EV Charging Cables Market Size, Share & Growth Report | 2030

Report Description

The EV charging cables market size was valued at USD 664 million in 2021 and is projected to reach USD 2455 million by 2030, expanding at a CAGR of around 29% during the forecast period, 2022 – 2030. The growth of the market is attributed to the rapid technological advancements in the equipment used to supply electric vehicles.

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Rechargeable battery packs are a standard feature of electric vehicles (EVs), and these packs can be charged at public or private charging stations. When compared to conventional automobiles, battery electric vehicles (BEVs) have significantly lower levels of noise, air pollution, and greenhouse gas emissions. The demand for EVs is being fueled by emerging market tightening their regulations on carbon dioxide emissions. As a result, the demand for infrastructure for recharging electric vehicles is growing exponentially.

The Covid-19 pandemic affected the demand and supply of EV charging cables market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for fast charging connections and rapid advancements in EV charger equipment is projected to drive the market.
• Growing government initiatives and focus on promoting the adoption of EVs are fueling the market.
• Wireless charging is more flexible and convenient than conventional charging, which is estimated to act a major factor that can hamper the market growth.
• Introduction of wireless charging technology is anticipated to hinder the market growth during the forecast period.
• R&D investment and technological advancement in EVs is expected to create immense opportunities for the market players.

Scope of the Report

The report on the global EV charging cables market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

The below 5 meters segment accounted for a major market share in 2021

Based on cable length, the market is segregated into below 5 meters, 6 meters to 10 meters, and above 10 meters. The below 5 meters segment accounted for a major market share in 2021 and is projected to maintain its dominance during the forecast period owing to increasing adoption of private electric vehicle charging worldwide. Additionally, cables below than 5 meters are easier to store & utilize, and they are more effective for usage in household applications. Additionally, it is critical for service providers to select the proper length of an electric vehicle charging cable based on client demand and ease of use to charge automobiles. The 6 meters to 10 meters segment is estimated to register a CAGR of around 27% during the forecast period. This is because charging stations need cables that are at least 18 to 20 feet long in order to meet rising customer demand and increased electric vehicle adoption.

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The direct charging segment is estimated to expand at a high CAGR during the forecast period

On the basis of power supply, the market is bifurcated into direct charging (DC) and alternate charging (AC). The direct charging segment is estimated to expand at a high CAGR during the forecast period a result of a number of improvements made to public stations. Energy is transferred quickly by DC fast chargers, giving users of electric vehicles a sense of flexibility. The segment is anticipated to boost due to rising consumer desire for faster results in less time. The alternate charging segment dominated the market in 2021. Depending on the car and the criteria of the charging infrastructure, alternate charging provides a 120 V with a 22-kW charging speed. Residential and semi-commercial stations primarily use AC power supplies. Low installation costs and low power output are two advantages of this kind of power supply charging station.

The straight cable segment held a major market share in 2021

In terms of shapes, the market is bifurcated into coiled cable and straight cable. The straight cable segment held a major market share in 2021 and is projected to maintain its dominance during the forecast period. Several public charging stations adopt these cables due to their ease of installations, reduced cost, and low maintenance. The coiled cable segment is estimated to expand at a substantial CAGR during the forecast period. They are known a spiral cables. Coiled cables help to avoid tripping threat and are easy to maintain. Moreover, advancements in the market are projected to reduce the price, thus driving the segment.

The level 3 segment accounted for a key market share in 2021

Based on charging levels, the market is fragmented into level 1, level 2, and level 3. The level 3 segment accounted for a key market share in 2021 owing to their increasing usage in semi-commercial and residential sectors such as retail facilities, parking lots, hotels, condominiums, apartments, and individual homes. The level 3 segment is anticipated to register a CAGR of around 27% during the forecast period. A Level 3 system has CHAdeMO technology, which recharges using 480V. In less than 15 minutes, a level 3 charger can restore up to 80% of a totally depleted electric vehicle battery. Moreover, growth of the segment is attributed to rising demand for fast charging systems in nations like China, South Korea, and Japan.

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The private charging segment is expected to grow at a rapid pace during the forecast period

On the basis of applications, the market is segregated into public charging and private charging. The private charging segment is expected to grow at a rapid pace during the forecast period. This growth of the segment is attributed to widespread use of these private charging facilities for electric automobiles. The public charging segment is projected to expand a robust CAGR during the forecast period. These stations are set up at highways, taxi stands, government offices, parking lots of commercial properties, hotels, airports, and shopping malls. With the use of high voltage, these charging stations can quickly refuel an electric vehicle. The demand for public charging stations is expected to increase due to the widespread adoption of EVs and rising demand from EV owners to shorten charging times.

Asia Pacific dominated the market

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominated the market in 2021. The market for electric vehicle charging cables is dominated by China in the region. The governments of China and Japan have developed a number of programs and initiatives to attract major market players to produce EV charging infrastructure in their own countries.

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