EV Cables Market: Current Analysis and Forecast (2023-2030)

An electric vehicle (EV) charging cable is a connecting cable between a charging station and an EV that provides power to charge electric vehicles such as battery electric vehicles (BEV) and plug-in hybrid vehicles (PHEV). These cables consist of three parts: a connector that plugs into the vehicle, a length of wire, and another connector that connects to the power source. It mainly collects AC power from outlets and converts it to DC power. Additionally, these charging cables feature a liquid cooling system that distributes heat evenly and reduces the risk of overheating. Mixtures of water and glycol are currently the most widely used coolants in such cooling systems because they are easy to maintain and environmentally friendly. In addition, there is a controller that monitors temperature and regulates coolant flow.

The EV Cables Market is expected to grow at a steady rate of around 17% majorly due to the increase in adoption of EVs coupled with the rising popularity of hybrid electric vehicles. Other factors such as environmental concerns, and the enactment of stringent emission and fuel economy norms are also increasing the demand for EV cables in the market. Key market players in the EV cables market are focusing on organic growth strategies, such as product launches, product approvals, and other factors, such as patents, and organizing events to sustain a competitive edge. For instance, in Jun 2022, Shell acquired 100% of Cable Energia to expand its EV charging network to Spain and Portugal to offer on-the-go EV charging services to drivers and fleets.

Based on power supply, the market is segmented into AC and DC. The AC segment is expected to grow with a considerable CAGR during the forecast period. Alternative charging provides 120V at a charging rate of 22kW, depending on vehicle and charging infrastructure standards. AC power is primarily used in semi-commercial and residential stations around the world. This type of power charging station has less installation effort and lower output power. In addition, wall-mounted electric vehicle chargers are preferred over floor-mounted chargers. This is because it helps save costs for underground electrification. Additionally, wall-mounted chargers are ideal for residential stations.

Based on shape, the market is bifurcated into straight and coiled. Straight cable is expected to grow with a considerable CAGR during the forecast period. This is mainly because straight EV cables are compatible with a wide range of EV models. This means that it can be used to charge a variety of different types of EVs, which makes it a versatile choice for consumers. Additionally, most public charging stations adopt these cables due to their low maintenance requirements, reduced costs, and ease of installation. Most public charging stations across the globe are installing straight-shaped EV charging cables which is further expected to increase its demand in the market.

Based on charging level, the EV cables market is segmented into level 1, level 2, and level 3. The Level 3 segment category is expected to exhibit the highest CAGR during the forecasted period. Level 3 systems are equipped with CHAdeMO technology that charges above 480V. A Level 3 charger can charge a fully discharged EV battery up to 80% within 15 minutes. High-capacity charging capability in less than 30 minutes is a major factor driving the growth of this segment. Moreover, rising demand for fast charging systems in countries such as Japan, South Korea, and China is expected to contribute to rapid progress in charging infrastructure for high-power electric vehicles, which is likely to propel the segment forward during the forecast period.

For a better understanding of the market adoption of the EV cables industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific is projected to be the largest market for EV cables during the forecast period. This is mainly due to the increasing popularity of EVs in the region, as well as government policies and initiatives aimed at promoting the use of EVs. Additionally, the growing popularity of EVs. As more consumers become aware of the benefits of EVs, such as lower emissions and reduced fuel costs, the demand for EVs is increasing. government policies and initiatives aimed at promoting the use of EVs. Many governments in the region have implemented policies and initiatives to encourage the adoption of EVs, such as tax incentives and subsidies for EV owners. For instance, in September 2023, Hitachi Industrial Products launched a high-capacity multi-port EV Charger to shorten the charging time and eliminate charging congestion by increasing the number of vehicles to be charged simultaneously.

Some of the major players operating in the market include: DYDEN CORPORATION, TE Connectivity, Coroplast, LEONI AG, BESEN INTERNATIONAL GROUP CO., LTD., PHOENIX CONTACT, Grupo General Cable Sistemas, NEXANS, Manlon Polymers, and Aptiv. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products/technologies.