The electric vehicle (EV) charging cable market has rapidly expanded, rising from $0.93 billion in 2023 to $1.07 billion in 2024, with a CAGR of 16.0%. This growth is driven by regulatory support and increased demand for electric vehicles. By 2028, the market could reach $1.95 billion, growing at a CAGR of 16.1%. Key trends include the expansion of public and home charging networks and advancements in charging technology.
Major Driver In The Electric Vehicle EV Charging Cable Market
The growing adoption of electric vehicles (EVs) is expected to significantly drive the electric vehicle (EV) charging cable market. As EVs gain popularity due to technological advances and environmental concerns, the demand for charging cables, which connect EVs to power sources, is rising. The International Energy Agency reported in April 2023 that electric car sales exceeded 10 million in 2022 and approached 14 million in 2023, with a goal of capturing 35% market share by 2030. This increase in EV adoption is driving the electric vehicle charging cable market.
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Electric Vehicle EV Charging Cable Market Competitive Landscape
Siemens AG, Schneider Electric SE, ABB Ltd., Aptiv Plc, Legrand S.A., Leoni AG, Phoenix Contact Ltd., Webasto Group, Huber+Suhner AG, Sinbon Electronics Co. Ltd., AeroVironment Inc., Mennekes Electrical Products, EVBox BV, Tritium DCFC Limited, Eland Cable Limited, The Besen Group, Circontrol SA, Coroplast Inc., Charge Amps AB, Dyden Corporation, AG Electrical Technology Co., Chengdu Khons Technology Co. Ltd., Teison EV, Brugg eConnect
Key Electric Vehicle EV Charging Cable Market Trend
Companies in the electric vehicle charging cable market are developing high-speed chargers to improve charging efficiency. ABB Ltd. introduced the Terra 360 modular charger in September 2021, capable of delivering up to 100 km of range in under three minutes. This high-speed charger supports simultaneous charging of up to four vehicles and features a user-friendly lighting system and ergonomic cable management.
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Electric Vehicle EV Charging Cable Market Segmentation
The electric vehicle (EV) charging cable market covered in this report is segmented –
1) By Type: Normal, High-Power, Liquid-Cooled High-Power
2) By Connector Type: Type 1, Type 2, Combined Charging System (CCS1), Combined Charging System (CCS2), CHAdeMO, GB/T, North American Tesla Connector Standard (NACS) Or TESLA Connectors
3) By Length: Below 5 Meters, 6 Meter To 10 Meter, Above 10 Meters
4) By Shape: Straight, Coiled
5) By Application: Private Charging, Public Charging
By Geography:The regions covered in the electric vehicle (EV) charging cable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the electric vehicle (EV) charging cable market in 2023.
The Electric Vehicle EV Charging Cable Global Market Report 2024 furnishes information about the global electric vehicle ev charging cable market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
