private residences, condominiums, flats, hotels, parking lots, and retail facilities, the Level 2 category is anticipated to hold the largest market share throughout the forecast period. Additionally, it is projected that rising demand for fast charging systems in nations like China, South Korea, and Japan will quicken the development of high-power electric vehicle charging infrastructure, which in turn is anticipated to propel the segment during the forecast period.
- The straight segment is expected to have the highest CAGR during the forecast period
- Straight segment is estimated to witness lucrative growth during the projected period. Straight cables are typically employed when several stations are approximately adjacent. Though less robust, these cables are less expensive than coiled cables. The thickness of the cable affects the current carrying capability of these cables. Since Type 1 (J1772) connectors are prevalent on the majority of charging stations, straight cables are frequently utilized while charging electric vehicles.
Region with largest share:
Throughout the forecast period, Asia-Pacific held the largest share of the market, primarily due to China, South Korea, and Japan. The largest market for electric vehicle charging cables is China. The governments of China and Japan have developed various policies and initiatives that motivate major market players to produce EV charging infrastructure in those nations because they anticipate the growing potential of the international market for EV supply equipment.
Region with highest CAGR:
Due to manufacturers' increasing emphasis on creating high-performance, greener, and faster electric vehicles, North America is predicted to experience profitable growth during the projected timeframe. The regional market is projected to be driven by the expansion of advanced charging infrastructure and the presence of significant EV supply suppliers in the region.
Key players in the market:
Some of the key players in Electric Vehicle Charging Cables market include: TE Connectivity, Leoni AG, Phoenix Contact, General Cable Technologies Corporation, Coroplast, Aptiv, SINBON Electronics, Dyden Corporation, BESEN Group, Brugg Group AG, Guangdong OMG Transmitting Technology Co., Ltd, Chengdu Khons Technology Co., Ltd, Prysmian S.p.A and Manlon Polymers.
In January 2023, TE Connectivity announces pricing of $500 million 4.500% senior notes offering. The $500 million senior notes due 2026 will be issued at a price of 99.811% and will have a stated interest rate of 4.500% per year, payable semi-annually. TE Connectivity intends to use the net proceeds of this offering for general corporate purposes, which may include the repayment of outstanding debt.
Power Supplies Covered:
- 2-5 Meters
- >10 Meters
- 6-10 Meters
Charging Levels Covered:
- Up to 10mm
- More than 20mm
- 10mm to 20mm
- Public Charging
- Private Charging
- North America
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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